Scrutinizer report and Voting Results - NCLT Convened Meeting of equity shareholders
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Sri Lakshmi Saraswathi Textiles (Arni) Limited held an NCLT-convened meeting of equity shareholders on April 4, 2025 to vote on a proposed scheme of arrangement (demerger) between the company (Demerged Company) and SLST Industries Limited (Resulting Company). Of 33.33 lakh total outstanding shares, 24.39 lakh (73.19%) were voted. The resolution received 55.91% votes in favor (13.63 lakh shares) and 44.09% against (10.76 lakh shares). While 78.79% of shareholders by number supported the resolution, it failed to achieve the required three-fourths (75%) majority in value under Section 230(6) of the Companies Act, 2013. Promoters voted entirely in favor (18.36 lakh shares), but public non-institutional shareholders voted 69.32% against the scheme.
The proposed demerger scheme has been rejected by shareholders and will not proceed in its current form. This is a negative development as the restructuring plan fails, leaving the company's future strategic direction uncertain, though it also removes overhang from the failed transaction.