Shobha Kapoor, Ekta Kapoor remuneration resolution: Balaji Telefilms shareholders REJECT duo's salary proposals

The majority of the shareholders of Balaji Telefilms, a Mumbai-based TV and film production and distribution company, rejected the resolution pertaining to the remuneration of managing director Shobha Kapoor and joint managing director Ekta Kapoor, the company said in a filing last week.

The media company on August 31, 2021, had held an Annual General Meeting to seek shareholders’ approval for five resolutions of which three were accepted and voted in favour, however, two different resolutions related to remuneration approval of MD and Joint MD were rejected.

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Of the 2,07,927 votes polled for the approval of the remuneration resolution for Shobha Kapoor, in which 89,887 (43.23 per cent) voted in favour, while 1,18,040 (56.76 per cent) in against. 

Similarly, for Ekta Kapoor’s approval for the resolution received 92,629 (44.54 per cent) votes in favour, while 1,15,298 (55.45 per cent) in against of the total 2,07,927 votes polled.  

Reliance Industries, which had acquired 24.9 per cent stake in Balaji Telefilms for Rs 413 crore in 2018 at Rs 164 per share, is classified as a public shareholder, also abstained from voting. 

Mere 207,927 out of the total outstanding shares of 101.13 million polled for the two resolution, while 0ther resolutions floated at the AGM saw participation by the promoter group.

The other resolutions besides remuneration were brought during AGM were i) consideration and Adoption of audited standalone financial statements of the company for the financial year ended March 31, 2021; ii) reappointment of Ramesh Sippy and iii) Declaration of final dividend.

Balaji Telefilms had reported a net loss of Rs 120 crore on income of Rs 310 crore for the year ended March 2021. The stock has been volatile since it touched its 52-week high of Rs 84 per share last year in September. The stock is trading flat with negative bias to Rs 61.85 per share intraday today.