The motion called for the royalty paid to its parent to climb to 5.25% of net sales, net of taxes, compared to the current level of 4.5%. The increase was proposed at a rate of 0.15% per annum.
About 70.8% of public shareholders voted against the increase, a filing showed.
Under Indian regulations, the potential change would be classified as a related party transaction, which means that controlling shareholders were not allowed to vote.
The company did not say whether it intends to review the proposal.