Proxy advisor InGovern seeks removal of Pallonji Mistry from SWSL board

Proxy advisory firm InGovern has asked shareholders of Sterling & Wilson Solar Ltd (SWSL) to oppose related party transactions (RPTs), reappointment of Pallonji Mistry and continuation of the term of Keki Elavia in the forthcoming annual general meeting of the company on September 30.

“The proposal for the material RPTs does not take into account loans given to promoters. As of date, ₹1,176 crore is due to the company by promoters; however these do not form part of the notice to shareholders who cannot give omnibus approval to the board to approve RPTs for an indefinite number of years. Hence, shareholders should vote against the RPTs,” the note by the proxy advisor said.