PLEASE FIND THE SUBMISSION OF VOTING RESULTS OF EXTRA ORDINARY GENERAL MEETING HELD ON 21ST JUNE 2025.
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Simplex Castings held an Extra-Ordinary General Meeting (EGM) on June 21, 2025, where two special resolutions were passed with the required majority. The first resolution approved the creation, offer, issue, and allotment of equity shares to promoters and non-promoters on a preferential basis. The second resolution approved the re-appointment of Mr. Ketan Moolchand Shah as Whole-Time Director designated as Chairman and CEO. Out of 4,019 shareholders on the record date (June 14, 2025), only 15 attended via video conferencing (4 promoters, 11 public). Voting was extremely thin — just 2,454 votes were polled out of 7,198,281 outstanding shares, representing only 0.034% of total equity. Of the votes cast, 99.80% were in favour and 0.20% against both resolutions. Notably, the promoter group (holding 3,769,212 shares) did not cast any votes despite being declared interested in both resolutions.
Shareholders should expect a potential equity dilution from the preferential share issuance to promoters and select investors, which could pressure the stock price in the short term. The re-appointment of the existing Chairman and CEO signals continuity in leadership, but the extremely low voting turnout (0.03% of shares) means the resolutions technically passed on the basis of very few public votes.