Proxy advisory firm Institutional Investor Advisory Services has recommended voting against the reappointment of Prashant Pitti as managing director of the online travel platform Easy Trip Planners Ltd.
IiAS cited 'Governance Matters' for the recommendation, according to a statement.
Shareholders of Easy Trip Planners will vote on four resolutions, including the redesignation and reappointment of Prashant Pitti as MD from Dec. 11, 2023, to July 1, 2024, and from July 2, 2024, for the next five years. Voting will also include fixing Pitti's remuneration.
The results of the vote will be announced on March 11.
According to IiAS guidelines, the 'Governance Matters' opinion indicates "corporate governance practices that have room for improvement or are non-compliant with regulations or their intent".
The shareholders will also vote on the proposal to raise up to Rs 1,000 crore via qualified institutional placement and increase authorised capital from Rs 2,000 crore to Rs 2,500 crore.
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