Attached herewith the outcome of postal ballot of the Company
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Velan Hotels Limited has informed the stock exchanges that shareholders approved both special resolutions put to vote via postal ballot (remote e-voting). Resolution 1, seeking approval for the sale of company assets under Section 180(1)(a) of the Companies Act, was passed with 99.99% of votes in favour (24,776,229 shares for, 1,915 against). Resolution 2, covering the sale of assets under Sections 180(1)(a) and 188(1)(a) — the latter being a related-party transaction — was passed with 99.77% of votes in favour (839,374 for, 1,977 against). Promoters, holding about 23.97 million shares (~75% stake), abstained from voting on Resolution 2 as they are deemed interested parties. Total voting was conducted electronically between January 21 and February 19, 2026, with scrutinizer CS S. Ganesh Viswanathan confirming the results on February 20, 2026.
Shareholders have cleared the way for Velan Hotels to divest significant assets, including a transaction involving related parties. The deal could materially change the company's asset base and business profile, which may lead to a re-rating of the stock once deal terms are disclosed. Investors should watch for the next announcement specifying the assets being sold, the buyer, and the consideration.