Blue Star Limited shareholders approved the appointment of Nikhilesh Panchal as an Independent Director through a postal ballot process concluded on October 16, 2026. The special resolution received requisite majority support, securing 81.78% of the total votes cast in favour.

The voting process, conducted under Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, saw participation from 80.15% of the company's outstanding shares. Panchal was appointed for a term of five consecutive years, commencing August 14, 2026, and ending August 13, 2031.

Voting results breakdown

The resolution passed with significant support from the promoter group and public non-institutional investors, while institutional investors showed notable dissent. The detailed voting pattern is outlined below:

What the numbers show

A divergence in voting behaviour is evident when comparing institutional and retail participation. While public institutions cast 37.50% of their votes against the appointment, public non-institutional shareholders voted overwhelmingly in favour with only 0.08% dissent. This suggests that while retail investors largely supported the board appointment, a significant portion of institutional holders withheld or opposed their consent, though not enough to block the resolution given the promoter group's unanimous support.

Procedural details

The postal ballot notice was issued on September 16, 2026, with the remote e-voting period running from September 17 to October 16, 2026. The scrutiny report was submitted by MMJB & Associates LLP, confirming that no invalid votes were recorded. Shares held by the Blue Star ESOP Trust and those transferred to the Investor Education and Protection Fund Authority were excluded from the voting tally as per regulatory norms.

Indian authorities have alleged that Haier, Godrej & Boyce, and Blue Star used fake e-waste recycling records to incorrectly claim $714,000 in tax credits. All three companies have affirmed their commitment to compliance with applicable laws.

Allegations and companies involved

The investigation centres on the use of fraudulent e-waste recycling documentation, which authorities allege was used to support improper tax credit claims. The total amount of incorrectly claimed tax credits across the three companies is alleged to be $714,000.

The following companies have been named in the investigation:

Company responses

All three companies — Haier, Godrej & Boyce, and Blue Star — have responded to the allegations by affirming their commitment to compliance with the law. No further details of their individual responses were provided in the available information.