Maruti had to rework some provisions in the proposal and is yet to seek shareholders' approval for the same. The auto major is now awaiting implementation of proposed changes in the new companies law before approaching the minority shareholders on this matter.

Delivering another punch in July, shareholders voted against Tata Motors' proposals to increase compensation for its three top executives.

Salary proposals for Tata Motors' executive directors ? Ravindra Pisharody (Commercial Vehicles) and Satish Borwankar (Quality) and Karl Slym (late managing director) were rejected by the shareholders through postal ballot.

Last month, minority shareholders of United Spirits also rejected as many as 9 out of 12 resolutions, including those pertaining to entities connected with its erstwhile promoter Vijay Mallya.

Other instances of shareholder activism include those of Panacea Biotech where related party deals were defeated.

Going back in time, it was the shareholder opposition that blew the lid off the country's largest ever corporate fraud at Satyam Computer Services in early 2009.

The software exporter's founder Ramalinga Raju had to admit cooking up accounts, after institutional investors forced it to shelve nearly USD 1.6 billion worth twin deals to acquire Maytas Properties and Maytas Infra -- two entities that were then under the control of Raju's sons.

Noting that stronger regulations have pushed corporate governance into the centre stage, IiAS's Amit Tandon said that in the wake of rising shareholder activism, companies are engaging more with them.

"Over a period of time, shareholders will be more responsible in exercising their voting rights," he said.

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