Garuda Construction and Engineering Limited has informed the Exchange regarding voting results of Annual General Meeting held on September 27, 2025
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Garuda Construction and Engineering Limited held its 15th AGM on September 27, 2025, where four resolutions were put to e-vote among 49,453 eligible shareholders. Three resolutions passed with overwhelming support: adoption of FY25 audited financial statements (99.9989% in favor), re-appointment of Mr. Deepak Kumar as Non-Executive Director (99.9931% in favor), and appointment of Ms. Akruti Somani as Secretarial Auditor (99.9989% in favor). However, the resolution seeking approval for Related Party Transactions was rejected, with only 29.59% votes in favor and 70.41% against; notably, public institutions voted 89% against the proposal. Promoter group votes (180) were declared invalid on this resolution as they are interested parties under Section 188 of the Companies Act.
The rejection of the Related Party Transactions resolution is a significant negative signal — shareholders, especially institutional investors, expressed strong dissent against related-party deals, which may delay or block those transactions and raise governance concerns. The clean approval of financial statements and director re-appointment suggests routine matters are in order, but the failed RPT vote could weigh on investor sentiment and prompt management to revisit and restructure the proposed related-party dealings.