Orient Technologies Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.
ORIENTTECH · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Orient Technologies Limited conducted a Postal Ballot where shareholders approved a Special Resolution to extend the timeline for utilizing proceeds from its Public Issue (IPO) up to March 31, 2027, from the original deadline disclosed in its August 26, 2024 Prospectus. The voting concluded on March 26, 2026, with an overwhelming 99.9957% of votes cast in favour (33,69,81,176 shares) and only 1,458 votes (0.0043%) against the resolution. Promoters voted 100% in favour with all 33,541,706 of their shares, while public shareholders approved it with 99.08% support. The resolution was passed with the requisite majority and scrutinised by Alwyn D'Souza & Co., Company Secretaries.
Shareholders have approved giving the company more time to deploy IPO funds, which means the management retains flexibility but the extended deadline of March 31, 2027 may raise questions about the original deployment plan. Near-term impact on stock price is likely neutral since the resolution passed with near-unanimous support.