The Peria Karamalai Tea & Produce Company Limited has informed the Exchange regarding voting results of Postal Ballot
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Awaiting price reaction for this filing.
The company has filed the minutes of a postal ballot conducted via remote e-voting, with voting held from May 31 to June 29, 2025, and results declared on July 1, 2025. The single ordinary resolution sought shareholders' approval for a material related party transaction with Maharaja Shree Umaid Mills Limited, involving the merger of Placid Limited (a group company) into Maharaja Shree Umaid Mills Limited through a scheme of amalgamation. The transaction has a maximum aggregate value of approximately Rs. 515 crores (Rs. 468.59 crores fair value), with the company receiving new equity shares of Rs. 100 each in the transferee company as consideration for its 17.43% holding in Placid Limited. The resolution was passed with 99.96% of votes cast in favour (65,231 votes), though shareholder participation was very low at about 2.11% of total shares. Promoters and promoter group did not participate in the voting as they are not interested in the transaction.
This is a procedural disclosure of an already-approved corporate action. The merger scheme could reshape the group's structure, but the extremely low voting turnout (around 2%) is notable and may raise governance questions among retail investors.