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Business News/ Markets / Stock Markets/  GHCL shares gain as shareholders reject reappointment of Sanjay Dalmia
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GHCL shares gain as shareholders reject reappointment of Sanjay Dalmia

GHCL shares rise over 2% as shareholders reject reappointment of Sanjay Dalmia as director. The resolution received 67.73% support, falling short of the required 75%.

GHCL share price opened at ₹520.40 apiece on BSE. Premium
GHCL share price opened at 520.40 apiece on BSE.

GHCL shares gained over 2% on Monday's early trade following the announcement that the resolution to re-appoint Sanjay Dalmia as a director of the company had not been approved by its shareholders on Saturday. GHCL share price opened at 520.40 apiece on BSE. 

The special resolution received support from up to 67.73% of shareholders at the Annual General Meeting (AGM), while 32.27% voted against it.

According to the company's exchange filing, the resolution was able to garner 67.73% of the votes needed to pass democratically, which states that it must receive at least 75% of the votes cast during the AGM. As a result, the required majority of shareholders failed to vote on that specific resolution.

“As a professional company that is committed to the highest levels of governance, GHCL will respect and abide by the decision of its shareholders," said the company in an exchange filing. 

Since GHCL's founding in 1983, Sanjay Dalmia has served as a Director on its Board. In January 2005, he was appointed Chairman of the Board.

Further, the company stated in an exchange filing that his leadership and business acumen had been crucial to the company's expansion and success over a forty-year period. He did, however, indicate a wish to step down from the board due to age and pursue his charitable pursuits during the most recent board meeting, which was held on April 29, 2023. However, the Board members' insistence on his reappointment compelled him to accept the plan.

On the technical front, according to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, the stock prices have seen a gap up opening and has surpassed its recent month swing high of 513 , confirming a bullish breakout. A sustain close above 520 would trigger a strong upmove for the near term towards 550, whereas 500 is seen as immediate support.

As per trendlyne data, the stock price fell 7.7% and underperformed its sector by by 22.4% in the past year.

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Updated: 03 Jul 2023, 09:40 AM IST
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