Voting Results and Scrutinizer''s Report of the Postal Ballot
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SRU Steels Ltd conducted a postal ballot through remote e-voting (e-voting window: May 8 to June 6, 2025) on five resolutions, with results declared on June 10, 2025. Only 59 members holding 33,696 equity shares (just 0.056% of the 59,939,250 outstanding shares) participated in the vote, all from the public non-institutional category. Three ordinary resolutions were passed: appointment of Mr. Vijay Sureshbhai Makvana as Managing Director (66.92% in favour), appointment of Mr. Manish Manojbhai Rathod as Non-Executive Non-Independent Director (66.90% in favour), and appointment of TCS & Co. as Statutory Auditor (70.31% in favour). Two special resolutions — approval of Section 185 transactions up to Rs. 200 crore and approval of loans/investments under Section 186 up to Rs. 200 crore — FAILED because they fell short of the 75% threshold required for special resolutions (getting only ~67% support).
Shareholders have approved the new Managing Director and Statutory Auditor, but the rejection of both Section 185 and 186 special resolutions caps the company's ability to lend to related parties or make large investments/guarantees beyond statutory limits — this may restrict business expansion or group-level financial activities. The extremely thin voting turnout (0.056%) and absence of promoter participation means the results largely reflect a small group of retail shareholders, and the company will need to revisit the Rs. 200 crore borrowing/lending proposals at a later date.