The details of Voting Results of the Postal Ballot dated March 29, 2025 is enclosed along with the Scrutinizer''s Report on the e-voting.
PRAVEG · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Praveg Ltd announced voting results of its postal ballot (notice dated March 29, 2025). Two special resolutions for reappointment of Independent Directors — Mr. Ajit Kumar Panda (95.81% in favour) and Mr. Rajendrakumar Chaturbhai Patel (99.79% in favour) — were passed with overwhelming support. The ordinary resolution approving a material related party transaction with Jhaveri Credits and Capital Limited (JCCL) was passed with 71.05% in favour after promoter votes (~1.10 crore shares) were excluded as they were deemed interested. However, the resolution for a related party transaction with Fourth Pillar Construction was rejected, with only 45.81% in favour and 54.19% against; the promoter group's votes were again excluded, making the required threshold unachievable.
Independent Director reappointments strengthen board continuity, but the rejection of the Fourth Pillar Construction related party deal shows minority shareholders actively pushing back on promoter-connected transactions. This may signal governance friction and could restrict the company's flexibility to route certain transactions through related parties.