Meeting Details

The postal ballot was conducted via remote e-voting only, with no physical polling or postal ballot forms distributed. The voting period was from Sunday, 30th August, 2026 at 9:00 a.m. (IST) to Monday, 28th September, 2026 at 5:00 p.m. (IST). The record date for determining shareholder eligibility was Friday, 21st August, 2026.

Proposed Resolution and Implications

The single special resolution sought shareholder approval for "the variation/reallocation in utilisation of the proceeds of the Qualified Institutions Placement (QIP) and revision in utilisation timeline." The resolution was passed, allowing the company to alter how it uses the funds raised through its QIP offering and to change the timeline for their utilization.

Voting Process and Methods

The voting was conducted exclusively through remote e-voting facilitated by Central Depository Services (India) Limited (CDSL) on its platform www.evotingindia.com. The notice was dispatched only electronically to members whose email addresses were registered as of the record date. An advertisement announcing the dispatch and the e-voting facility was published in the Financial Express (English) on 30th August 2026 and in a vernacular (Gujarati) newspaper on 31st August 2026.

Key Voting Outcomes

  • Total number of shareholders on record date: 229,464
  • Total number of votes cast: 215,613,408
  • Percentage of votes polled on outstanding shares: 71.83%
  • Total votes in favour of the resolution: 215,595,615 (99.99% of votes polled)
  • Total votes against the resolution: 17,793 (0.01% of votes polled)
  • The resolution was passed.

Participation Breakdown by Shareholder Category

Promoter and Promoter Group

  • Shares held: 193,198,300
  • Votes polled: 193,190,460 (99.9959% of shares held)
  • Votes in favour: 193,190,460 (100.00% of votes polled by this category)
  • Votes against: 0 (0.00%)

Public Institutions

  • Shares held: 24,747,952
  • Votes polled: 21,971,356 (88.7805% of shares held)
  • Votes in favour: 21,971,356 (100.00% of votes polled by this category)
  • Votes against: 0 (0.00%)

Public Non-Institutions

  • Shares held: 82,219,582
  • Votes polled: 451,592 (0.5493% of shares held)
  • Votes in favour: 433,799 (96.0599% of votes polled by this category)
  • Votes against: 17,793 (3.9401%)

Scrutinizer's Role, Findings, and Conclusions

Mr. Tapan Shah, a Practicing Company Secretary (Membership No. F4476, CP No. 2839), was appointed as the Scrutinizer by the Board of Directors in a meeting held on 27th August 2026. His responsibility was to scrutinize the e-voting process in a fair and transparent manner and report the results.

He confirmed that the e-voting system provided by CDSL was robust and secure. The vote unblocking after the conclusion of the e-voting was witnessed by two independent witnesses, Ms. Sakshi Chechani and Ms. Priya Thakker. The scrutinizer's report, dated 28th September 2026, concluded that the special resolution was passed with the requisite majority. There were no invalid votes.

Compliance with Laws and Regulations

The process was conducted in compliance with:

  • Section 110 and Section 108 of the Companies Act, 2013
  • Rule 20 and Rule 22 of the Companies (Management and Administration) Rules, 2014
  • Regulation 44 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015
  • The Secretarial Standard on General Meetings
  • Multiple MCA General Circulars (including No. 14/2020, 17/2020, 22/2020, 33/2020, 39/2020, 10/2021, 20/2021, 3/2022, and 03/2025)

Additional Information

The voting results and scrutinizer's report were uploaded to the company's website (www.transformerindia.com) and the CDSL e-voting website (www.evotingindia.com). The company's CIN is L33121GJ1994PLC022460. The scrutinizer's firm address is 816-818, Anand Mangal - 3, Opp. Core House, Nr. Doctor House, Ellisbridge, Ahmedabad-380006.