CG Power shareholders approve Price Waterhouse as statutory auditors
- Shareholders approved the appointment of Price Waterhouse Chartered Accountants LLP as statutory auditors
- Resolution passed with 99.19% of votes cast in favour
- Appointment fills casual vacancy left by resignation of SRBC & CO LLP
- Institutional investors cast 10.55 million votes against the resolution
*this image is generated using AI for illustrative purposes only.
CG Power & Industrial Solutions shareholders have approved the appointment of M/s. Price Waterhouse Chartered Accountants LLP as the company's new statutory auditors. The resolution, which fills a casual vacancy caused by the resignation of M/s. SRBC & CO LLP, was passed with a 99.19% majority in favour during the postal ballot voting concluded on September 25, 2026.
The e-voting process, facilitated by National Securities Depository Limited (NSDL), ran from August 27 to September 25, 2026. The notice for the postal ballot was issued on August 19, 2026, with a cut-off date of August 21, 2026. A total of 567,728 shareholders were eligible to vote based on the register of members and list of beneficiaries maintained by depositories as of the cut-off date.
Voting results breakdown
The scrutiny report, prepared by Prashant S. Mehta of P Mehta & Associates, confirmed that the resolution received overwhelming support across all shareholder categories. Promoters and promoter group members voted unanimously in favour, casting 887,488,761 votes. Institutional investors also largely supported the appointment, though a small fraction voted against.
| Category | Shares Held | Votes Polled | Votes In Favour | Votes Against | % In Favour |
|---|---|---|---|---|---|
| Promoter and Promoter Group | 887,667,148 | 887,488,761 | 887,488,761 | 0 | 100.00% |
| Public - Institutions | 472,477,442 | 421,855,547 | 411,307,445 | 10,548,102 | 97.50% |
| Public - Non Institutions | 215,305,469 | 1,485,823 | 1,472,028 | 13,795 | 99.07% |
| Total | 1,575,450,059 | 1,310,830,131 | 1,300,268,234 | 10,561,897 | 99.19% |
What the numbers show
A notable divergence exists between institutional and non-institutional public shareholder participation. While institutions held 472.48 million shares, only 89.29% of their holding was voted, indicating a higher level of engagement compared to non-institutional shareholders, who voted just 0.69% of their total holdings. Furthermore, while the overall approval rate was high at 99.19%, institutions accounted for nearly all dissenting votes (10.55 million against), whereas non-institutional dissent was negligible at 13,795 votes.
Historical Stock Returns for CG Power & Industrial Solutions
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.08% | +0.68% | +0.97% | +32.77% | +15.05% | +694.62% |
How might the appointment of Price Waterhouse Chartered Accountants LLP influence CG Power's upcoming financial disclosures and audit rigor compared to the previous auditor?
What specific governance concerns or strategic shifts prompted the resignation of SRBC & CO LLP, and how will these factors impact CG Power's future compliance posture?
Given the negligible participation of non-institutional shareholders, what measures might CG Power implement to enhance retail investor engagement in future corporate actions?
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