Setback for Orient Express’ dissident shareholders

Our Bureau Chennai, Oct. 10 Orient Express Hotels Ltd, the luxury hotel chain, today said that resolutions proposed by “two dissident shareholders” were defeated. The resolutions were to convert Class B common shares into treasury shares, which would have resulted in higher voting rights for these shareholders, in proportion to their holding in the company. Resolutions defeated In a press release posted on its Web site, the company said that the “resolutions proposed by the dissidents were defeated.” The company held a special general meeting today to consider the resolutions proposed by two hedge funds, DE Shaw and CR Intrinsic. Indian Hotels Company Ltd, a Tata group enterprise, holds an 11.5 per cent stake in Orient... [read full story]