Scrutinizers Report on Postal Ballot Process pursuant to Section 108 and Section 110 of Companies Act, 2013 read with applicable Rules.
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New Light Apparels Limited announced the results of its Postal Ballot on April 12, 2025, with all 6 special resolutions approved by shareholders with overwhelming majority (approximately 99.98% in favor on each). Key resolutions include altering the Objects Clause of the Memorandum of Association, increasing the borrowing limit to Rs. 25 Crores under Section 180(1)(c), approving creation of security on company properties up to Rs. 25 Crores under Section 180(1)(a), and granting powers to give loans, investments, or guarantees under Section 186. Shareholders also approved the appointment of Mr. Gurcharan Lal Makkad (DIN: 01689768) as Executive Director and passed a clarification on a disclosure from the earlier EGM notice dated February 9, 2024. Out of 15,540 shareholders holding 8.76 crore total shares, only about 24.84% of outstanding shares participated in the remote e-voting, with all votes cast by public non-institutional shareholders while the promoter group (44.47 lakh shares) did not cast any votes.
The approval of higher borrowing limits (Rs. 25 Crores) and Section 186 powers suggests the company may be preparing for expansion, debt raising, or strategic investments. The appointment of Mr. Gurcharan Lal Makkad as Executive Director, combined with the existing MD Sandeep Makkad, indicates a likely family member addition to the board. Low voting turnout (~25%) means these decisions were effectively shaped by a small fraction of shareholders, though overwhelming support suggests minimal dissent in the shareholder base.