Voting results of the Postal Ballot along with the scrutinizer''s report
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Ritesh International Limited conducted a Postal Ballot (e-voting only) from March 6, 2025 to April 4, 2025. Three special resolutions were put to shareholders, all relating to director remuneration: (1) revision in pay of Mr. Ritesh Arora, Managing Director cum Chairman, (2) revision in pay of Mr. Rijul Arora, Wholetime Director, and (3) approval for directors' remuneration exceeding the overall managerial limit under Section 197 of the Companies Act, 2013. All three resolutions were passed, with 2,205,004 votes in favour (96.15%) and 88,246 votes against (3.85%) out of 2,293,250 votes polled. The promoter and promoter group were marked as interested in the first two resolutions. Only about 26.81% of outstanding shares participated in the voting.
Shareholders have approved higher remuneration for the two promoter directors, increasing the company's managerial pay outflow. The low shareholder turnout (~27%) means the resolutions were carried largely on promoter group support, which minority shareholders may view as a governance concern.