Force Motors Submits Scrutinizer's Report Following Postal Ballot Success
Force Motors Limited has successfully completed its postal ballot process and submitted the scrutinizer's report to stock exchanges, with shareholders overwhelmingly approving the appointment of three independent directors. The company achieved 72.05% voting participation with promoter group showing 100% support and public shareholders demonstrating strong approval rates exceeding 98% for all three appointments.
*this image is generated using AI for illustrative purposes only.
Force Motors Limited has successfully concluded its postal ballot process and submitted the scrutinizer's report to stock exchanges, with shareholders overwhelmingly approving the appointment of three independent directors to the company's board. The automotive manufacturer announced the voting results on 17th March, 2026, following the completion of remote e-voting that concluded on 14th March, 2026.
Regulatory Compliance and Submission
The company submitted the scrutinizer's report and declaration of results to both BSE Limited (Scrip Code: 500033) and National Stock Exchange of India Ltd. (NSE Symbol: FORCEMOT) pursuant to Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The submission was made in continuation to the company's intimation letter dated 12th February, 2026, regarding the postal ballot process.
| Parameter: | Details |
|---|---|
| Cut-off Date: | Friday, 6th February, 2026 |
| E-voting Period: | 13th February to 14th March, 2026 |
| Scrutinizer Report Date: | 16th March, 2026 |
| Results Effective Date: | 14th March, 2026 |
| E-voting Service Provider: | National Securities Depository Limited (NSDL) |
Scrutinizer Appointment and Process
Mr. Parag Pansare, Practising Chartered Accountant (Membership No. 117309), served as the scrutinizer for the postal ballot process conducted pursuant to Sections 110 and 108 of the Companies Act, 2013. The scrutinizer submitted his report on 16th March, 2026, confirming that all three special resolutions were approved by members with requisite majority.
Independent Director Appointments and Voting Results
Shareholders approved three special resolutions for the appointment of independent directors, each for a first term of five years:
Resolution 1: Mr. Gautam Hemant Bambawale
| Voting Category: | Votes Polled | Votes in Favour | Votes Against | % in Favour |
|---|---|---|---|---|
| Promoter and Promoter Group: | 8,113,097 | 8,113,097 | 0 | 100.00% |
| Public Institutions: | 1,268,353 | 1,247,089 | 21,264 | 98.32% |
| Public Non-Institutions: | 112,122 | 111,219 | 903 | 99.19% |
| Total: | 9,493,572 | 9,471,405 | 22,167 | 99.77% |
Mr. Gautam Hemant Bambawale (DIN: 08365776) was appointed as an Independent Director effective Friday, 19th December, 2025.
Resolution 2: Mr. Nitin Nandkishor Kareer
| Voting Category: | Votes Polled | Votes in Favour | Votes Against | % in Favour |
|---|---|---|---|---|
| Promoter and Promoter Group: | 8,113,097 | 8,113,097 | 0 | 100.00% |
| Public Institutions: | 1,268,353 | 1,246,672 | 21,681 | 98.29% |
| Public Non-Institutions: | 112,112 | 111,140 | 972 | 99.13% |
| Total: | 9,493,562 | 9,470,909 | 22,653 | 99.76% |
Mr. Nitin Nandkishor Kareer (DIN: 01624863) was appointed as an Independent Director effective Friday, 19th December, 2025.
Resolution 3: Lt. Gen. Vinod Gulabrao Khandare (Retd.)
| Voting Category: | Votes Polled | Votes in Favour | Votes Against | % in Favour |
|---|---|---|---|---|
| Promoter and Promoter Group: | 8,113,097 | 8,113,097 | 0 | 100.00% |
| Public Institutions: | 1,268,353 | 1,266,771 | 1,582 | 99.88% |
| Public Non-Institutions: | 112,112 | 111,208 | 904 | 99.19% |
| Total: | 9,493,562 | 9,491,076 | 2,486 | 99.97% |
Lt. Gen. Vinod Gulabrao Khandare (Retd.) (DIN: 11363013) was appointed as an Independent Director effective Thursday, 29th January, 2026.
Voting Participation and Compliance
The postal ballot witnessed significant participation with 9,493,572 votes polled out of 13,176,262 total shares, representing 72.05% voting participation. The promoter and promoter group demonstrated complete support with 100% votes in favor across all three resolutions. Public institutions and non-institutions also showed strong support, with approval rates exceeding 98% for all appointments.
The company has made the scrutinizer's report and detailed voting results available on its website at www.forcemotors.com and on NSDL's e-voting platform at www.evoting.nsdl.com . All three resolutions became effective from 14th March, 2026, the last day of remote e-voting. The scrutinizer's report was accepted by Chairman Ashaykumar Navalmal Firodia (DIN: 00025179) on behalf of Force Motors Limited.
Historical Stock Returns for Force Motors
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +6.84% | +1.66% | -14.82% | +23.45% | +133.89% | +1,670.24% |
What strategic initiatives or business expansion plans might Force Motors pursue with the enhanced board expertise from these new independent directors?
How could the diverse backgrounds of the newly appointed directors, including military and corporate experience, influence Force Motors' future market positioning in the automotive sector?
Will the strengthened board governance structure help Force Motors attract new institutional investors or improve its ESG ratings?
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