Zenith Exports Limited has informed the Exchange regarding Proceedings of Postal Ballot. Further, the company has submitted the Exchange a copy of Srutinizers report.
ZENITHEXPO · price
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Zenith Exports Limited conducted a postal ballot (June 16 to July 15, 2025) to appoint Mr. Abhishek Bafna (DIN: 10064801) as an Independent Director via a special resolution. The resolution failed to pass due to lack of requisite majority. Of the 51,04,788 total votes cast, only 38.52% (19,65,339) were in favour while 33.88% (17,29,373) were against. Promoter group voted 100% in favour (24,57,556 shares), but public non-institutional shareholders rejected the appointment with 65.33% voting against it. Since a special resolution requires 75% majority, the appointment did not go through.
The rejection of an independent director appointment is a governance red flag, as public shareholders actively opposed the nominee. The board will need to propose a fresh candidate, and this signals a lack of confidence in the nominated director from the non-promoter shareholder base, which may raise corporate governance concerns.