Awaiting price reaction for this filing.
Schaeffler India held its 62nd AGM on April 30, 2025 via video conferencing, where all 7 resolutions were passed with requisite majority. The resolutions included adoption of FY2024 financial statements, declaration of a dividend on equity shares for FY ended December 31, 2024, re-appointment of Andreas Schick as Director (retiring by rotation), ratification of Cost Auditors' remuneration, appointment of Samdani Kabra & Associates as Secretarial Auditors for 5 years, re-appointment of Eranti V. Sumithasri as Independent Director, and approval of material related party transactions with Schaeffler Technologies AG & Co. KG, Germany. Voting turnout was strong with approximately 145.97 million votes polled out of 156.30 million shares (93.39%). The related party transaction resolution saw notable opposition of 23.83% from public shareholders (as promoters, being interested parties, did not vote on that resolution), while all other resolutions passed with over 97% approval.
Shareholders have approved a dividend for FY2024 and continuity of the Board, with no surprises. The 23.83% dissent on the related party transaction with the German parent is worth noting but the resolution still passed comfortably, so limited stock-price impact expected.