Ace Alpha Tech Limited has secured shareholder approval to alter the utilization of its Initial Public Offer (IPO) proceeds and extend the timeline for capital expenditure. The resolutions were passed through a postal ballot and remote e-voting process which concluded on June 21, 2026. The approvals allow the company to modify the terms of objects associated with its IPO and alter its Articles of Association (AoA) to provide greater flexibility in its management structure.

The postal ballot sought consent on three special resolutions. The primary resolution aimed to approve the variation in the utilization of IPO proceeds and the extension of the timeline for the utilization of capital expenditure. The second resolution concerned the variation in the terms of objects of the IPO, while the third resolution sought approval to alter the Articles of Association of the Company. The alteration includes the insertion of new Article 92A, permitting the Board to appoint an individual as Chairman and Managing Director or Chief Financial Officer simultaneously, even if the company undertakes multiple lines of business.

Voting Results

The Scrutinizer's Report confirmed that all three special resolutions were passed with the requisite majority. A total of 14,964,192 votes were polled, representing 85.2263% of the total outstanding shares. There were no votes cast against any of the resolutions, and no invalid votes were recorded.

Procedural Details

The remote e-voting facility was provided by Central Depository Services (India) Limited (CDSL). The voting period commenced on May 23, 2026, and concluded on June 21, 2026. Shareholders holding equity shares as on the record date of May 15, 2026, were eligible to participate in the e-voting process.

Naveen Kumar of M/s N. Kumar & Associates was appointed as the Scrutinizer to oversee the voting process. The votes were unblocked on June 22, 2026, in the presence of independent witnesses. The results have been submitted to BSE Limited and are available on the company's website.

Ace Alpha Tech Limited has announced a postal ballot notice seeking shareholder approval for three special resolutions. The resolutions pertain to the variation in the utilization of Initial Public Offer (IPO) proceeds, variation in the terms of objects of the IPO, and the alteration of the Articles of Association of the Company. The remote e-voting facility will be available from 9:00 a.m. IST on Saturday, May 23, 2026, until 5:00 p.m. IST on Sunday, June 21, 2026.

IPO Proceeds Variation and Timeline Extension

The board has proposed to earmark an unutilized amount of ₹40.11 lakh, originally categorized under 'issue expense', towards 'Capital Expenditure – Human resources head'. This reallocation revises the total capital expenditure allocation to ₹1,290.11 lakh. Additionally, the company seeks approval to extend the timeline for the utilization of IPO proceeds earmarked for capital expenditure up to the financial year 2027-28. The company reported that approximately 78.94% of the total IPO proceeds have been utilized as of May 15, 2026.

Variation in Terms of Objects and Articles Alteration

Shareholders will also vote on a resolution to permit the procurement of refurbished hardware, equipment, or server infrastructure from certified vendors using IPO proceeds, in addition to new assets. Furthermore, the board has proposed the insertion of a new Article 92A into the Articles of Association. This amendment aims to provide flexibility to the board to appoint an individual as the Chairman and Managing Director or Chief Financial Officer simultaneously.

Voting Timeline and Procedure

The cut-off date for determining shareholder eligibility to vote is Friday, May 15, 2026. The results of the e-voting are expected to be declared on or before 5:00 PM IST on Tuesday, June 23, 2026. Mr. Naveen Kumar, Practicing Company Secretary, has been appointed as the scrutinizer for the postal ballot process.