The Outcome of the Postal ballot dated March 29, 2025 is attached herewith.
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 Limited announced results of its postal ballot covering four resolutions, conducted via remote e-voting with May 3, 2025 as the results date. Two independent directors — Mr. Ajit Kumar Panda and Mr. Rajendrakumar Chaturbhai Patel — were reappointed for a second term, passing with 95.81% and 99.80% of votes in favor respectively. A material related party transaction (RPT) with Jhaveri Credits and Capital Limited (JCCL) was approved with 71.05% of votes cast in favor. However, a parallel RPT with Fourth Pillar Construction was rejected, with 54.19% of votes against; public institutional shareholders voted 97.04% against this resolution, which was decisive given that promoters (holding ~45.5% stake) were excluded from voting due to their interest in the transaction.
The rejection of the Fourth Pillar Construction RPT signals meaningful investor pushback on related-party deals, raising minor governance scrutiny. Board continuity is preserved with the reappointment of both independent directors, which is a neutral-to-positive signal for governance structure.