Submission of revised voting results of the company under Regulation 44(3) under SEBI(LODR) Regulations, 2015.
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Palco Metals Limited has submitted revised voting results for its 1st Extra Ordinary General Meeting (EGM) of FY 2025-26 held on 30th April 2025. The revision was made because the earlier submission had an error in counting the number of shareholders who voted. The sole resolution on the agenda was a Special Resolution to approve the Scheme of Amalgamation of Palco Metals Limited with Palco Recycle Industries Limited and their respective shareholders and creditors. Out of 3,386 total shareholders on the record date (23rd April 2025), the resolution was passed unanimously with 100% votes in favour. Total votes polled were 30,13,590 shares out of 40,00,000 outstanding shares, representing 75.34% voting participation. Promoter group voted with 93.03% participation and public non-institutions with 37.44% participation, with zero votes against the resolution.
The unanimous approval of the amalgamation scheme is a positive step towards the proposed merger between Palco Metals and Palco Recycle Industries. With zero dissent, the company has cleared a key regulatory hurdle, though the merger still requires NCLT and other statutory approvals before becoming effective. Shareholders should expect further updates on the effective date and share swap ratio in due course.