Outcome of Postal Ballot
Awaiting price reaction for this filing.
Ballarpur Industries conducted a postal ballot via remote e-voting that closed on March 30, 2025, with all 5 special resolutions approved. The resolutions covered: (1) issuing 0.01% unlisted non-cumulative redeemable preference shares on private placement, (2) increasing the company's borrowing limit under Section 180(1)(c), (3) increasing the limit for selling, leasing, or creating security on company assets under Section 180(1)(a), and (4 & 5) approving material related party transactions with Whole Time Director Hardik Bharat Patel and Finquest Financial Solutions Pvt Ltd. The promoter group, holding 28,050,000 shares (51% of 5.5 crore total equity), voted 100% in favour on the non-interested resolutions. For the 3 resolutions where promoters were conflicted, only public non-institutions voted, approving them with 93.98% to 95.16% support but with a very low turnout of just 0.065% of outstanding shares. The scrutinizer was CS Viral Sanghavi, and the company has 67,153 shareholders on record.
Shareholders have cleared the way for the company to raise funds through preference shares, expand its borrowing capacity, and monetize or pledge assets more freely — giving management greater financial flexibility. The related party transactions with the director and a promoter-affiliated entity were also approved, which is common in closely-held firms but worth noting for minority shareholders given the low public turnout on those votes.