Attached herewith Voting Results and Scrutinizer Report of Postal Ballot of Mangalam Industrial Finance Limited
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Mangalam Industrial Finance Ltd filed the voting results of its postal ballot on April 16, 2025, covering 25 ordinary resolutions, all of which were passed with the required majority. Each resolution sought shareholder approval under Section 188 of the Companies Act, 2013 and Regulation 23 of SEBI LODR for material related-party transactions with 25 different entities/individuals, mostly group companies under the Wardwizard umbrella (e.g., Wardwizard Innovations & Mobility, Wardwizard Healthcare, Garuda Mart, Aevas Business Solutions, LCL Aviation) and individuals/promoter-related parties (Mr. Yatin Sanjay Gupte, Yatin Gupte HUF, Mrs. Sheetal Bhalerao, etc.). Promoters holding 59,30,67,810 shares (about 61.7% of the 96,16,43,500 total shares) abstained from voting on every resolution because they were marked as 'interested parties.' Only public non-institutional shareholders voted, casting roughly 27 lakh shares, which is just 0.28% of total outstanding shares. Across all 25 resolutions, public shareholders voted between 89.77% and 91.10% in favour, with opposition ranging from about 8.90% to 10.23%.
All 25 related-party transaction proposals have cleared shareholder approval, giving the company the regulatory go-ahead to enter into these material deals. For minority shareholders, the meaningful point to note is that promoters did not vote on these resolutions and public participation was extremely thin (under 0.3% of equity voted), so the near-90% approval margin reflects a small subset of retail/public holders rather than a broad shareholder endorsement.