Please find enclosed scrutinizer''s report for AGM.
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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Shah Construction Company held its 77th Annual General Meeting on September 30, 2025 via video conferencing, where 843 shareholders were on the record date. Three resolutions were put to vote, but the results were highly unusual: Resolution 1 (adoption of audited financial statements for FY ended March 31, 2025) and Resolution 3 (appointment of Mr. Mehul Jadavji Shah as Managing Director) were NOT PASSED, with 65.07% of votes against both (34.93% in favour). Only Resolution 2 (re-appointment of Mr. Dinesh Keshardeo Poddar as Director, retiring by rotation) was passed unanimously with 100% support. Strikingly, the promoter group's entire shareholding (88,081 shares, about 55% of the company) voted AGAINST both the financial statements adoption and the Managing Director appointment, while public shareholders voted entirely in favour. This points to a serious internal rift within the promoter family.
This is a highly negative and unusual outcome for shareholders — two of three routine AGM resolutions failed because the promoter group itself voted against them. The rejection of the Managing Director's appointment and the non-adoption of audited results raise major governance and operational red flags, likely creating uncertainty around leadership, compliance, and the validity of the FY25 financial statements. Investors should treat this as a significant risk event and watch for further disclosures on the reasons behind the promoter dissent.