Kochi: In an unexpected move, the PSUs which are large shareholders of Cochin International Airport Limited (Cial) have vehemently resisted the proposal to allocate preferential shares to minority shareholders, forcing the directors to put it on the back burner.
Chief minister Oommen Chandy, who is also the chairman of the Cial board of directors, had to finally announce withdrawal of the resolution supporting the proposal at the annual general meeting (AGM) of the company on Friday and keep it pending till a consensus is reached.
The representatives of PSUs, including Air Inida, Hudco, State Bank of Travencore and UCO Bank, opposed the resolution saying that they must also be allocated shares in proportion to the shares they hold. Some of them even demanded voting on the resolution.
That the chief minister and other directors were caught unawares was evident from the CM's words. "We all thought there could at the most be some token objection to the proposal from the PSUs. But now that they have even demanded voting, it would be better to introduce the resolution after convincing the managements of those companies," Chandy said.
28/09/13 T Ramavarman/Times of India
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Chief minister Oommen Chandy, who is also the chairman of the Cial board of directors, had to finally announce withdrawal of the resolution supporting the proposal at the annual general meeting (AGM) of the company on Friday and keep it pending till a consensus is reached.
The representatives of PSUs, including Air Inida, Hudco, State Bank of Travencore and UCO Bank, opposed the resolution saying that they must also be allocated shares in proportion to the shares they hold. Some of them even demanded voting on the resolution.
That the chief minister and other directors were caught unawares was evident from the CM's words. "We all thought there could at the most be some token objection to the proposal from the PSUs. But now that they have even demanded voting, it would be better to introduce the resolution after convincing the managements of those companies," Chandy said.
28/09/13 T Ramavarman/Times of India
