Revised Outcome of the Voting Result of the Postal Ballot through Remote E-voting
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Spice Islands Industries Limited announced the revised voting results of a Postal Ballot (remote e-voting) that concluded on May 30, 2025. Three Ordinary Resolutions were put to shareholders: approval of Related Party Transactions with Ladhukara Trust (promoters are interested), Ferry Automotive Private Limited, and Chapra Capital Ventures Private Limited. All three resolutions were passed with 96.83% of votes in favour (3,144 shares) and 3.17% against (103 shares). Turnout was extremely thin — only 3,247 votes were polled out of 43,00,000 total outstanding shares (0.075%). Promoters holding 26,87,390 shares did not cast any votes, and participation came solely from 47 public non-institutional shareholders. The Scrutinizer (Alok Khairwar & Associates) confirmed the resolutions were passed with the requisite majority.
For shareholders, the key takeaway is that these Related Party Transactions are now formally approved, which may raise governance concerns given that the first transaction involves a promoter-related entity (Ladhukara Trust). However, the extremely low voting turnout (0.075%) and zero promoter participation mean the resolutions were effectively approved by a handful of public retail shareholders, which is typical for small-cap, thinly-traded companies but limits the democratic legitimacy of the approvals.