Shareholders of Ashoka Metcast rejected five special resolutions concerning material related-party transactions during the company’s annual general meeting held on September 17, 2026. The voting results highlight significant dissent among public non-institutional investors regarding these specific corporate actions.

The AGM, conducted via video conferencing and other audio-visual means, saw the passage of ordinary resolutions for adopting financial statements and reappointing directors. However, the special resolutions seeking approval for transactions with five group entities failed to secure the requisite majority.

Voting Results Overview

The scrutinizer report filed with the BSE and NSE details the voting patterns across nine resolutions. Promoter and promoter group holdings, totaling 13,410,000 shares, voted in favor of all resolutions where they were not interested parties. For resolutions where promoters were interested, they abstained from voting as per regulatory requirements.

Passed Resolutions

Two ordinary resolutions and two special resolutions were passed:

• Adoption of Financial Statements: The standalone and consolidated financial statements for the year ended March 31, 2026, received 100% of valid votes cast in favor. A total of 13,775,858 votes were polled.
• Reappointment of Director: The reappointment of Mr. Shalin Ashok Shah as a Non-Executive Director received 98.86% support, with 13,619,416 votes in favor against 157,047 votes against.
• Regularization of Independent Director: The regularization of Mrs. Jhanvi Vikas Sethi’s appointment as a Non-Executive Independent Director also secured 98.86% approval.
• Financial Assistance Limit Enhancement: The resolution to enhance the limit for availing financial assistance from promoters and converting loans into equity shares passed with 98.86% support.

Failed Resolutions

Five special resolutions regarding material related-party transactions (RPTs) failed to pass. In all five cases, promoter interests were declared, leading to zero votes from the promoter group. The outcome depended entirely on public non-institutional voters, who held 11,586,000 shares.

What the Numbers Show

The voting data reveals a sharp divergence between promoter-aligned outcomes and public investor sentiment. While resolutions without promoter interest passed unanimously or near-unanimously, every resolution involving a related-party transaction faced substantial opposition. Public non-institutional shareholders voted against four of the five RPTs by margins exceeding 40%, indicating clear resistance to these specific corporate relationships despite the promoters' abstention. The identical vote counts for the last four entities suggest coordinated voting behavior among the dissenting block.

Ashoka Metcast Limited has scheduled its 17th Annual General Meeting for Thursday, September 17, 2026, at 3:30 pm. The meeting will be conducted through video conferencing or other audio-visual means to transact business for the financial year ending March 31, 2026.

The company will close its register of members and share transfer books from Friday, September 11, 2026, through Thursday, September 17, 2026. This closure period ensures the determination of shareholders eligible for voting and dividend entitlements.

E-Voting Details

Shareholders can exercise their voting rights via remote e-voting services provided by Central Depository Services Limited. The facility allows members to vote on all businesses set forth in the notice without attending the meeting physically.

Only persons whose names appear in the register of members or depository records as on the cut-off date are entitled to vote. Members who have already cast their remote votes may attend the meeting but cannot vote again.

Key Agenda Items

The AGM will address several ordinary and special business items:

• Re-appointment of Director: Shareholders will vote on the re-appointment of Mr. Shalin Ashok Shah (DIN: 002974447) as Non-Executive Director. He retires by rotation and is eligible for re-appointment.
• Regularization of Independent Director: The appointment of Mrs. Jhanvi Vikas Sethi (DIN: 08593000) as Non-Executive Independent Director for a five-year term commencing August 12, 2026, requires shareholder approval.
• Financial Assistance Enhancement: The board seeks approval to enhance the limit for availing financial assistance from promoters and promoter group from ₹25 crore to ₹50 crore. This resolution also covers the conversion of outstanding loans into equity shares.
• Related Party Transactions: Shareholders will approve material related-party transactions with five entities: Rhetan TMT Limited, Ashnisha Industries Limited, Lesha Industries Limited, Gujarat Natural Resources Limited, and Lesha Ventures Private Limited. The aggregate value of transactions with each entity shall not exceed ₹150 crore during FY27-28.

Meeting Logistics

The notice of the AGM and the annual report for FY26 have been sent in electronic mode to members with registered email IDs. Those without registered emails receive a web link to access the documents. Queries regarding the e-voting system can be directed to the CDSL helpdesk.