The 45th Annual General Meeting of the Company held today on 05th May 2026. Proceedings, Voting Results and Scrutinizers Report is attached herewith.
Awaiting price reaction for this filing.
Techindia Nirman held its 45th AGM on May 5, 2026, where all 5 resolutions were rejected by shareholders. All resolutions failed with roughly 34% votes in favour and 66% against. The voting pattern shows promoters (holding 2.51 million shares) voted in favour, while public shareholders overwhelmingly voted against every item. As a result, both independent directors (Mr. Vadla Nagabhushanam and Mr. Madhukar Deshpande) cease to hold office, and the newly appointed statutory auditors (KP Sahasrabudhe & Co.) cannot continue. Two special notices from a shareholder under Section 115 of the Companies Act were received but not put to vote due to procedural issues. The management and concerned shareholders agreed to meet separately to try to revive the company.
This is a critical red flag for the company. With both independent directors gone and no statutory auditors in place, the company faces governance paralysis. The hostile voting by public shareholders signals deep unresolved disputes with the promoter group, raising concerns about the company's operational continuity and future.