Voting Results and Scrutinizers Report
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Colorchips New Media Ltd held its 40th Annual General Meeting on September 30, 2025, via video conferencing. Out of 7 resolutions, 6 were passed with overwhelming majority (over 99.98% in favour), including adoption of FY25 audited financials, re-appointment of Mr. Saurabh Ramdorai as director, appointment of secretarial auditor for 5 years, re-appointment of Mr. Srinivasa Sudhish Ramabhotla as Managing Director, increase in authorised capital, and preferential issue of equity shares to non-promoters. However, Resolution 6 — a preferential equity issue to a promoter group company — was defeated, with only 1.05% votes in favour and 98.95% against, as the entire promoter holding of 68.63 lakh shares (61.8% of outstanding) was voted against the proposal. Total of 69.37 lakh votes were polled out of 1.70 crore outstanding shares, representing 40.78% participation.
The defeat of the promoter-group preferential allotment is a significant development — promoters themselves rejected the proposal, signalling internal disagreement or a change in capital-raising plans. This may delay or scrap the planned equity infusion to the promoter group company. The successful passage of the non-promoter preferential issue (Resolution 7) suggests the company still intends to raise capital, but only from outside investors, which could dilute existing public shareholders further.