AGI Greenpac Limited has disclosed the detailed voting results for its 66th Annual General Meeting (AGM) held on September 22, 2026. While all six resolutions passed with requisite majorities, significant dissent was recorded from institutional shareholders regarding the appointment of Shashvat Somany as Joint Managing Director and the approval of promoter remuneration in excess of SEBI limits.

The meeting, conducted via video conferencing, saw a total of 41,136,123 votes polled out of 64,697,381 eligible shares. Promoters and their group cast 39,072,819 votes, constituting the bulk of the turnout. Public institutions voted on 888,055 shares, while public non-institutions voted on 1,175,249 shares.

Voting on leadership appointments

The AGM approved the appointment of Shashvat Somany as Director and Joint Managing Director. The resolution for his appointment as Joint Managing Director (Item No. 5), which required a special majority, received support from 40,913,270 votes against 222,853 votes against. Notably, institutional investors showed substantial opposition to this resolution, with 222,530 votes cast against it by institutions, representing 25.06% of their total votes polled on this item.

Similarly, the resolution approving remuneration payable to the Chairman & Managing Director and Joint Managing Director in excess of the limit prescribed under Regulation 17(6)(e) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (Item No. 6) also faced institutional pushback. Institutions cast 219,433 votes against this special resolution, accounting for 24.79% of their votes.

Effective date of appointment

Following the shareholder approval at the AGM, AGI Greenpac informed stock exchanges that Shashvat Somany’s appointment as Director and Joint Managing Director is effective from October 1, 2026. He will serve as Whole-time Key Managerial Personnel. The company had previously intimated this appointment on July 28, 2026, in compliance with Regulation 30 of the Listing Regulations.

Financials and dividend adoption

Members adopted the audited standalone and consolidated financial statements for FY26 without any qualifications from the Statutory or Secretarial Auditors. The dividend declaration on equity shares for FY26 was approved overwhelmingly, with only 36 votes against out of 41,136,123 polled.

Mrs. Sumita Somany was re-appointed as a Director following her retirement by rotation. This ordinary resolution passed with 41,132,315 votes in favour and 3,808 votes against.

What the numbers show

The voting pattern reveals a clear divergence between promoter consensus and institutional sentiment regarding governance matters. While promoters voted unanimously in favour of all resolutions, institutional investors opposed the two special resolutions related to Shashvat Somany’s elevation and the associated remuneration excess. Specifically, institutions voted against the Joint MD appointment at a rate of 25.06% and against the remuneration excess approval at 24.79%. This suggests that while the promoter holding ensures passage, institutional shareholders are scrutinizing the alignment of executive compensation and succession planning with regulatory norms.

AGI Greenpac will host a virtual one-on-one meeting with Unifi Mutual Fund on September 18, 2026. The engagement is scheduled for Friday and forms part of the company’s routine investor relations activities.

The disclosure was made pursuant to Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company notified both the Bombay Stock Exchange and the National Stock Exchange regarding the scheduled interaction.

The schedule remains subject to change due to exigencies on the part of the analyst or the company. Ompal, Company Secretary and Compliance Officer, signed the intimation on September 17, 2026.