Postal Ballot-Voting Result and Scrutinizer Report
MODIS · price
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Modi's Navnirman Limited conducted a Postal Ballot, with the last date of voting on August 15, 2025. Shareholders were asked to approve, through a Special Resolution, the Scheme of Arrangement merging its wholly owned subsidiary Shree Modi's Navnirman Private Limited (Transferor Company) into the listed parent company Modi's Navnirman Limited (Transferee Company). Total votes polled stood at 18,235,600 shares, which is 93.08% of the 19,591,200 outstanding shares. The resolution was overwhelmingly passed with 99.9978% of polled votes in favour (18,235,200 shares) and only 400 shares (0.0022%) voted against. Promoters fully participated, casting all 12,498,000 of their shares in favour, while 250 shareholders from the public also supported the resolution. The scrutinizer Jigarkumar Gandhi of JNG & Co. LLP confirmed the result.
This is a corporate restructuring move that simplifies the group structure by absorbing the wholly owned subsidiary into the listed entity, which may lead to operational consolidation. With near-unanimous shareholder approval and full promoter backing, execution risk is low, though the merger still requires regulatory and NCLT approval before becoming effective.