Results of Postal Ballot
Awaiting price reaction for this filing.
Muthoot Finance Limited announced the results of its postal ballot conducted under the Companies Act, 2013. Two special resolutions were passed by shareholders: (1) Appointment of Mr. George Joseph (DIN: 00253754) as a Non-Executive Independent Director for a 3-year term effective June 1, 2025, and (2) Increase in the Board’s borrowing powers under Section 180(1)(c) of the Companies Act, 2013 to Rs. 2 Lakh Crores. Both resolutions received overwhelming shareholder support — 99.96% in favour for the director appointment and 99.56% in favour for the borrowing limit increase, with over 93% of total shares participating in voting. Mr. George Joseph is a veteran banker with over five decades of experience, including a long stint at Canara Bank and a former Chairman & MD role at Syndicate Bank.
The appointment of a highly experienced banker as Independent Director strengthens board expertise in the financial services domain. The significant increase in borrowing limit to Rs. 2 Lakh Crores provides Muthoot Finance greater flexibility to raise funds, supporting business expansion — a positive sign for the largest gold loan NBFC in India, though it also implies higher future debt obligations.