Please find enclosed Voting Results and Scrutinizer s Report for the 37th Annual General Meeting of the Company held on August 8, 2025.
MARICO · price
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Marico Limited held its 37th AGM on August 8, 2025, via video conferencing, with all 8 resolutions passed by shareholders. Out of 2,96,275 total shareholders, voting turnout was around 91% on most resolutions. A total dividend of ₹10.50 per share (₹3.50 interim already paid + ₹7 final declared) was approved with near-unanimous support. Re-appointments of Mr. Harsh Mariwala as Non-Executive Director and Mr. Saugata Gupta as MD & CEO were approved with over 98% support, though institutional investors showed meaningful dissent (4.36% and 3.23% respectively). The most contentious resolution was Resolution 8 on enhancement of limits under Section 186 of the Companies Act, which passed with only 78.33% support, with institutional investors voting 60.79% against — a notable red flag.
Routine procedural filing confirming smooth AGM proceedings and shareholder approval of dividends and director appointments. However, the heavy institutional dissent (60.79%) on the Section 186 borrowing/investment limits resolution signals investor discomfort with expanding management's financial flexibility, which warrants monitoring. Total dividend of ₹10.50/share for FY25 is positive for income-focused shareholders.