ISGEC Heavy Engineering Limited has successfully completed its postal ballot voting process, with shareholders approving all four resolutions through remote e-voting that concluded on March 27, 2026. The company announced the results on March 28, 2026, following the scrutinizer's report validation.

Postal Ballot Process Overview

The remote e-voting process commenced on February 26, 2026, at 9:00 AM and concluded on March 27, 2026, at 5:00 PM. The company had 40,222 total shareholders on the record date of February 20, 2026. The voting achieved significant participation with 80.85% of outstanding shares being voted.

Director Re-appointments Approved

Shareholders approved the re-appointment of four key directors through ordinary and special resolutions. The appointments include both executive and independent director positions for five-year terms.

Detailed Voting Results Analysis

The voting results demonstrated varying levels of shareholder support across all resolutions. The re-appointment of joint managing directors received the highest approval rates, while the managing director's re-appointment showed more mixed institutional investor sentiment.

Resolution 1 - Aditya Puri (Managing Director): The managing director's re-appointment received 100% promoter group support but only 43.58% support from public institutional investors, indicating mixed sentiment among institutional shareholders.

Resolutions 2 & 3 - Joint Managing Directors: Both joint managing directors received overwhelming support with 99.97% approval rates and strong backing across all shareholder categories, with minimal opposition votes.

Resolution 4 - Independent Director: The independent director's re-appointment for a second consecutive term received 91.73% approval, with institutional investors showing mixed response at 49.34% support.

Scrutinizer Validation and Compliance

Pramod Kothari of Pramod Kothari & Co., serving as the appointed scrutinizer, validated the entire voting process on March 27, 2026. The scrutinizer confirmed compliance with Section 108 and 110 of the Companies Act, 2013, and relevant SEBI regulations. The report confirmed that all resolutions were passed with requisite majority as per regulatory requirements.

The postal ballot process was conducted in accordance with Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015. The company utilized National Securities Depository Limited for providing remote e-voting facilities to shareholders. All voting results and scrutinizer reports have been uploaded to the company's website for transparency and regulatory compliance.

ISGEC Heavy Engineering Limited has disclosed to stock exchanges that its material wholly owned subsidiary, Saraswati Sugar Mills Limited, has received an income tax assessment order involving a significant demand of Rs 18.80 crore. The development was communicated to BSE Limited and National Stock Exchange of India Limited on March 27, 2026, in compliance with SEBI listing regulations.

Tax Assessment Details

The income tax order was issued on March 25, 2026, and received by the subsidiary on March 26, 2026. The assessment pertains to Assessment Year 2024-25, covering Financial Year 2023-24, and was issued under Section 143(3) read with Section 144B of the Income Tax Act, 1961.

Nature of Dispute

The tax demand stems from the disallowance of certain expenditure under the Income Tax Act, 1961. The Rs 18.80 crore demand includes applicable interest charges. The opposing party in this matter is The Assessment Unit, National Faceless Assessment Centre, and any future proceedings will be conducted before The Commissioner of Income Tax (Appeals).

Company's Response Strategy

Saraswati Sugar Mills Limited is preparing to file an appeal before the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, against the assessment order within the prescribed timelines. The subsidiary maintains confidence in its position, stating it has adequate factual and legal grounds to reasonably substantiate its case.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has also published this information on its website at www.isgec.com , ensuring comprehensive stakeholder communication. The intimation was signed by Kalyan Ghosh, Compliance Officer of ISGEC Heavy Engineering Limited, from the company's registered address at A-4, Sector-24, Noida-201301, Uttar Pradesh.