Gayatri Highways Limited has informed the Exchange regarding Proceedings of Postal Ballot. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
GAYAHWS · price
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Gayatri Highways Limited has announced the completion of a postal ballot through remote e-voting. Shareholders approved three material related party transactions: (1) modification of preference share terms with associate HKR Roadways Limited up to Rs.150 Crores including waiver of redemption premium, (2) loan of up to Rs.50 Crores to subsidiary Gayatri Jhansi Roadways Limited, and (3) loan of up to Rs.50 Crores to subsidiary Gayatri Lalitpur Roadways Limited. All three ordinary resolutions passed with approximately 99.94-99.95% shareholder approval. Promoter group voted entirely in favour while public non-institutional shareholders showed minor dissent with around 11-12% voting against.
The company gains approval for Rs.250 Crores in related party transactions with its associate and subsidiaries, increasing exposure to group companies. Minority shareholders showed some opposition, indicating potential concerns about related party dealings. The large transaction amounts relative to the total voting base warrant monitoring of future cash flows.