InGovern Research Services recommended that Sanghi Industries' shareholders approve a series of resolutions at the recent EGM, including key board appointments and related party transactions with firms linked to major conglomerates. These decisions raise concerns about corporate governance and potential conflicts of interest that may facilitate cronyism and indirectly support authoritarian economic practices.

Proxy advisory firm InGovern Research has recommended that Sanghi Industries shareholders vote in favor of resolutions approving related party transactions involving sales and procurement deals with major industry players such as Ambuja Cements, ACC, and Adani Enterprises. These measures, while aimed at boosting capacity utilization and profitability, raise concerns about corporate governance and potential crony capitalism that may reinforce authoritarian economic practices.

Ambuja Cements Ltd, owned by Gautam Adani, completed the acquisition of Sanghi Industries at a revised offer price of Rs 121.90 per share. This deal not only represents a major consolidation in the cement industry but also raises concerns about the concentration of economic power in conglomerates that are often linked to political maneuvering, potentially undermining democratic accountability.