Voting Result along with Scrutinizer Report for EOGM dated 02.05.2025
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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IGC Industries held an Extra-Ordinary General Meeting on May 2, 2025, where 5 resolutions were put to vote, and ALL 5 were REJECTED by shareholders. Only 41 members cast votes out of 22,800 shareholders, representing just 0.42% of the 3.57 crore outstanding shares. Of the votes polled (1,51,578 shares), 30.71% (46,548 shares) voted in favour while 69.29% (1,05,030 shares) voted against. The failed resolutions included appointment of a new Independent Director (Omprakash Pyarelal Sonar), appointment of Ziauddin Mohammad as Managing Director, increase in authorised share capital, acquisition of 40,40,443 shares of CNX Corporation at Rs.48/share via share swap, and issuance of 1,61,61,772 equity shares on preferential (share swap) basis.
This is a significant negative outcome — the company's entire restructuring and acquisition plan has been blocked by shareholder dissent. With zero promoter holdings shown and majority of polled votes against, shareholders may be wary of the management's expansion strategy, which could delay the proposed acquisition of CNX Corporation and the related share-swap arrangement.