Intimation of Scrutinizer''s Report and Voting Results.
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Shipwaves Online Ltd announced the results of its postal ballot concluded on 4 March 2026. Four resolutions were put to vote, of which three were passed and one was rejected. Item 1, a Special Resolution on loans, guarantees or security under Section 185 of the Companies Act, 2013, failed after only 71.43% of valid votes were cast in favour (200,000 in favour vs 80,000 against), falling short of the 75% threshold required for special resolutions. The other three resolutions, all Ordinary Resolutions covering material related party transactions (loan to a related party, transactions with subsidiary Shipwaves Online LLC, and transactions with Mukka Proteins Limited), were approved with 64.29% to 71.43% support. Only 0.1979% of outstanding shares (280,000 votes out of 14.14 crore shares) participated in the voting. Promoters' 49.75 lakh votes were declared invalid because related parties were not permitted to vote on these resolutions.
Shareholders should note that the Section 185 loan proposal was defeated, so the company cannot proceed with that specific item as approved. However, the three related party transactions, including deals with subsidiary Shipwaves Online LLC and Mukka Proteins Limited, have shareholder approval and can now move forward. The extremely low voting turnout (under 0.2% of shares) means the results largely reflect the views of a small number of public non-institutional shareholders, since promoter votes were disqualified.