Business Standard – Tatas’ voting powers in Bermuda-based hotel firm to rise if shareholders approve reclassification of shares.
The Tata group-controlled Indian Hotels Company’s voting power in Orient Express Hotels (OEH) will increase if the shareholders vote for annulling the powers of its class B shares.
This, if it goes through, will be beneficial for Indian Hotels, which had earlier made unsuccessful attempts to increase stake in the Bermuda-based luxury hotel chain.
OEH has convened a shareholder’s meeting on October 10 to get shareholders’ approval. The directors of OEH, who hold 81.2 per cent voting rights, have asked shareholders to “vote against the resolutions as these are contrary to the best interests of the company” in a statement issued in Bermuda.