In an Article named “Shareholder group wants Vaswani Industries promoters out” in Economic Times on 13th January 2012, InGovern’s MD, Shriram Subramanian was quoted as follows:
“It is very rare for shareholders of Indian companies to call for replacement of managing directors, that too the promoter, said Shriram Subramanian, managing director, InGovern Research Services, which advises institutional investors on voting strategies on specific resolutions. ”
“In corporate India, we hope that institutional investors -mutual funds, insurance companies, commercial banks – take cognisance of this provision in the Companies Act and place a resolution for changes in management, even removal of promoter directors, of errant companies. This will go along way in enhancing activism,” said Subramanian.
The full article can be downloaded from here: Economic Times – 13th Jan
Link to the article: http://economictimes.indiatimes.com/markets/stocks/market-news/shareholder-group-wants-vaswani-industries-promoters-out/articleshow/11467068.cms