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Proxy firm flags UGRO Capital MD pay, seeks no vote

28 May

Summary

Proxy firm SES advises against reappointment of UGRO Capital MD.
Shareholders to vote on reappointment and remuneration package.
UGRO Capital MD Shachindra Nath seeks INR10 crore annual pay.

Proxy firm flags UGRO Capital MD pay, seeks no vote

Shareholders of UGRO Capital are set to decide on a crucial resolution concerning the reappointment of its vice-chairman and managing director, Shachindra Nath. The company's annual general meeting is scheduled for May 29. Proxy advisory firm SES has formally advised shareholders to vote against Nath's reappointment and his proposed remuneration package.

This recommendation stems from concerns over the proposed annual remuneration of INR10 crore for Nath. UGRO Capital, a non-banking finance company focused on MSME lending, has stated that appropriate safeguards are in place concerning the resolution. The upcoming shareholder vote will determine Nath's continued leadership and compensation.

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