Please find enclosed scrutinizer report on the voting result Extra Ordinary General Meeting of A K SPINTEX LIMITED Pursuant to the Provision of Section 108 of The Companies Act,2013 and ....
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A.K. Spintex Limited (now Sunrakshakk Industries India Ltd) held an EGM on March 31, 2025 where all 12 resolutions were passed with overwhelming majority (over 99.97% in favour). Key resolutions included change of company name to Sunrakshakk Industries India Ltd, increase in authorised share capital, issue of equity shares on a preferential basis, four material related party transactions (with Acme Industries, Spring Dell, and the wholly-owned subsidiary Sunrakshakk Agro Product), creation of mortgage/charge, and a sharp increase in the Board's borrowing power limit to Rs. 500 crore. The EGM also approved the appointment of Mr. Lokesh Mundra (DIN: 07012943) as a Non-Executive Independent Director. Out of 3,831 shareholders holding 50,31,750 shares, only 40 shareholders (representing 66.88% of capital on non-RPT items) participated in remote e-voting, indicating very low retail turnout. Promoters (~70.8% stake) voted 100% in favour on all non-RPT resolutions.
Shareholders should note the company's rebranding, potential equity dilution from the preferential issue, a major 500-crore borrowing expansion that could increase debt and interest costs, and multiple related party transactions that may warrant closer scrutiny. The extremely low public voting participation (under 17% of public holdings) means these decisions were effectively driven by promoter backing.