Kothari Industrial Corporation Limited Completes Promoter Reclassification Process
Kothari Industrial Corporation Limited successfully concluded its postal ballot process with overwhelming shareholder approval for all three resolutions, including appointment of women independent director Mrs. Priya Rao and non-executive director Ms. Rafiq Ahmed Sulaiha Banu. The company has officially completed the reclassification of shareholding from promoter/promoter group to public category, affecting ASHA THAYER (1,03,890 shares) and GOVINDDAS MOHAN DAS (450 shares), and filed the necessary regulatory documentation with BSE Limited under SEBI regulations.
*this image is generated using AI for illustrative purposes only.
Kothari Industrial Corporation Limited has successfully completed its postal ballot voting process, with shareholders approving all three resolutions through remote e-voting. The company announced the results on April 25, 2026, following the conclusion of the voting period on April 24, 2026, as confirmed by the official scrutinizer report submitted to BSE Limited under Regulation 44 of the Listing Regulations.
Postal Ballot Overview
The postal ballot process was conducted entirely through electronic voting, with no physical postal ballot forms dispatched in compliance with Ministry of Corporate Affairs circulars. The e-voting commenced on March 26, 2026 at 9:00 AM and concluded on April 24, 2026 at 5:00 PM. Central Depository Services (India) Limited (CDSL) provided the remote e-voting facility for the process.
| Parameter: | Details |
|---|---|
| Total Shareholders on Record Date: | 53,267 |
| Record Date: | March 20, 2026 |
| Notice Date: | March 19, 2026 |
| E-voting Period: | March 26 - April 24, 2026 |
| Total Outstanding Shares: | 108,021,773 |
Resolution Results
Item 1: Appointment of Women Independent Director
The special resolution for appointing Mrs. Priya Rao (DIN: 00717336) as Women Independent Director received overwhelming support from shareholders with 99.9999% approval.
| Category: | Votes Polled | Votes in Favour | Votes Against | % in Favour |
|---|---|---|---|---|
| Promoter & Promoter Group: | 49,334,787 | 49,334,787 | 0 | 100.00% |
| Public Institutions: | 42 | 42 | 0 | 100.00% |
| Public Non-Institutions: | 6,194,858 | 6,194,778 | 80 | 99.9987% |
| Total: | 55,529,687 | 55,529,607 | 80 | 99.9999% |
Item 2: Appointment of Non-Executive Director
The ordinary resolution for appointing Ms. Rafiq Ahmed Sulaiha Banu (DIN: 11609138) as Non-Executive Director (Non-Independent Director) was approved with 99.9974% shareholder support.
| Category: | Votes Polled | Votes in Favour | Votes Against | % in Favour |
|---|---|---|---|---|
| Promoter & Promoter Group: | 1,031,379 | 1,031,379 | 0 | 100.00% |
| Public Institutions: | 42 | 42 | 0 | 100.00% |
| Public Non-Institutions: | 6,194,858 | 6,194,670 | 188 | 99.9970% |
| Total: | 7,226,279 | 7,226,091 | 188 | 99.9974% |
Item 3: Promoter Reclassification
The ordinary resolution for reclassification of promoter/promoter group to public category received 99.9997% approval from shareholders.
| Category: | Votes Polled | Votes in Favour | Votes Against | % in Favour |
|---|---|---|---|---|
| Promoter & Promoter Group: | 48,303,408 | 48,303,408 | 0 | 100.00% |
| Public Institutions: | 42 | 42 | 0 | 100.00% |
| Public Non-Institutions: | 6,194,863 | 6,194,723 | 140 | 99.9977% |
| Total: | 54,498,313 | 54,498,173 | 140 | 99.9997% |
Official Reclassification Details
Following the shareholder approval, the company has officially informed BSE Limited about the completion of the promoter reclassification process under Regulation 31A of SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015. The reclassification affects two entities moving from promoter/promoter group status to public category.
| S.NO: | Name of Outgoing Promoter/Promoter Group | No of Shares | % of Shareholding |
|---|---|---|---|
| 1 | ASHA THAYER | 1,03,890 | 0.10 |
| 2 | GOVINDDAS MOHAN DAS | 450 | 0 |
Regulatory Compliance and Documentation
CS Santosh Kumar Senapati (Membership No.: 11548, CP No.: 16782), the appointed scrutinizer, confirmed that all three resolutions were passed with requisite majority. The scrutinizer's report, dated April 25, 2026, validated the transparency and fairness of the e-voting process conducted through CDSL's platform.
Company Secretary and Compliance Officer Anil Kumar Padhiali submitted the voting results and scrutinizer report to BSE Limited, fulfilling the regulatory requirements under Regulation 44(3) of the Listing Regulations. The company has also filed the official intimation under Regulation 30 and Regulation 31A confirming the completion of the reclassification process.
The voting results have been uploaded on the company's website at www.kotharis.in and CDSL's website at www.evotingindia.com as mandated under regulatory provisions. The successful completion of the postal ballot process enables Kothari Industrial Corporation Limited to proceed with the approved board appointments and corporate restructuring as outlined in the resolutions.
Historical Stock Returns for Kothari Industrial Corporation
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -6.64% | +13.76% | +13.76% | +13.76% | +13.76% | +13.76% |
How will the addition of Mrs. Priya Rao as Women Independent Director impact Kothari Industrial Corporation's board governance and strategic decision-making processes?
What strategic initiatives or business expansion plans might follow the successful promoter reclassification that reduces concentrated ownership?
Will the reclassification of promoters to public category trigger any changes in the company's listing status or attract new institutional investors?
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