Kochi: The annual shareholders’ meeting of the Cochin International Airport Ltd (CIAL) here on Friday is likely to see public sector undertakings (PSUs) opposing any move to offer shares through rights issue to minority investors.
The big investors, including some prominent non-resident Keralite businessmen who are directors of the CIAL, are also unlikely to allow such a proposal to go through, though they may not oppose the move publicly, it is learnt.
The rights issue proposal is not in the agenda of the AGM papers circulated among shareholders. However, the minority investors are hoping that Chief Minister Oommen Chandy, who is chairman of the CIAL, will make an announcement regarding the matter on Friday. The proposal was to give rights to investors who own 2,000 or less shares.
But, the PSUs opposed the move at last year’s AGM, forcing the Chief Minister to make a promise that the issue would be taken up again at this year’s AGM. There are about 9,000 investors who own less than 2,000 shares in the CIAL.
“How can the government move a proposal, that is not in the agenda. Further, we cannot allow disproportionate rights as the public sector undertakings we are answerable to our shareholders and the CAG (Comptroller and Auditor General of India),” said an official of a PSU, which is a shareholder of CIAL.
29/08/14 New Indian Express
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The big investors, including some prominent non-resident Keralite businessmen who are directors of the CIAL, are also unlikely to allow such a proposal to go through, though they may not oppose the move publicly, it is learnt.
The rights issue proposal is not in the agenda of the AGM papers circulated among shareholders. However, the minority investors are hoping that Chief Minister Oommen Chandy, who is chairman of the CIAL, will make an announcement regarding the matter on Friday. The proposal was to give rights to investors who own 2,000 or less shares.
But, the PSUs opposed the move at last year’s AGM, forcing the Chief Minister to make a promise that the issue would be taken up again at this year’s AGM. There are about 9,000 investors who own less than 2,000 shares in the CIAL.
“How can the government move a proposal, that is not in the agenda. Further, we cannot allow disproportionate rights as the public sector undertakings we are answerable to our shareholders and the CAG (Comptroller and Auditor General of India),” said an official of a PSU, which is a shareholder of CIAL.
29/08/14 New Indian Express
