Respected Sir, we are enclosing herewith details of voting result (Remote e-voting) of the Extra Ordinary General Meeting of the meeting of the company held on Monday, 31st March, 2025 ....
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A.K. Spintex Limited (BSE: 539300) held an EGM on 31st March 2025 where all 12 resolutions were passed with overwhelming majority (99.97% to 99.99% in favour). Key resolutions include: change of company name, increase in authorized share capital, issue of equity shares on preferential basis, approval of material related party transactions with ACME Industries, Spring Dell, and wholly-owned subsidiary Sunrakshak Agro Product Pvt Ltd, creation of mortgage/charge, increase in borrowing power limit up to Rs. 500 crores, inter-corporate loans under Section 186, and appointment of Mr. Lokesh Mundra as Non-Executive Independent Director. Out of 3,831 total shareholders, only 40 voted via remote e-voting and 23 attended via video conferencing. Promoters (holding about 62% stake) did not vote on related party transaction resolutions, as they are interested parties.
Shareholders have approved a major restructuring including a name change, expanded borrowing capacity (up to Rs. 500 crores), and preferential share issuance, signalling the company's intent to diversify and raise capital. The significant expansion in borrowing limits and new related party transactions warrant close monitoring by minority shareholders, though promoter interest was disclosed appropriately.