We hereby submit the outcome/ proceedings of Postal Ballot.
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Awaiting price reaction for this filing.
Innovators Facade Systems completed a postal ballot through remote e-voting from March 1 to March 31, 2025, with results declared on April 1, 2025. Four resolutions were passed by shareholders: (1) Re-appointment of Mr. Subhash Chand Gupta (DIN: 08649898) as Non-Executive Independent Director for a second 5-year term (January 15, 2025 to January 15, 2030) via Special Resolution; (2-4) Approval of material related party transactions with Innovators Contracting Works Pvt Ltd (up to ₹90 crore), Innovators Building Products Pvt Ltd (up to ₹5 crore), and Cleantech Engineering Pvt Ltd (up to ₹25 crore) for FY2025-26, all via Ordinary Resolutions. Total related party transaction approvals aggregate to ₹120 crore for the financial year. The scrutinizer was Mrs. Priti Nikhil Jajodia of Jajodia & Associates.
All four resolutions were deemed passed, securing continuity of the independent directorship and pre-approving ₹120 crore in related party transactions for FY2025-26. Shareholders should note the large quantum of related party transactions (especially ₹90 crore with ICWPL, an associate of a wholly-owned subsidiary), which is a governance point worth monitoring for arm's-length pricing and conflict-of-interest considerations.