Disclosure of Voting Results and Scrutinizer''s Report
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Rathi Steel & Power announced the results of a Postal Ballot conducted via remote e-voting, with the last date of voting being June 15, 2025. All five resolutions were passed with overwhelming majority (approximately 99.95% in favor). The resolutions included appointing Mr. Arpan Kumar Atrey as Independent Director (Special Resolution), changing Ms. Surbhi Pareek's designation from Non-Executive Independent Director to Non-Executive Non-Independent Director, converting Mr. Abhishek Verma from Non-Executive Director to Executive Director (Whole Time), appointing Mr. Rajesh Khurana as Executive Director (Whole Time – Business Development), and appointing Mr. Mahesh Pareek as Managing Director. Promoters voted unanimously in favor (26,249,589 shares), while public shareholders who participated voted about 66-67% in favor. Overall, only 30.44% of total shares were polled, and the Scrutinizer Sameer Kishore Bhatnagar validated the process.
Shareholders should note that an existing Independent Director (Ms. Surbhi Pareek) has been re-designated as Non-Independent, which weakens board independence. Additionally, the Pareek family (Ms. Surbhi Pareek and new MD Mr. Mahesh Pareek) appears to have consolidated influence on the board, which may raise governance concerns for minority shareholders despite the formal regulatory approvals.