Forbes & Company shareholders approved a special resolution regarding the payment of commission to Independent Directors. The resolution was passed with 99.95% of the total valid votes cast in favour, as disclosed in the company's October 5, 2026 filing.

The voting process, conducted through remote e-voting, concluded on October 3, 2026. A total of 12,898,616 shares were eligible to vote, with 9,376,934 shares participating in the poll. The promoter and promoter group held 9,525,691 shares and voted unanimously in favour of the resolution.

Voting Breakdown by Shareholder Category

The scrutiny report detailed the voting patterns across different shareholder categories. While promoters voted entirely in favour, public institutional shareholders showed significant dissent, whereas non-institutional public shareholders largely supported the proposal.

What the Numbers Show

A distinct divergence exists between institutional and non-institutional public shareholders. Public institutions, holding 1,109,004 shares, voted overwhelmingly against the resolution, with 89.81% of their polled votes cast in dissent. In contrast, non-institutional public shareholders supported the measure with 84.61% of their polled votes in favour. Despite this institutional opposition, the overwhelming support from the promoter group, which constituted the vast majority of the voting power, ensured the resolution's passage.

The Bombay High Court has accepted the revival proposal for The Svadeshi Mills Company Limited, marking a significant development in the long-pending legal proceedings involving the textile entity.

Forbes & Company disclosed that the Hon'ble High Court of Judicature at Bombay pronounced its order on September 2, 2026. The court set aside the earlier judgment dated February 23, 2026, passed by the Learned Single Judge and allowed the appeal concerning the revival of Svadeshi Mills.

Legal Outcome and Observations

The High Court observed that the revival of Svadeshi Mills would be conducive and not detrimental to commercial morality and the interests of the public at large. This decision effectively overturns the previous single-judge ruling that had opposed the revival.

Forbes & Company holds approximately 22.70% equity shareholding in Svadeshi Mills. The company stated it is presently evaluating the implications of this judgment on its investment position.

Disclosure Timeline

Forbes & Company received the certified order on September 4, 2026. The disclosure was made with a delay, which the company attributed to the time required for internal legal review and assessment of applicable disclosure requirements under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Impact Assessment

According to the disclosure, Forbes & Company does not envisage any impact on its financials, operations, or other activities resulting from this order. The company has applied for a certified true copy of the order for its records.