Dual voting structure to stay at Orient-Express
The resolutions proposed by two dissident shareholders of Orient-Express Hotels (OEH) were defeated in a special general meeting held in Hamilton, Bermuda on Friday.
By ET Bureau |
MUMBAI: The resolutions proposed by two dissident shareholders of Orient-Express Hotels (OEH) were defeated in a special general meeting held in Hamilton, Bermuda on Friday. The two dissident shareholders ��� DE Shaw and CR Intrinsic ��� proposed that OEH should scrap the dual voting structure of the company.
The company said the meeting was contrary to its best interests and interest of shareholders and caused unnecessary expense to it.
Last December, the Tata-owned Indian Hotels had picked up 10% stake in OEH. The OEH management snubbed the Tatas overture for an alliance saying that the Taj brand does not fit with its brand.
Due to the dual voting structure, Indian Hotels owns only 2% voting rights in OEH. OEH executives and directors have a combined voting power of over 80%.
���The company is grateful to its management and staff in its 51 properties around the world who have maintained their focus on running their businesses successfully and anticipating and satisfying the needs of customers throughout this period,��� a statement by the company said.
The company said the meeting was contrary to its best interests and interest of shareholders and caused unnecessary expense to it.
Last December, the Tata-owned Indian Hotels had picked up 10% stake in OEH. The OEH management snubbed the Tatas overture for an alliance saying that the Taj brand does not fit with its brand.
Due to the dual voting structure, Indian Hotels owns only 2% voting rights in OEH. OEH executives and directors have a combined voting power of over 80%.
���The company is grateful to its management and staff in its 51 properties around the world who have maintained their focus on running their businesses successfully and anticipating and satisfying the needs of customers throughout this period,��� a statement by the company said.
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