India\\\'s Maruti offers vote to quell revolt

NEW DELHI, Mar 16 (AFP):  India's top carmaker Maruti Suzuki said Saturday it would seek minority shareholder approval for a controversial plan to source cars from a plant to be built by its Japanese parent that spurred an investor revolt.
Japan's Suzuki Motor Co which owns some 56 per cent of Maruti, said in January it would invest nearly $500 million in building a plant in western Gujarat state-reneging on an earlier plan under which Maruti would build the factory itself.
Now, in the face of intense opposition from institutional shareholders, Maruti after a board meeting said it had decided to give minority shareholders a chance to approve the decision.
"Even though not required by law, the board decided, as a measure of good corporate governance, to seek minority shareholders' approval," the company said in a statement.
The decision by Maruti Suzuki to procure its cars form the Gujarat plant to be constructed by its parent Suzuki Motor Co triggered an outcry from shareholders, including institutional investors.