Proxy advisory firm Stakeholders Empowerment Services (SES) has asked the shareholders of construction and engineering major Gammon India to vote against the companys proposals to bring an outside investor in certain businesses and provide guarantees to lenders.
The debt-laden company has put up a set of resolutions for shareholders approval that will enable it to transfer certain businesses to Transrail Lighting (TLL), a subsidiary company.
Units transferred to TLL include a tower manufacturing factory in Deoli and a conductor factory in Silvassa.
It, then, plans to sell a 75 per cent stake in TLL.
SES has opposed four of the six resolutions that are up for voting, which concludes on Thursday, on the gro…
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