IMP Powers Limited has concluded its postal ballot process, with shareholders approving all six special resolutions by a majority of 99.20%. The company announced the outcome following the submission of the scrutinizer’s report on the voting results.
Resolutions Passed
The postal ballot covered six items of business requiring approval through special resolutions under the Companies Act, 2013. The voting results showed uniform support across all resolutions.
Details of Approved Resolutions
- Appointment of Mr. Naveen Kumar Singh as Whole-time Director
- Revision of borrowing limits under Section 180(1)(c) of the Companies Act, 2013
- Creation of mortgage, hypothecation, and/or charge on company assets
- Adoption of a new set of Articles of Association
- Approval for loans, guarantees, securities, and investments up to ₹300 crore
- Shifting of the registered office from Silvassa to Ahmedabad
Each resolution received 99.20% votes in favour and 0.80% votes against. The postal ballot process was scrutinised by Ms. Shilpa Shah, Practicing Company Secretary.
Voting Process and Participation
Remote e-voting was conducted through the platform provided by MUFG Intime India Private Limited. Shareholders holding equity shares as on the cut-off date were eligible to participate in the voting.
Voting Statistics
- Total shareholders as on cut-off date: 9,189
- Total shares held by public non-institution shareholders: 71,89,356
- Total votes polled: 1,95,907
- Votes in favour: 1,82,893
- Votes against: 13,014
Key Decisions Covered
The approved resolutions include the appointment of Mr. Naveen Kumar Singh (DIN: 06953675) as Whole-time Director and Key Managerial Personnel, designated as Executive Professional Director. Shareholders also approved enhanced borrowing limits, authority to create charges on assets, and permission to undertake loans, guarantees, and investments up to ₹300 crore.
In addition, the adoption of a revised Articles of Association and the relocation of the registered office from Silvassa to Ahmedabad were approved as part of the postal ballot.
Regulatory Compliance
The postal ballot was conducted in accordance with Section 110 of the Companies Act, 2013, and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company issued public notices and provided electronic voting facilities to ensure participation by eligible shareholders.
Summary
IMP Powers Limited has received shareholder approval for six special resolutions through a postal ballot, each passing with 99.20% votes in favour. The resolutions include the appointment of a Whole-time Director, revision of borrowing limits, creation of charges, approval for loans and investments up to ₹300 crore, adoption of new Articles of Association, and shifting of the registered office from Silvassa to Ahmedabad.
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