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Awaiting price reaction for this filing.
IEC Education held its 31st AGM on September 29, 2025 via video conferencing, where three ordinary resolutions were put to vote. Of 1,52,60,000 total shares, 1,01,09,932 votes (66.25%) were polled. Resolution 1 (adoption of audited standalone and consolidated financial statements for FY ended March 31, 2025) was passed with 99.96% votes in favour. Resolution 3 (appointment of M/s Preksha Dawet & Associates as Secretarial Auditor) also passed with 99.96% in favour. However, Resolution 2 — the reappointment of Mr. Hemang Gopal Bhatt (DIN: 02111551) as Director, who retires by rotation — was rejected by shareholders, receiving only 6.81% votes in favour and 93.19% against. Strikingly, the promoter and promoter group holding 92,89,245 shares (91.56% of their holding) voted entirely against the resolution, which tipped the outcome.
The rejection of a director reappointment — particularly with the promoter group voting against it — is unusual and points to internal governance disagreement. Mr. Hemang Gopal Bhatt will vacate the board, which could raise governance questions for shareholders and potentially weigh on investor sentiment.