Shareholders of Ipca Laboratories have rejected a special resolution to grant stock options to eligible employees, key managerial personnel (KMP) and its whole-time directors, according to a regulatory filing by the company.

The company through a notice of postal ballot dated February 14 had sought approval for three special resolutions, including consideration and approval of Ipca Laboratories Employees Stock Option Scheme 2024.

Except for the resolution pertaining to approval of Ipca - Employee Stock Option Scheme - 2024, all the other resolutions placed before the shareholders have been passed by the requisite majority, Ipca Labs said in a filing on BSE.

The Employee Stock Option Scheme, being a special resolution, required at least 75 per cent votes in favour. Only 63.8 per cent of the votes polled were in favour of the resolution with 36.19 per cent against, the filing said.

The other two resolutions are related to the re-appointment of Kamal Kishore Seth as an independent director for a second term of five consecutive years from March 29, 2024 till March 28, 2029 and continuation in his appointment even though he has already attained the age of 75 years on May 12, 2020, and the appointment of Swati Arvind Patankar as an independent director for a period of five consecutive years from February 14, 2024 to February 13, 2029.

These resolutions were passed with 99.72 per cent and 99.99 per cent votes in favour respectively.

PTI