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.
On the reaction day the stock moved 2.7 pts less than Nifty Microcap 250 and 2.1 pts less than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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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.