Outcome of Postal Ballot
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Promax Power Ltd completed a Postal Ballot voting process to appoint new Statutory Auditors. The company appointed M/s. Manish Jain & Associates, Chartered Accountants, to fill a casual vacancy caused by the resignation of M/s Raj Gupta & Co. The resolution was passed with overwhelming approval - 17,259,900 votes in favour (100%) and zero votes against. Only 8 shareholders participated in the e-voting, which was open from April 10, 2026 to May 9, 2026. The Scrutinizer confirmed all votes were valid and the resolution passed with the requisite majority.
The resignation of Raj Gupta & Co. and appointment of new auditors represents a mid-term change in the company's audit firm. While the transition was smooth with full shareholder support, the reason for the outgoing auditor's resignation is not disclosed, which investors may want to monitor for any underlying governance concerns.