Proceedings of Postal Ballot
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Nexome Capital Markets Ltd (formerly SMIFS Capital Markets Limited) announced the results of its postal ballot held from April 10, 2025 to May 9, 2025, conducted via remote e-voting. All three resolutions were passed by the requisite majority: (1) Appointment of Mr. Samarth Parekh as Director (Ordinary Resolution), (2) Appointment of Mr. Samarth Parekh as Joint Managing Director (Special Resolution), and (3) Appointment of Mr. Anil Kumar Murarka as Non-Executive Independent Director (Special Resolution). The company had 3,603 shareholders on the record date. For Mr. Parekh's appointments, about 2,506,851 promoter-group shares were excluded from voting as 'interested' votes, since he appears linked to the promoter family (Chairman Utsav Parekh). Among the remaining valid votes, promoter and institutional shareholders voted 100% in favour across all resolutions.
The appointments strengthen the management bench, with Samarth Parekh taking on a Joint MD role and Anil Kumar Murarka joining as an Independent Director, which may be viewed as positive for continuity and governance. However, retail (non-institutional) public shareholders largely opposed Mr. Parekh's initial Director appointment (about 90.6% voted against on that resolution), suggesting some shareholder discomfort with the related-party appointment. Short-term stock price impact is likely minimal unless governance concerns escalate.