Mumbai: Nestle India shareholders have rejected a proposal of the company’s board of directors to increase royalty payments to its Swiss parent Nestle S.A., according to a regulatory filing by the company. Shareholders with a total 57.18 per cent stake in the company voted against the resolution. The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, over a period of five years from the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum. The proposal was moved as Nestle India in 2019 had said that it would seek approval of its shareholders every five years for royalty payments to the parent company after receiv
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