Please find enclosed the outcome of postal ballot conducted for approval of members for entering into related party transaction with Bhavik Bhimjyani, Chairman and Managing Director of the Company.
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Asian Warehousing Limited conducted a postal ballot through remote e-voting from April 21 to May 20, 2026, to seek shareholder approval for a material related party transaction with Mr. Bhavik Bhimjyani, Chairman and Managing Director of the Company. The Ordinary Resolution was passed with 99.97% votes in favour (25,375 votes) and only 7 votes against out of 30 shareholders who voted. Notably, the promoter and promoter group did not participate in voting as they were interested in the resolution, which is standard practice for related party transactions. Total voter turnout was very low at just 0.73% of outstanding shares, with only 24 public non-institutional shareholders participating out of 3,670 total shareholders on record.
The resolution has been duly passed, allowing the Company to enter into a material related party transaction with its CMD. However, the extremely low voter turnout and promoter abstention may raise governance concerns for minority investors, as the decision was effectively made by a small number of public shareholders.