For a shareholder to initiate a direct action, rather than indirectly on behalf of the company, it needs to be supported by at least 100 shareholders or such number of shareholders holding 10% of the company.
Instances of shareholder activism in India have been few and far between. Now, an activist London-based hedge fund has gone for the jugular, charging the board of a public sector company of a breach of fiduciary duties, by not acting independently of the Indian government on several matters including pricing.
The Children’s Investment Fund Management (UK) LLP (TCI) has written to the board members of...