Board Decision

At its meeting held on 12-August-2026 (commenced at 11:00 a.m. and concluded at 11:40 a.m.), the Board of Directors decided to place certain resolutions before shareholders for fresh consideration and approval at the ensuing Annual General Meeting. This decision was taken as a measure of abundant caution and in the larger interest of shareholders.

Background and Rationale

The decision follows technical difficulties encountered during the remote e-voting period for the recently concluded postal ballot process. Several shareholders reported issues including:

  • Difficulties in accessing and using the remote e-voting facility
  • Problems receiving OTPs
  • Repeated and abrupt logout issues
  • Other access-related problems

Shareholders facing these difficulties approached the company and demanded alternative voting facilities. The company subsequently facilitated voting through postal ballot forms for shareholders who reported e-voting difficulties, though physical ballot forms were not originally dispatched to all eligible shareholders and were not part of the voting mechanism communicated through the Postal Ballot Notice.

Scrutinizer Report

The Independent Scrutinizer's Report dated 06 August 2026 recorded these relevant facts regarding the voting process issues.

Post-Ballot Concerns

Subsequent to the conclusion of the Postal Ballot process, concerns were received regarding the process adopted by the company in facilitating voting through postal ballot forms for shareholders who reported e-voting difficulties. The concerns were based on the ground that this facility was not mentioned in the original postal ballot notice.

Governance Measures

As prudent governance measures until fresh shareholder approval is obtained:

  • The company shall not enter into any new material Related Party Transactions
  • The company shall not make any material modifications to existing transactions requiring prior shareholder approval under Regulation 23 of SEBI LODR Regulations, 2015
  • Mr. Deep Vadodaria shall not be paid or entitled to receive any remuneration in his capacity as Managing Director pursuant to the aforesaid resolution

Company Commitment

The company remains committed to maintaining the highest standards of corporate governance, transparency, and protection of shareholder rights. All necessary steps will be taken to place these matters before shareholders in accordance with the Companies Act, 2013, SEBI LODR Regulations, and other applicable laws.

#Tags: #NilaSpaces #Regulation30 #SEBIDisclosure #CorporateGovernance #ShareholderVoting