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Vodafone investors may oust Arun Sarin
By agencies
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Monday, 05 June 2006, 19:30 IST
LONDON:Investors in one of the world’s major mobile telecommunications network company, Vodafone, enraged over plans to return an additional £9 billion to share-holders, have proposed to oust four of its directors including the Indian origin Chief Executive, Arun Sarin.
Intending to vote against re-election of the board of directors in the annual meeting slated for next month, the investors stated that they might veto re-electing the companyÂ’s next freshly named senior independent director, John Buchanan. The institutions are also planning to petition other big shareholders to support the revolt.
VodafoneÂ’s slow growth, loss-making venture in Japan and expenditure in billions on acquisitions has made investors apprehensive and has put undue pressure on Sarin. Besides Sarin, other non-executive directors facing the tune of the investors are Michael Boskin, Jurgen Schrempp and the former chairman of Marks and Spencer, Luc Vandevelde.