Damodar Industries Limited has successfully completed its postal ballot process concluded on March 31, 2026, with overwhelming shareholder support for all three special resolutions related to director appointments and remuneration revisions. The textile company received 95.48% approval from participating shareholders across all resolutions.

Postal Ballot Process and Compliance

The company conducted the postal ballot through remote e-voting facilitated by MUFG Intime India Private Limited. Vishal N. Manseta, a Practicing Company Secretary with membership number 25183, served as the scrutinizer after being appointed by the Board of Directors on February 26, 2026. The scrutinizer's report was issued to the company on April 1, 2026.

Special Resolutions Approved

All three special resolutions were passed with identical voting patterns, demonstrating strong shareholder confidence in the company's leadership decisions. The resolutions addressed key management appointments and compensation structures.

Detailed Voting Statistics

The voting results showed remarkable consistency across all three resolutions, with participation limited to public non-institutional shareholders. Promoter and promoter group members, along with public institutions, did not participate in the voting process.

Regulatory Compliance and Next Steps

The company submitted the complete scrutinizer's report to both BSE (Scrip Code: 521220) and NSE (Symbol: DAMODARIND) in compliance with Regulation 30 requirements. The voting results were unblocked in the presence of independent witnesses, ensuring complete transparency in the process.

The successful completion of the postal ballot process with 95.48% approval enables the company to implement the approved remuneration revisions and proceed with the director reappointment, supporting its continued operations in spinning, fancy yarns, weaving, and processing activities.

Damodar Industries Limited has announced a postal ballot process to seek shareholder approval for the appointment of Mr. Suresh Narayan Nayak as a Non-Executive Independent Director. The company issued the postal ballot notice on March 17, 2026, and subsequently published the newspaper advertisement on March 25, 2026, marking significant corporate governance developments.

Postal Ballot Details

The textile company has structured the postal ballot process with specific timelines and procedures to ensure compliance with regulatory requirements.

The company will conduct the entire process through electronic mode only, in compliance with MCA circulars. Physical copies of postal ballot forms will not be distributed to shareholders, requiring all voting to be conducted through the remote e-voting system provided by MUFG Intime India Private Limited.

Proposed Director Profile

Mr. Suresh Narayan Nayak (DIN: 11588687) brings substantial banking sector experience to the board. Born on January 24, 1958, he holds a B.Com degree from the University of Mumbai and a Post Graduate Diploma in Management (PGDM) in Personnel Management & Industrial Relations from St. Xavier's College, Mumbai.

During his tenure at Axis Bank, Mr. Nayak managed cash operations across 140 branches and over 850 ATMs in Mumbai. At YES BANK, he led nationwide cash operations and ATM network management while ensuring compliance with Reserve Bank of India guidelines.

Voting Process and Compliance

The company has appointed Mr. Vishal N. Manseta, Practicing Company Secretary (ACS: 25183, CP No. 8981), as the scrutinizer for conducting the postal ballot process. The e-voting platform will be accessible at https://instavote.linkintime.co.in .

Shareholders whose names appear in the Register of Members or List of Beneficial Owners as on the cut-off date of March 20, 2026, will be eligible to participate in the voting process. The company sent the notice through electronic mode to members with registered email addresses on March 24, 2026.

Resolution Details

The postal ballot seeks approval for a Special Resolution to appoint Mr. Nayak as a Non-Executive Independent Director for a term of five consecutive years from March 17, 2026. The appointment requires approval under Sections 149, 150, and 152 of the Companies Act, 2013, along with Regulation 16(1)(b) of the SEBI Listing Regulations.

The company has confirmed that Mr. Nayak meets the independence criteria specified under the Companies Act, 2013, and SEBI Listing Regulations. He has provided the necessary declarations regarding his independence and eligibility for the directorship position.

Regulatory Framework

The postal ballot process complies with multiple regulatory frameworks including the Companies Act, 2013, SEBI Listing Regulations, and various MCA circulars issued between 2020 and 2022. The company has ensured adherence to Secretarial Standard on General Meetings (SS-2) issued by the Institute of Company Secretaries of India.

Once the voting period concludes, the scrutinizer will submit his report to the Chairman, and the results will be published on the company's website and communicated to stock exchanges where Damodar Industries' shares are listed.