Refex Industries Limited has informed the Exchange regarding voting results of Postal Ballot under Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
REFEX · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Refex Industries has announced the results of a postal ballot conducted via remote e-voting from April 3 to May 2, 2025. All three resolutions were passed by shareholders. Resolution 1 (Special) on making investments, giving loans and guarantees beyond Section 186 limits passed with 99.23% in favor (7.47 crore votes for vs 0.58 lakh against). Resolution 2 (Special) on amendments to the Refex ESOP 2021 scheme passed with 98.61% in favor, though public institutional investors voted 87.76% against it. Resolution 3 (Ordinary) on material related party transactions with subsidiary Venwind Refex Power Limited passed with 83.70% in favor, with promoters abstaining from voting since they were an interested party. Out of 84,054 shareholders on record, participation was moderate, with about 58% of outstanding shares voting on the first two resolutions and only 4.9% on the related party transaction.
Shareholders have cleared the way for Refex to invest and lend more freely (Resolution 1) and tweaked the ESOP scheme to give management more flexibility on stock options. The related party transaction approval allows continued business dealings with subsidiary Venwind Refex Power. The strong dissent from institutional investors on the ESOP amendment is a minor governance red flag worth watching, but overall the outcomes are neutral to mildly positive for the company.