Notice of Postal Ballot
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Sayaji Hotels (Indore) has sent out a postal ballot notice dated September 15, 2025, seeking shareholder approval for three items. E-voting runs from September 16, 2025 (9:00 AM) to October 16, 2025 (5:00 PM), with the cut-off date being September 10, 2025. The first and most significant item is a Special Resolution to amend the Articles of Association, formalizing a two-group promoter structure — "Existing Promoters" and "Incoming Promoters" (Century 21 Officespace Pvt Ltd, M.P. Entertainment and Developers Pvt Ltd, and Print Solutions Pvt Ltd) — with each group entitled to nominate 2 directors, board quorum requiring at least 1 director from each side, and a long list of "Reserved Matters" needing both groups' written approval. It also introduces Right of First Offer, Tag Along, and Drag Rights for share transfers, with all special rights tied to a 26% shareholding threshold. Items 2 and 3 are Ordinary Resolutions to appoint Mr. Karan Singh Chhabra (DIN: 03507674) and Mrs. Riya Chhabra (DIN: 02489228) as Non-Executive Non-Independent Directors, both with effect from September 1, 2025.
The AOA overhaul points to a completed or imminent change in the company's promoter composition, with new co-promoters getting equal board and veto rights over key decisions — this is governance-relevant for minority shareholders. The two director appointments likely represent the Incoming Promoters' nominees. Investors should track the October 16 voting outcome, as approval will lock in the new control-sharing arrangement.