Rolex Rings Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.
ROLEXRINGS · price
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Awaiting price reaction for this filing.
Rolex Rings Limited conducted a postal ballot via e-voting between January 31 and March 1, 2026, putting 4 resolutions to shareholders. Three special resolutions sought approval to revise the remuneration of Chairman & MD Manesh Madeka and Whole-time Directors Bhautik Madeka and Mihir Madeka (promoter group is interested in all three) — these passed with overwhelming support of 98.03%, 99.47% and 99.47% respectively. A fourth ordinary resolution sought reclassification of certain persons from 'Promoter Group' to 'Public' shareholder category, which also passed but with notable dissent: 62.59% in favour versus 37.41% against, with public institutional investors voting 37.42% against. Of the 80,104 shareholders on record, only about 160-162 cast valid votes, representing roughly 33% of the 27.23 crore outstanding shares.
Higher pay for three promoter-family directors is now approved and will be reflected in future payouts. The promoter reclassification resolution passed despite heavy institutional pushback, which some investors may read as a mild governance red flag. Low voting turnout (under 0.2% of shareholders participated) limits the broader read-through, but the strong dissent from FIIs/institutions on the reclassification is worth tracking.