Please find enclosed outcome of Postal Ballot dated 12th July, 2025 for Harish
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Awaiting price reaction for this filing.
Harish Textile Engineers Ltd announced the results of its Postal Ballot concluded on July 12, 2025, with all 4 resolutions passed with overwhelming majority (over 99% in favour from non-interested shareholders). The key resolution approved the sale/transfer of the company's textile processing and finishing machinery business to Nfinia Industries Private Limited — a promoter-controlled company — on a slump sale basis as a going concern. Two related party transactions were also approved: one linked to the slump sale and another for the leave and license arrangement for the registered office premises. Additionally, Mr. Ashwini Ramakant Gupta (DIN: 08930567) was appointed as a Non-Executive, Independent Director. Since promoters were interested parties in the business transfer and office lease resolutions, their votes (16,06,144 shares) were excluded, and the results were determined solely by non-interested public shareholders, of whom 65-66 voted in favour with around 3.24 lakh shares.
This is a major corporate restructuring event for small-cap Harish Textile Engineers — the company is effectively exiting its core textile processing and finishing machinery business by divesting it to a promoter-related entity at a slump sale price. Shareholders should closely examine the valuation terms of the slump sale to Nfinia Industries, as related party transactions in slump sales can sometimes be value-destructive for minority public shareholders. The stock may see negative sentiment given the loss of a core operating business, unless the slump sale consideration is viewed as fair. The new independent director appointment is routine governance housekeeping.