Please find enclosed herewith Scrutinizers Report
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Shah Construction Company Limited held its 77th AGM on September 30, 2025 via video conferencing, with three ordinary resolutions put to vote. Only one resolution passed — the re-appointment of Mr. Dinesh Keshardeo Poddar as Director, which received 100% support from 135,365 polled shares. Two key resolutions were rejected: (1) adoption of the audited financial statements for FY ended March 31, 2025, and (3) appointment of Mr. Mehul Jadavji Shah as Managing Director — both receiving 65.07% votes against and only 34.93% in favour. The promoter group (88,081 shares) voted against both rejected resolutions, while public non-institutional shareholders (47,284 shares polled) voted entirely in favour. Overall poll participation was 83.95% of 161,250 outstanding shares, across 843 shareholders on the record date.
This is a highly unusual and concerning outcome — the failure to adopt audited financial statements is extraordinary and raises serious governance red flags. The promoter group's opposition to Mehul Jadavji Shah's appointment as MD (notably, he countersigned the filing as Chairman) suggests sharp internal conflict within the promoter group, which could attract regulatory scrutiny and is likely to weigh negatively on the stock.