Aimco Pesticides shareholders reject RPT for property sale

Aimco Pesticides Limited shareholders have rejected a proposed related party transaction involving the sale of immovable property, signaling significant opposition to the deal among participating investors. The ordinary resolution, which sought approval under Section 188 of the Companies Act, 2013, failed to secure the requisite majority during a remote e-voting process conducted via postal ballot. This outcome halts the immediate execution of the transaction and may require the Board to reconsider its asset disposal strategy or renegotiate terms with the related party.

The voting process was conducted in compliance with Section 110 and Section 108 of the Companies Act, 2013, read with Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The remote e-voting window opened on June 24, 2026, at 09.00 A.M. (IST) and closed on July 23, 2026, at 05.00 P.M. (IST). M/s. MUFG Intime India Private Limited served as the service provider for the e-voting facility, while M/s. SPRS And Co. LLP, Company Secretaries, was appointed as the scrutinizer to oversee the process.

According to the scrutinizer’s report dated July 24, 2026, only a small fraction of the shareholder base participated in the vote. Out of 7,985 members holding 97,82,513 shares as on the record date of June 19, 2026, only 23 members holding 1,09,775 shares exercised their voting rights. This represents a participation rate of just 1.12% of the total outstanding shares.

Voting Breakdown

The rejection was driven entirely by non-institutional public shareholders, as promoter groups and institutional investors did not participate in the vote. The detailed voting results are presented below:

Shareholder Category	Shares Held	Votes Polled	Votes In Favor	Votes Against	% In Favor	% Against
Promoter and Promoter Group	53,26,658	0	0	0	0%	0%
Public - Institutions	100	0	0	0	0%	0%
Public - Non Institutions	44,55,755	1,09,775	41,450	68,325	37.76%	62.24%
Total	97,82,513	1,09,775	41,450	68,325	37.76%	62.24%

Reema Manoj Vara, Company Secretary and Compliance Officer of Aimco Pesticides Limited, confirmed that the resolution was not passed with the requisite majority. The company has disclosed these results on its website and the BSE Limited portal, along with the full scrutinizer’s report. The promoters, who hold 53,26,658 shares, were noted as interested parties in the agenda but did not cast any votes, either in favor or against.

What the Numbers Show

The decisive opposition from non-institutional retail shareholders highlights a potential disconnect between management’s asset restructuring plans and minority investor sentiment. With 62.24% of polled votes cast against the transaction, the rejection suggests that investors may view the sale of immovable property to a related party as potentially dilutive or lacking in commercial rationale. The absence of promoter voting further isolates the decision-making power with the public shareholders who chose to participate, underscoring the importance of broader stakeholder alignment in future related party transactions.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.17%	-4.33%	-8.20%	-11.93%	-45.30%	-59.61%

Aimco Pesticides Limited has published the postal ballot notice for the proposed sale of a residential property in Mumbai to a promoter director for ₹4,77,60,000. The advertisement appeared in the Free Press Journal (English Mumbai Edition) and Navshakti (Marathi Mumbai Edition) on June 24, 2026. The transaction involves Flat No 104 on the first floor of Vibhuti Apartment Building at Shanti Road, Off Gandhigram Road, Juhu, to Mrs. Tarlika Pradip Dave, a Promoter and Non-Executive Director of the company. The board approved the proposal on May 28, 2026, based on the recommendation of the Audit Committee, to support immediate working capital and cash flow requirements.

The proposed transaction requires prior approval from members through an ordinary resolution as the aggregate value amounts to 10% or more of the annual standalone net worth of the company. The notice clarifies that the transaction is not considered a "Material Related Party Transaction" under SEBI regulations as it does not exceed 10% of the annual consolidated turnover. A valuation report from a registered valuer determined the price on an arm's length basis.

Postal Ballot and E-voting Details

The company has engaged M/s. MUGF Intime India Private Limited to facilitate the remote e-voting process. The voting period commences at 9:00 a.m. IST on Wednesday, June 24, 2026, and concludes at 5:00 p.m. IST on Thursday, July 23, 2026. Shareholders whose names appear in the Register of Members or the Register of Beneficial Owners as on the cut-off date of Friday, June 19, 2026, are eligible to vote. The company completed the dispatch of the Postal Ballot Notice along with the explanatory statement via email on June 23, 2026.

M/s. SPRS And Co. LLP, Company Secretaries, has been appointed as the scrutinizer to oversee the postal ballot process. The scrutinizer will submit a report to the Chairman not later than two working days from the conclusion of the e-voting. The results will be announced on the company’s website and communicated to the stock exchange immediately thereafter.

Transaction Particulars

The following table outlines the key details of the proposed related party transaction:

Particulars	Details
Related Party	Mrs. Tarlika Pradip Dave (Promoter and Non-Executive Director)
Nature of Transaction	Sale of immovable property (Flat No 104, Vibhuti Apartment, Juhu, Mumbai)
Transaction Value	₹4,77,60,000 (excluding government fees or charges)
Tenure	One-time nature; valid until property is sold, not exceeding FY 2026-27
Pricing Determination	Based on valuation report from a registered valuer
Advance Paid/Received	Nil

The resolution, if passed by the requisite majority, will be deemed to have been passed on the last date specified for e-voting, July 23, 2026. The notice specifies that the transaction is not in the ordinary course of business.