ENCLOSED HEREWITH SCRUTINIZER REPORT ALONG WITH VOTING RESULTS
Awaiting price reaction for this filing.
Avi Products India Limited submitted the voting results and scrutinizer's report for its Adjourned EGM held on March 24, 2026 via video conferencing; the original EGM on March 17, 2026 was adjourned due to lack of quorum. Out of 13,930 total shareholders on the record date (March 10, 2026), only 4 public shareholders attended and just 25,795 shares were voted — a very low 0.78% participation of the 33.06 lakh public share base. Six of the seven resolutions passed with overwhelming support (25,725 votes in favor, 99.73%; only 70 votes against, 0.27%), covering appointment of two new directors (Mr. Manas Ranjan Palo as Independent Director and Mr. Saroj Kumar Choudhury as Non-Executive Non-Independent Director), appointment of M/s VKMG & Associates LLP as Secretarial Auditor for five years, enhancement of the company's borrowing limits, authorization to create security interests over the undertaking under Section 180(1)(a), and authorization under Section 186 of the Companies Act. The proposed statutory auditor, M/s N K Jalan & Co, expressed unwillingness to be appointed just before the meeting, so Resolution 3 (auditor appointment) was withdrawn and not considered at the EGM.
Shareholders have cleared the way for the company to take on higher borrowings and pledge its assets as security, which may indicate upcoming debt-funded expansion or refinancing — worth watching for further announcements. The abrupt withdrawal of the proposed statutory auditor at the last minute is a governance red flag that retail investors should monitor closely, as it may raise questions about the company's audit process or relationships with auditors.