Announcement
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Varyaa Creations held its 20th AGM on 30th September 2025 via video conferencing, where 7 resolutions were put to vote. Resolutions 1-4 and 6-7 were approved with 100% votes in favour (3,450,000 shares from the promoter group), including adoption of FY25 financial results, re-appointment of Mrs. Pooja Naheta as a director, appointment of statutory and secretarial auditors, and appointment of two new independent directors (Ms. Kinjal Parkhiya and Ms. Saloni Sonkar). However, Resolution 5 — the appointment of Mrs. Kusum Naheta (DIN: 03515133) as a Non-Executive, Non-Independent Director (a promoter-group related party) — failed with zero votes polled. The promoter group, which holds 72.02% of shares (3,450,000 of 4,790,000), notably abstained from voting on this resolution even though they were declared 'interested'. No public shareholders participated in voting at all across any resolution.
The rejection of Kusum Naheta's appointment — combined with the promoter group's own abstention on a related-party resolution — points to internal promoter-family disagreement, which is a governance red flag minority shareholders should watch. With the resolution failing, the board currently lacks one additional promoter-family director that was planned, but the company's day-to-day operations are unaffected since all routine resolutions (auditors, financials, independent directors) were approved.