Akshar Spintex All 9 AGM Resolutions Rejected

Meeting Details

Meeting Type: 13th Annual General Meeting (AGM)
Meeting Date: Monday, 28th September, 2026
Meeting Time: 1:30 PM to 1:53 PM (23 minutes duration)
Meeting Mode: Video Conferencing/Other Audio Visual Means as permitted by Ministry of Corporate Affairs and SEBI
Record Date: 21st September, 2026

Proposed Resolutions and Implications

The AGM considered nine resolutions covering:

1. Ordinary Resolution: Adoption of Financial Statements for FY ended March 31, 2026 with Board of Directors and Auditor reports

2. Ordinary Resolution: Re-appointment of Mrs. Ilaben Dineshbhai Paghdar (DIN: 07591339) as Director retiring by rotation

3. Ordinary Resolution: Appointment of M/s. H. Jamnadas and Company (Firm Registration No. 104033W) as Statutory Auditor replacing M/s. H. B. Kalaria and Associates

4. Special Resolution: Payment of remuneration to Cost Auditors for Financial Year 2026-2027

5. Special Resolution: Approval of remuneration for Mrs. Ilaben Dineshbhai Paghdar (DIN: 07591339) under Sections 197 and 198 with Schedule V

6. Special Resolution: Re-seeking approval for remuneration of Mr. Harry Paghdar (DIN: 11096100)

7. Special Resolution: Re-appointment of Mr. Parshotam Lakhabhai Vasoya (DIN: 09229252) as Independent Director

8. Special Resolution: Appointment of Mr. Sureshkumar Chaturbhai Gajera (DIN: 11106779) as Independent Director

9. Special Resolution: Re-appointment of Mr. Harikrushna Shamjibhai Chauhan (DIN: 07710106) as Chairman cum Whole Time Director and approval of remuneration under Sections 196 and 197 with Schedule V

Voting Process and Methods

Voting Methods: Remote e-voting through NSDL and e-voting during AGM
Remote E-Voting Period: Wednesday, 23rd September, 2026 (9:00 AM) to Sunday, 27th September, 2026 (5:00 PM)
E-Voting Agency: National Securities Depository Limited (NSDL)
Votes Unblocked: Monday, 28th September, 2026 at 4:07 PM in presence of two witnesses
Scrutinizer: Ms. Dipali Natvar Vora, Practicing Company Secretary (Firm: D N VORA & ASSOCIATES, Membership No. 46989)
Scrutinizer Appointment: Board Meeting dated 01-09-2026
Report Issuance Date: 30-09-2026

Key Voting Outcomes

Overall Participation

Total Shareholders on Record Date: 141,630
Shareholders Attended via VC/OAVM: Promoters: 5, Public: 30
Total Outstanding Shares: 787,468,500
Total Votes Polled: 55,245,284 shares (7.02% of outstanding shares)
Voting Turnout: Entirely through remote e-voting (no votes during AGM or postal ballot)

Resolution-wise Results (All Resolutions Failed)

Resolution 1 - Financial Statements Adoption

Total Votes: 55,245,284 (7.02% turnout)
In Favor: 26,590,869 shares (48.13% of votes polled)
Against: 28,654,415 shares (51.87% of votes polled)
Promoter Voting: 2,161,197 shares voted (99.91% of promoter holdings), all in favor
Public Institutions: No votes
Public Non-Institutions: 53,084,087 shares voted (6.76% turnout), 46.02% in favor, 53.98% against

Resolution 2 - Re-appointment of Mrs. Ilaben Paghdar

Total Votes: 55,245,284 (7.02% turnout)
In Favor: 26,272,159 shares (47.56% of votes polled)
Against: 28,973,125 shares (52.44% of votes polled)
Invalid/Abstain: 900,000 shares (1 shareholder)

Resolution 3 - Auditor Appointment

Total Votes: 55,245,284 (7.02% turnout)
In Favor: 26,598,617 shares (48.15% of votes polled)
Against: 28,646,667 shares (51.85% of votes polled)

Resolution 4 - Cost Auditor Remuneration

Total Votes: 55,160,878 (7.00% turnout)
In Favor: 26,527,300 shares (48.09% of votes polled)
Against: 28,633,578 shares (51.91% of votes polled)

Resolution 5 - Mrs. Paghdar Remuneration

Total Votes: 55,160,878 (7.00% turnout)
In Favor: 26,146,771 shares (47.40% of votes polled)
Against: 29,012,107 shares (52.60% of votes polled)
Invalid/Abstain: 900,000 shares (1 shareholder)

Resolution 6 - Mr. Harry Paghdar Remuneration

Total Votes: 55,160,878 (7.00% turnout)
In Favor: 26,152,187 shares (47.41% of votes polled)
Against: 29,008,691 shares (52.59% of votes polled)
Invalid/Abstain: 900,000 shares (1 shareholder)

Resolution 7 - Re-appointment of Independent Director

Total Votes: 55,160,878 (7.00% turnout)
In Favor: 26,402,137 shares (47.86% of votes polled)
Against: 28,758,741 shares (52.14% of votes polled)

Resolution 8 - Appointment of Independent Director

Total Votes: 55,160,878 (7.00% turnout)
In Favor: 26,381,825 shares (47.83% of votes polled)
Against: 28,779,053 shares (52.17% of votes polled)

Resolution 9 - Chairman Re-appointment & Remuneration

Total Votes: 55,160,878 (7.00% turnout)
In Favor: 26,203,881 shares (47.50% of votes polled)
Against: 28,956,997 shares (52.50% of votes polled)
Invalid/Abstain: 118,362 shares (1 shareholder)

Shareholder Category Breakdown

Promoter & Promoter Group: Held 2,163,093 shares (0.27% of total), voted 2,161,197 shares (99.91% turnout), voted 100% in favor on all resolutions
Public Institutions: Held 0 shares, no votes cast
Public Non-Institutions: Held 785,305,407 shares (99.73% of total), voted approximately 53 million shares (6.76% turnout), voted against all resolutions with 53-55% against votes

Scrutinizer's Findings and Conclusions

Ms. Dipali Natvar Vora confirmed that:

None of the nine resolutions received the requisite majority as prescribed under Companies Act, 2013
All resolutions were deemed not passed by members
No invalid/incomplete votes were found in the e-voting system during AGM
Remote e-voting register and records remain in her safe custody until minutes approval

Compliance Confirmation

The voting process complied with:

Companies Act, 2013 and rules thereunder
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Secretarial Standard-2 on General Meetings issued by ICSI
Ministry of Corporate Affairs and SEBI guidelines for virtual meetings

Additional Information

The company had 141,630 shareholders on record date (21-09-2026)
Total outstanding shares: 787,468,500
Promoter holding: 2,163,093 shares (0.27%)
Public holding: 785,305,407 shares (99.73%)
No physical attendance at meeting (only virtual participation)
No votes cast through postal ballot or polling during meeting