Meeting Details

The approval was sought solely through a postal ballot conducted via remote e-voting; there was no physical meeting. The voting period commenced on Wednesday, August 19, 2026, at 09:00 a.m. IST and concluded on Thursday, September 17, 2026, at 05:00 p.m. IST. The results are deemed to have been passed on the last date of e-voting, i.e., September 17, 2026. The record date for determining shareholder eligibility was Friday, August 14, 2026.

Proposed Resolutions and Implications

Two special resolutions were proposed for shareholder approval:

1. Resolution No. 01: To ratify the ESOP Scheme titled "Kusumgar ESOP 2024".

2. Resolution No. 02: To approve the grant of stock options to the employees of the Group companies, including the Holding Company, Subsidiary companies, and Associate companies, in India or outside India, under the "Kusumgar ESOP 2024".

The promoters/promoter group were not interested in these resolutions.

Voting Process and Methods

The voting was conducted entirely through remote e-voting. National Securities Depository Limited (NSDL) was appointed to provide the e-voting facility. The process was advertised in "Business Standard" (English) and "Navshakti" (Marathi) on Wednesday, August 19, 2026. The company sent the notice and explanatory statement via email to all members whose details were registered as of the record date.

Key Voting Outcomes

Overall Participation

  • Total number of shareholders on the record date: 34,377
  • Total number of shares outstanding: 10,49,91,372
  • Total votes polled: 9,04,56,499 shares (86.1561% of outstanding shares)

Resolution No. 01: Ratify ESOP Scheme

  • Grand Total Votes: 9,04,56,499
  • Votes in Favour: 8,11,63,170 (89.7262% of votes polled)
  • Votes Against: 92,93,329 (10.2738% of votes polled)
  • Category-wise Breakdown:
  • Promoter & Promoter Group: Held 7,87,54,401 shares; voted 7,87,43,829 shares (99.9866% participation); 100% in favour.
  • Public Institutions: Held 1,56,21,106 shares; voted 1,06,51,277 shares (68.1852% participation); 12.8132% in favour, 87.1868% against.
  • Public Non-Institutions: Held 1,06,15,865 shares; voted 10,61,393 shares (9.9982% participation); 99.3576% in favour, 0.6424% against.

Resolution No. 02: Approve Grant of Stock Options

  • Grand Total Votes: 9,04,56,499
  • Votes in Favour: 8,11,63,045 (89.7261% of votes polled)
  • Votes Against: 92,93,454 (10.2739% of votes polled)
  • Category-wise Breakdown:
  • Promoter & Promoter Group: Voted 7,87,43,829 shares; 100% in favour.
  • Public Institutions: Voted 1,06,51,277 shares; 12.8132% in favour, 87.1868% against.
  • Public Non-Institutions: Voted 10,61,393 shares; 99.3459% in favour, 0.6541% against.

Scrutinizer's Role and Findings

Vaibhav Dandawate (ACS 51538, CP 27947), a Partner at Makarand M. Joshi & Co., was appointed as the Scrutinizer. His role was to scrutinize all votes cast through the remote e-voting process. He confirmed the following:

  • The electronic register of votes was properly maintained.
  • There were no shares with differential voting rights.
  • There were no invalid votes cast on any resolution.
  • Votes cast do not include abstained votes.
  • The Foreign Portfolio Investor (FPI) voting restriction clause was not applicable.
  • He concluded that both resolutions were passed by the requisite majority of the members.

Compliance Confirmation

The disclosure confirms that the entire process was conducted in compliance with:

  • Sections 108 and 110 of the Companies Act, 2013.
  • Rules 20 and 22 of the Companies (Management and Administration) Rules, 2014.
  • SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, specifically Regulation 44.
  • MCA General Circular No. 03/2025 dated September 22, 2025.
  • The Secretarial Standard – 2 on General Meetings.