The details of Voting Results of the Postal Ballot dated March 29, 2025 enclosed alongwith Scrutinizer''s Report on the e-voting.
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Jhaveri Credits & Capital Ltd has announced the voting results of its postal ballot (notice dated March 29, 2025, results dated May 2, 2025) for four resolutions. All four resolutions were passed with overwhelming majority (99.95% in favor). The resolutions include: (1) and (3) approval of material related party transactions with U R Energy (India) Private Limited and Praveg Limited respectively, and (2) and (4) approval to advance loans, give guarantees, or provide security to these entities under Section 185 of the Companies Act, 2013. Of the total 89.86 lakh outstanding shares, only 2.41 lakh shares (2.68%) were voted, with 241,106 votes in favor and just 110 votes against. The promoter group, holding 47.80 lakh shares, was classified as interested and did not participate in voting.
Shareholders have cleared the way for the company to enter into material related party transactions and extend loans/guarantees to U R Energy (India) and Praveg Limited. The very low voting turnout (2.68%) and promoter non-participation due to conflict of interest may raise governance concerns, but the resolutions enable operational flexibility for transactions with related entities.