Gome said 51.89% of shareholders voted against the resolution to remove Chen, while 48.11% were in support.

FORBES: Gome's Jailed Tycoon Suffers Setback

Laxey Partners put a resolution to shareholders which included the possibility of Alliance outsourcing its asset management business.

BBC: Alliance Trust defeats shareholder's review bid

Moreover, they would get this right only in the year after either a majority of shareholders had voted for a resolution demanding it or if at least 35% of votes were withheld from any director on the official proxy.

ECONOMIST: Another proxy season, another gazillion wasted votes

He added that the long wait for a resolution to the case of the ailing firm, which has Chinese shareholders, was an advantage to Mercedes-Benz in the battle for market share in London.

BBC: Coventry produces rival taxis for London market

In a letter to shareholders ahead of the AGM, Alliance said the resolution would, if passed, require the directors to "conduct a comprehensive review of the company to determine what steps can be taken to improve the management of the company's affairs".

BBC: Alliance Trust defeats shareholder's review bid