GM’s big investors criticized the Perot buyout.

General Motors Chairman Roger B. Smith met with members of the Council of Institutional Investors, but failed to mollify their anger over the auto maker’s $700-million buyout and ouster of former GM director H. Ross Perot, the Texas billionaire. Council officials said they would not try to undo the deal, but warned that the group might attempt to block future GM moves that they believe benefit one shareholder at the expense of other shareholders.