Minda Corporation Limited successfully concluded its postal ballot process on March 16, 2026, with shareholders demonstrating strong support for the company's Employee Stock Option Scheme initiatives. The company announced the results of e-voting for four special resolutions, all of which received the requisite majority approval from shareholders.

Postal Ballot Process and Timeline

The postal ballot notice was dispatched to shareholders on February 12, 2026, following the board resolution passed on February 05, 2026. The e-voting period commenced on February 14, 2026, at 9:00 AM IST and concluded on March 15, 2026, at 5:00 PM IST. The voting process was conducted entirely through electronic means, with National Securities Depository Limited (NSDL) serving as the e-voting service provider.

Resolution Details and Voting Results

Shareholders voted on four special resolutions, all related to Employee Stock Option Schemes. The voting participation was robust, with 90.3767% of outstanding shares participating in the e-voting process across all resolutions.

Resolution 1: Amendment of Existing ESOP Scheme

The first resolution sought approval for amending the Employee Stock Option Scheme 2017 and transferring unallocated equity shares to the new Minda Employee Stock Option Scheme 2025. This resolution received the highest approval rate among all four resolutions.

Resolution 2: New ESOP 2025 Scheme

The second resolution focused on considering and approving the new Minda Employee Stock Option Scheme 2025. Despite facing relatively higher opposition compared to the first resolution, it still achieved substantial majority approval.

Resolution 3: ESOP for Subsidiary Companies

The third resolution addressed granting Employee Stock Options to employees of subsidiary companies under the Minda Employee Stock Option Scheme 2025. The voting pattern closely mirrored that of Resolution 2.

Resolution 4: ESOP for Group and Associate Companies

The fourth resolution sought approval for granting Employee Stock Options to employees of group companies, including associate companies, under the new scheme. While it received the lowest approval percentage among the four resolutions, it still achieved a comfortable majority.

Shareholder Category Analysis

The voting results revealed strong support from the promoter and promoter group, who voted 100% in favour of all four resolutions. Public institutional investors showed varying levels of support across the resolutions, while public non-institutional investors demonstrated mixed voting patterns, particularly for the later resolutions.

Scrutinizer's Certification

Biswajit Ghosh, Designated Partner of BMP & Co. LLP, served as the scrutinizer for the postal ballot process. The scrutinizer's report confirmed that all four resolutions were passed with the requisite majority, and the voting process was conducted in a fair and transparent manner. The results and scrutinizer's report are available on the company's website at www.sparkminda.com .

Minda Corporation has officially filed regulatory intimation with stock exchanges regarding the joint venture agreement signed by its wholly owned subsidiary, Spark Minda Green Mobility Systems Private Limited, with Turntide Drives Limited, United Kingdom on March 09, 2026. The partnership aims to develop and manufacture advanced motor controllers and electric vehicle solutions specifically tailored for India's rapidly growing EV segment.

Regulatory Compliance and Filing Details

The company has submitted the intimation to both NSE and BSE under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The formal agreement was executed on March 09, 2026, marking a significant milestone in the company's electrification strategy.

Joint Venture Structure and Shareholding

The strategic alliance will be operational through a new joint venture entity to be incorporated in India. The shareholding structure has been clearly defined with specific ownership percentages and governance framework for both partners.

Product Portfolio and Technology Focus

The joint venture will concentrate on developing cutting-edge solutions for the electric vehicle ecosystem. The collaboration encompasses multiple product categories essential for EV powertrain systems, with Turntide providing proprietary technologies and technical know-how.

Strategic Partnership Benefits and Market Impact

According to Mr. Ashok Minda, Chairman and Group CEO of Minda Corporation Limited, this partnership marks a significant milestone in the company's electrification journey. The venture aims to support India's transition to sustainable mobility while meeting 'Make in India' objectives and enhancing the resilience of the domestic EV supply chain ecosystem. Mr. Steve Hornyak, CEO of Turntide Technologies, emphasized that India's electrification growth story is central to Turntide's strategy, making this joint venture a key step in bringing powertrain technologies closer to the Indian market. The collaboration leverages Turntide's globally proven technology with Minda Corporation's strong local presence to deliver localized, premium products suited to domestic requirements while meeting OEMs' stringent performance and quality requirements.