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Bazel International Ltd held its 43rd AGM on 29 September 2025 in New Delhi, where all 9 resolutions were passed unanimously with 100% votes in favour and none against. The resolutions included adoption of standalone and consolidated financial statements for FY25, re-appointment of Mr. Pankaj Dawar as Director, appointment of M/s Meenu G. & Associates as Secretarial Auditors, re-appointment of Mr. Prithvi Raj Bhatt as Independent Director (second term of 5 years), appointment of Mr. Chetan Kumar Joshi as Independent Director (first term of 5 years), increase in authorised share capital with amendment to MOA, ratification of a loan and grant of option for conversion into equity under Section 62(3), and approval of preferential issue of equity shares on conversion of outstanding unsecured loan under Section 62(1)(C). Shareholder participation was extremely low: only 94 of 837 eligible shareholders voted, representing just 0.149% of outstanding shares, with promoter group not casting any votes. Additionally, 2,18,250 shares held by the BIL Employee Stock Option Trust were excluded from voting per SEBI rules.
The preferential equity issue and loan-to-equity conversion approved at this AGM will lead to dilution of existing shareholders' stakes once the shares are issued. The very low voter turnout (0.149% of outstanding shares) suggests limited minority shareholder engagement, meaning a small number of votes effectively approved potentially material capital structure changes.