Zodiac Clothing Company Limited has submitted the Exchange a copy of Scrutinizers report of Postal Ballot along with voting results.
ZODIACLOTH · price
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Awaiting price reaction for this filing.
Zodiac Clothing Company has completed its postal ballot process via e-voting, with all four special resolutions approved by shareholders with overwhelming majority (over 99.99% in favor on each). The resolutions cover: (1) raising funds through preferential allotment of equity shares to promoter and promoter group individuals, (2) re-appointment of Mr. S. Y. Noorani as Managing Director along with his remuneration, (3) appointment of Mr. Mohamed Musaed Abu Nasr Noorani as Non-Executive Non-Independent Director, and (4) alterations to the Articles of Association. Out of 10,814 shareholders holding 2.59 crore shares, only 66 members holding 1.26 crore shares (~48.32% by share count) participated in voting. The promoter group, holding 1.86 crore shares, voted 100% in favor on all four resolutions. The resolutions are deemed passed as of January 3, 2026.
The preferential allotment to the promoter group will dilute the equity stake of public shareholders, while the MD reappointment signals management continuity. The near-unanimous approval reflects strong promoter commitment, though public shareholders should note that the fund-raising route chosen (promoter preferential issue rather than a broader market offering) means existing public investors will see their holding percentage reduced once the new shares are issued.