Yes Bank fired the first salvo this year, demanding Dish TV convene a shareholder meeting to reconstitute its board. Invesco followed, with a somewhat similar request. As these are seen as being more than voting against a director’s appointment or not approving changes to the articles of association, they are being labelled as ‘activist.’ How should these instances be viewed? Importantly, when do investors take such extreme steps. There are a few observations, mainly from the US market, that might hold for India.

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