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Ovobel Foods Limited held its 33rd AGM on 30 September 2025 via video conferencing, where 7 resolutions were put to vote. Out of the 7, 5 were passed and 2 were rejected by shareholders. Both rejected resolutions were related party transactions — one involving transactions with Ashray Farms and another involving a land lease from Managing Director Mr. Mysore Satish Sharad, with public shareholders voting 93.81% against each. Key resolutions that passed include the adoption of FY25 audited financial statements (99.83% in favour), appointment of Ms. Suman Bajoria as secretarial auditor for 5 years (FY 2025-26 to FY 2029-30), and re-appointment of Mr. Mysore Satish Sharad as Managing Director and Mrs. Sukanya Satish as Non-Executive Director. Promoter votes were declared invalid for resolutions where promoters had a personal interest, with voting outcomes for those resolutions decided solely by public non-institutional shareholders. Total voting turnout stood at 69.55% of the 9,500,800 outstanding shares.
The clear rejection of both related party transactions signals strong public shareholder discomfort with related party dealings and raises corporate governance concerns. Management may need to re-negotiate terms, provide greater disclosure, or re-table the proposals, which could delay these arrangements and create uncertainty around the company's future transactions with the promoter group.