Akshar Spintex Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 25, 2025
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Akshar Spintex Limited held its 12th Annual General Meeting on August 25, 2025 via video conferencing, with 42 shareholders attending (6 promoters and 36 public). Out of 7 resolutions voted on electronically, all 4 ordinary resolutions were passed, while all 3 special resolutions were rejected by shareholders. The adopted resolutions covered the FY2024-25 financial statements, re-appointment of the rotating Director, payment of remuneration to Cost Auditors, and appointment of Secretarial Auditor. The rejected special resolutions included the ratification of Mr. Harry Paghdar as Managing Director with a remuneration of ₹12 lakh per annum, the appointment of Mr. Sureshkumar Chaturbhai Gajera as Independent Director, and the re-appointment of Mr. Parshotam Lakhabhai Vasoya as Independent Director. Notably, even the resolutions that passed did so with very thin margins of around 50-53%, indicating significant shareholder dissent across the board.
The failure of all 3 special resolutions is a major concern for shareholders, as the company is now without a ratified Managing Director and two key Independent Director appointments, raising governance issues and potentially requiring a fresh board restructuring or another EGM. The razor-thin margins on all resolutions signal widespread shareholder dissatisfaction, which could weigh negatively on the stock and prompt closer scrutiny of management decisions going forward.