Arshiya Limited has submitted the Exchange a copy of Voting Results and Scrutinizer Reports for 43th, 44th Annual General Meeting of the Company for the Financial Year 2023-2024 and 2024-2025 Respectively.
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Arshiya Limited, currently under Corporate Insolvency Resolution Process (CIRP) since April 23, 2024 following a Punjab National Bank petition over a default of Rs. 193.24 crore, submitted voting results for its 43rd AGM (FY24) and 44th AGM (FY25), both held on March 27, 2026 via video conferencing. For the 43rd AGM, only 14,79,906 shares were polled (0.66% of outstanding), with 99.76% voted in favor of all 3 resolutions. For the 44th AGM, 15,79,889 shares were polled (0.71% of outstanding), with 99.78% approval across all 4 resolutions, including the appointment of Loveneet Handa & Associates as Secretarial Auditors for 5 years. Notably, promoters (holding 3,78,71,225 shares) and public institutions (28,00,000 shares) did not cast any votes, with participation limited entirely to public non-institutional shareholders. Resolutions covered adoption of standalone audited financials, noting non-preparation of consolidated financials (due to ongoing CIRP at subsidiaries), and non-applicability of director rotation during CIRP.
The approvals are largely procedural and do not change the company's distressed status under CIRP. Extremely low voting turnout (under 1% of shares) and zero participation from promoters and institutions suggests limited shareholder engagement. Shareholders remain in a wait-and-watch mode pending the final resolution plan approval by NCLT, which will determine the future of the company and shareholder value.