Postal Ballot - Scrutinizer report
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Awaiting price reaction for this filing.
Elnet Technologies conducted a postal ballot via remote e-voting from May 17 to June 15, 2025, to seek shareholder approval on two resolutions. Resolution 1 was a Special Resolution to appoint Mrs. Madura Ganesh (DIN:02456676) as an Independent Director for 5 years effective March 29, 2025, which passed with 10,40,460 votes in favor (99.999%) against just 10 votes, with 49.22% of outstanding shares participating. Resolution 2 was an Ordinary Resolution to approve the appointment of Dr. K P Karthikeyan, MD of ELCOT, as Non-Executive Director and Chairman effective February 18, 2025, which also passed with 97.84% in favor, though only 464 votes were polled by public shareholders (0.024% of outstanding shares). Promoter group holding 21,13,861 shares did not participate in voting on Resolution 2.
Both resolutions were approved with the required majority, solidifying the board appointments of Mrs. Madura Ganesh (Independent Director) and Dr. Karthikeyan (Chairman). The very low public shareholder participation in Resolution 2 is notable, but no negative price impact is expected as both passed comfortably.