Voting Results and Scrutinizer''s Report of the Postal Ballot
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SRU Steels Limited announced the results of its Postal Ballot (via remote e-voting through CDSL) for five resolutions. Three ordinary resolutions were passed: (1) appointment of Mr. Vijay Sureshbhai Makvana as Managing Director for 5 years (April 2025–April 2030) with 66.92% votes in favour; (2) appointment of Mr. Manish Manojbhai Rathod as Non-Executive Non-Independent Director with 66.90% in favour; and (3) appointment of TCS & Co. as Statutory Auditor (filling the casual vacancy left by MSCS & Co.) with 70.31% in favour. Two special resolutions — approvals under Sections 185 and 186 of the Companies Act for loans/guarantees/investments up to Rs. 200 crore — FAILED because they fell short of the 75% majority required (received only ~67% in favour). Only 33,696 out of 5,99,39,250 equity shares (0.056%) were voted, with no participation from promoters or institutional investors; 59 of the 21,665 eligible members cast votes.
The new Managing Director and auditor appointments are now effective, giving the company fresh leadership. However, the rejection of both Section 185 and 186 special resolutions is a material setback — the company cannot proceed with related-party loans, guarantees, or investments exceeding statutory thresholds, which may constrain its funding and expansion plans. The extremely low voting turnout (0.056%) and absence of promoter/institutional participation raise governance red flags for shareholders.