Grauer & Weil (India) Limited has successfully completed its postal ballot process for the revision of remuneration of Mr. Rohitkumar More, Whole-time Director of the company. The ordinary resolution received overwhelming shareholder approval with 99.66% votes cast in favor during the e-voting process that concluded on April 3, 2026.

Voting Process and Timeline

The Board of Directors approved the postal ballot process during their meeting held on February 13, 2026. The company utilized electronic voting exclusively, in line with prevailing Ministry of Corporate Affairs (MCA) circulars, with no physical ballots used. The voting period commenced on Thursday, March 5, 2026, at 09:00 a.m. (IST) and concluded on Friday, April 3, 2026 at 05:00 p.m. (IST).

The company engaged MUFG Intime India Private Limited to provide e-voting services to shareholders whose names appeared on the Register of Members as on the cut-off date of February 20, 2026. The postal ballot notice was dispatched via email on March 2, 2026.

Voting Results and Participation

The scrutinizer's report revealed strong shareholder support for the remuneration revision:

A total of 176 members initially participated in the voting process, with one member abstaining from voting with 15,000 shares. The final tally included 146 members voting in favor and 29 members voting against the resolution.

Regulatory Compliance and Oversight

M/s. GMJ & Associates, a firm of Practicing Company Secretaries from Mumbai, was appointed as the scrutinizer to conduct the postal ballot process in a fair and transparent manner. The appointment and process were conducted in accordance with Section 108 and 110 of the Companies Act, 2013, along with relevant rules and SEBI Listing Regulations.

The votes were unblocked on April 3, 2026 at 05:22 p.m. (IST) in the presence of two independent witnesses, Ms. Sonia Chettiar and Ms. Sumriddhi Kabra, who are not employees of the company. The scrutinizer submitted the final report on April 7, 2026, confirming that the ordinary resolution was passed with the requisite majority.

Documentation and Disclosure

Following regulatory requirements under Regulation 44(3) of the Listing Regulations, the company has made the voting results and scrutinizer's report available at multiple locations. These documents can be accessed at the company's registered office, on the company website at www.growel.com , and on the BSE Limited website. The company has also submitted the complete documentation to BSE Limited for record-keeping purposes.

The company secretary, Chintan K. Gandhi, formally communicated the results to BSE Limited on April 7, 2026, ensuring full compliance with regulatory disclosure requirements.

Grauer & Weil (India) Limited has received credit rating reaffirmation from CARE Ratings Ltd., with both long-term and short-term bank facility ratings being maintained at their previous levels. The rating agency has also removed the company from its Rating Watch with Developing Implications status, indicating improved clarity on the company's financial position.

Rating Details and Facility Structure

CARE Ratings has reaffirmed the credit ratings for the company's total bank facilities worth Rs. 185.00 crore. The rating action follows a comprehensive review based on the company's operational and financial performance for FY25 (Audited) and 9MFY26 (Provisional), along with adequate clarity on the financial implications of mall operations closure.

Long-Term Facility Breakdown

The long-term bank facilities of Rs. 140.00 crore are distributed across multiple banking partners, providing diversified funding sources for the company's operations.

Short-Term Facility Distribution

The short-term facilities totaling Rs. 45.00 crore comprise non-fund based limits including letters of credit and bank guarantees across four banking institutions.

Rating Implications and Outlook

The reaffirmation of ratings with stable outlook reflects CARE Ratings' confidence in the company's financial stability and operational performance. The removal from Rating Watch status indicates that concerns regarding the mall operations closure have been adequately addressed, providing clarity on the company's future financial trajectory.

The rating agency noted that the review was conducted following recent developments including operational and financial performance metrics, with particular attention to the financial implications of the closure of mall operations. The stable outlook assigned to the long-term rating suggests expectations of consistent performance in the near term.

Source: None/Company/INE266D01021/29a649e3-bdc3-4f45-8290-902957d3c876.pdf