Elfin Agro India Limited has scheduled remote e-voting for its shareholders to approve a variation in the utilization of Initial Public Offering (IPO) proceeds. The voting window opens on September 12, 2026, and closes on October 11, 2026.

The Board of Directors approved the deviation on September 9, 2026, reallocating ₹115 lakh from unutilized issue-related expenses to meet further working capital requirements. This change requires shareholder approval via a Special Resolution under Section 13(8) of the Companies Act, 2013.

Variation in IPO Proceeds

The company originally raised ₹2,502.75 lakh through its IPO, with proceeds dated February 24, 2026. While funds allocated for working capital and general corporate purposes were fully utilized, only ₹105.14 lakh of the ₹220.14 lakh earmarked for issue-related expenses was spent.

The Board approved utilizing the ₹115 lakh balance to address additional working capital needs. The explanatory statement notes that this variation is expected to provide greater financial flexibility and improve liquidity management. The proposed time limit for achieving these varied objects is within 12 months from the date of shareholders' approval.

E-Voting Logistics

National Securities Depository Limited (NSDL) has been appointed as the e-voting agency. The cut-off date for determining voting eligibility is fixed at September 4, 2026. Only members appearing in the Register of Members or List of Beneficial Owners on this date will be entitled to vote.

The e-voting period commences on September 12, 2026, at 9:00 am and ends on October 11, 2026, at 5:00 pm. Remote e-voting will be blocked by NSDL immediately thereafter. Shareholders holding shares in demat mode can log in via their depository participants or directly through the NSDL e-voting website. Physical shareholders must use their folio numbers and EVEN (Electronic Voting Event Number) for access.

CS Nitin Mehta (Membership No. F7025; COP No. 12483), Proprietor of M/s. N. Mehta & Associates, was appointed as the scrutinizer to ensure a fair and transparent process. The Company Secretary, Khushbu Sethi, was authorized to coordinate with NSDL and other stakeholders. The results of the postal ballot will be announced within two working days of the conclusion of the e-voting period.

Elfin Agro shareholders approved a material related-party transaction with M/s Daga Brothers during its 17th annual general meeting held on September 1, 2026. The resolution passed with unanimous support from eligible public shareholders, while promoter group members abstained from voting in compliance with SEBI regulations.

The meeting, conducted via video conferencing, also saw the adoption of the company's audited financial statements for FY26 and the re-appointment of Vimal Kumar Daga as an executive director. All three resolutions placed before the house were passed with the requisite majority.

Voting Results and Participation

The scrutinizer's report indicates that 256 shareholders were on record as of August 25, 2026. Of these, 36 members participated in the remote e-voting process prior to the meeting. No shareholders attended the physical or virtual session to cast votes via poll.

For the first two resolutions, the promoter group voted in favor with all 14,100,000 shares held. Public non-institutional shareholders contributed 1,062,000 votes in favor, representing approximately 19.94% of their outstanding holdings.

Related-Party Transaction Details

The approval of the transaction with M/s Daga Brothers required the promoters to abstain from voting. Consequently, the 14,100,000 shares held by the promoter group were excluded from the vote count for this specific item. One promoter shareholder holding 2,630,000 shares attempted to vote but was declared invalid under Regulation 23 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

The resolution was passed based solely on the votes cast by eligible public shareholders. The 1,062,000 votes polled represented 100% of the valid votes cast on this item.

Corporate Governance Observations

The statutory auditor's report and secretarial audit report for FY26 contained no qualifications, reservations, adverse remarks, or disqualifications. The company secretary confirmed that the requisite quorum was present through the NSDL portal at the start of the meeting.

Deepak Pal Daga, managing director, chaired the meeting for most items but vacated the chair during the consideration of the related-party transaction due to his interest in the matter. Independent director Anil Kumar Kabra assumed the chair for that specific agenda item before returning control to Daga upon conclusion.