Revised Scrutinizers Report of the Postal Ballot through Remote e-voting
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Spice Islands Industries Limited has announced the results of its postal ballot (remote e-voting) concluded on May 30, 2025. Three ordinary resolutions seeking shareholder approval for related party transactions were put to vote: (1) with Ladhukara Trust, (2) with Ferry Automotive Private Limited, and (3) with Chapra Capital Ventures Private Limited. All three resolutions were passed with the requisite majority, with 44 members voting in favour (3,144 shares, 96.83%) and only 3 members voting against (103 shares, 3.17%). Promoters and promoter group held 26,87,390 shares but did not cast any votes, and public institutional shareholders also did not participate. Only 3,247 shares out of 43,00,000 outstanding shares were polled, representing a mere 0.075% voting turnout, indicating very limited shareholder engagement in the process.
The company has secured the required approvals to proceed with the three related party transactions, including one (Ladhukara Trust) where promoters themselves had a stake. However, the extremely low voting turnout — with promoters abstaining entirely and only 3,247 shares voted out of 43 lakh outstanding — means the resolutions were approved by a very small slice of public shareholders, which minority investors may want to note when reviewing the company's related party dealings.