Outcome of the Postal Ballot dated March 29, 2025 is enclosed herewith.
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Jhaveri Credits & Capital has announced the results of its postal ballot where shareholders approved four resolutions related to related-party transactions. The resolutions cover material related-party transactions and loans/guarantees/security under Section 185 of the Companies Act with two entities: U R Energy (India) Private Limited and Praveg Limited. All four resolutions passed with 99.95% votes in favour (241,106 out of 241,216 polled votes), with only 110 votes against. Voting turnout was very low at just 2.68% of outstanding shares, as promoter group shares (47.8 lakh) were treated as invalid since promoters were interested in all resolutions and did not participate.
The approvals clear the way for the company to enter into material transactions and extend loans or guarantees to URE and Praveg Limited, both related parties. Shareholders should note the low public participation and that promoters abstained due to conflict of interest, so approval came essentially from non-promoter public shareholders voting in favour.