Kindly take on your record the Scrutinizers Report for evoting of the EGM dtd 16th May, 2025 as submitted by Scrutinizer, Mr. Taher Sapatwala, Practicing Company Secretary.
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Garware Marine Industries held an Extra-Ordinary General Meeting on 16 May 2025 via video conferencing. Three special resolutions were put to vote through remote e-voting and e-voting at the meeting. All three were passed with overwhelming majority (over 99.95% in favor). Item 1 was to increase the threshold for loans, guarantees, securities and investments under Section 186 of the Companies Act, with 24,47,971 votes (99.99%) in favor. Item 2 approved transactions under Section 185, with 3,88,627 votes (99.95%) in favor. Item 3 approved material related party transactions with Global Offshore Services Limited, also with 99.95% votes in favor. Scrutinizer Mr. Taher Sapatwala, Practicing Company Secretary, certified the voting was conducted fairly and transparently.
Shareholders have cleared the company's path to raise the limit for giving loans, guarantees and investments, and have greenlit related party transactions with Global Offshore Services Limited. With near-unanimous approval, these expanded financial flexibilities are now in effect, which could support future business expansion or inter-company dealings but also raises exposure to related-party activity that investors should monitor.