Scrutinizer''s report of Postal Ballot Notice dated April 17, 2025
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Swadeshi Industries & Leasing Ltd announced the results of its Postal Ballot concluded on May 21, 2025, with all four special resolutions passed by shareholders. The resolutions include: (1) Alteration in Articles of Association, (2) Increase in Authorised Share Capital, (3) Issuance of Convertible Warrants to Promoter/Promoter Group and Non-Promoters on a preferential basis, and (4) Taking a loan from Directors and Promoter with an option to convert into equity shares. Voting was conducted via e-voting through NSDL, with promoters (37,83,571 shares) voting 100% in favour across all resolutions. Total votes polled stood at 39,61,671 out of 1,08,17,950 outstanding shares (36.62% participation), with each resolution getting over 99.93% approval. Only 2,463 votes were cast against each resolution.
Existing shareholders should note potential dilution ahead from the preferential warrants and authorised capital increase. The promoter group being interested in the warrant issuance and loan-conversion resolution signals promoter-led capital infusion, which could strengthen promoter holding but dilute minority shareholders.