Regulation 44 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 - Intimation of E-voting Results of Postal Ballot & Scrutinizer''s Report
REFEX · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Refex Industries Limited has announced the results of its postal ballot conducted via remote e-voting, with both resolutions passing successfully. Resolution 1, a Special Resolution seeking approval to make investments, give loans, guarantees and provide security in excess of limits under Section 186 of the Companies Act, 2013, was passed with 99.67% votes in favour (8.30 crore votes) against 0.33% (2.75 lakh votes). Resolution 2, an Ordinary Resolution approving Material Related Party Transactions with Venwind Refex Power Limited (a subsidiary), was passed with 90.41% votes in favour (60.64 lakh votes) against 9.59% (6.43 lakh votes). The promoter group did not vote on Resolution 2 as they were interested parties. Public institutional investors voted significantly against Resolution 2 (62.64% against), while public non-institutional shareholders overwhelmingly supported both resolutions.
The approval for higher investment limits gives the company flexibility for future financial transactions. The related party transaction approval with the subsidiary could raise governance concerns given significant institutional opposition, warranting monitoring of transaction terms and disclosures.