New Delhi. Balaji Telefilm’s shareholders rejected the proposal to increase the salaries of the company’s managing director Shobha Kapoor and joint managing director Ekta Kapoor. According to the information given to the stock exchange by Balaji Telefilms, at the company’s Annual General Meeting (AGM) held on August 1, 2021, two extraordinary proposals for growth were not approved by the shareholders.
The agency said there were more votes against the proposal than in favor of both proposals, which is why it could not be passed. The company said that the shareholders, however, have passed other proposals for appointment as non-executive independent directors of the company for 5 consecutive years from February 11, 2021.
As a rule, the AGM must pass any extraordinary resolution for 75 percent of the vote. Shobha Kapoor, managing director of Balaji Telefilm, received only 43.23 per cent votes in favor of the proposal for approval of remuneration for 2 more years from November 10, 2021, while 56.76 per cent voted against it. At the same time, the company’s joint managing director Ekta Kapoor’s proposal received 44.54 per cent votes, while the proposal received 55.45 per cent votes.
Meanwhile, the third extraordinary proposal for the appointment of Jason Kothari was approved by 99.77 percent of the vote. According to the company’s latest annual report, actor Jitendra’s wife Sobha Kapoor has received a total salary of Rs 2.09 crore, which includes Rs 95.22 lakh in addition to other demands of Rs 1.955 crore. Billionaire businessman Mukesh Ambani’s company Reliance Industries Limited has a 24.91 per cent stake in Balaji Telefilm.
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