Outcome of Postal Ballot along with Scrutinizer''s Report
LIKHITHA · price
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Likhitha Infrastructure Limited has concluded a Postal Ballot (remote e-voting) held from March 27 to April 25, 2025, with all five resolutions passed by the required majority. The resolutions covered: (1) increasing borrowing limits under Section 180(1)(c), (2) approving creation of mortgage/charge on company assets under Section 180(1)(a), (3) allowing loans, guarantees or security under Section 185, (4) approval of material related party transactions, and (5) alteration of the Object Clause in the Memorandum of Association. Total votes polled stood at 2,81,95,187 (71.47% of outstanding shares), with promoters (holding 2,77,12,781 shares or ~70.25%) voting 100% in favor of every resolution. Resolutions 1, 2 and 5 passed with near-unanimous support (99.97%). However, Resolutions 3 (Section 185 loans) and 4 (material related party transactions) saw significant dissent among public non-institutional shareholders, with 54.83% and 53.54% voting against respectively, although these still passed overall due to promoter backing (99.06% and 99.08% in favor).
Shareholders should note that the company now has expanded borrowing powers and the ability to charge assets as collateral, which could enable higher debt levels going forward. Resolutions related to Section 185 loans and material related party transactions — which faced notable public shareholder opposition — grant management broader flexibility to extend financial support to related parties and enter into significant related-party deals, a point minority investors may want to monitor closely.