The report, which has not been made public, was commissioned by Damodaran after he took charge in January. Sebi had struck down these special rights then as rules didn’t provide for such a dispensation, said people close to the situation. These have been incorporated in the AOA (articles of association), approved both by Sebi and the shareholders, and disclosed in the prospectus. Bhatia has special rights, including the prerogative to appoint three out of six directors as well as the chairman of the board. The committee, comprising CEO Dutta and CFO Rohit Philip, among others, submitted its report to the board on April 4.

Source: Economic Times July 17, 2019 01:25 UTC