Enclosed herewith Scrutinizer Report along with Voting Results
Awaiting price reaction for this filing.
Avi Products India Ltd held an adjourned Extra-Ordinary General Meeting (EGM) on March 24, 2026 via video conferencing, after the original March 17 EGM was adjourned due to lack of quorum. Out of 13,930 total shareholders, only 4 public shareholders attended through VC and roughly 0.78% of total shares were polled, with zero participation from the promoter group. Seven resolutions were put to vote, and all six active resolutions passed with over 99.7% in favour. These included appointing Mr. Manas Ranjan Palo as Independent Director, Mr. Saroj Kumar Choudhury as Non-Executive Non-Independent Director, M/s. VKMG & Associates LLP as Secretarial Auditor for five years, and three special resolutions on enhancing borrowing limits, creating security on company assets under Section 180(1)(a), and authorising transactions under Section 186. Resolution 3 to appoint M/s. N K Jalan & Co. as Statutory Auditor was dropped because the auditor itself expressed unwillingness to be appointed just one day before the EGM.
The company has secured shareholder approval to raise its borrowing capacity and to pledge company assets, which may indicate upcoming debt-funded expansion or refinancing. However, the last-minute withdrawal of the proposed statutory auditor and the very low shareholder turnout (~0.78% votes polled, no promoter participation) are concerning signals that may affect investor confidence.