PPAP Automotive Limited shareholders, secured creditors, and unsecured creditors have approved the scheme of amalgamation with Avinya Batteries Limited. The resolutions were passed with requisite majorities during NCLT-convened meetings held on September 30, 2026.

The equity shareholders meeting saw a turnout of 64.58% of total shares. Of the votes cast, 99.9995% were in favour of the scheme, while only 44 votes were recorded against. No invalid votes were reported in this category.

Creditor approvals unanimous

Both secured and unsecured creditor classes voted unanimously in favour of the amalgamation. The secured creditors meeting was attended by five members representing ₹125.79 crore in debt value, all voting for the resolution. Similarly, unsecured creditors voted unanimously, with ₹15.90 crore in debt value cast in favour.

What the Numbers Show

The voting data reveals a significant divergence in participation levels between shareholder classes. While equity shareholders participated at a rate of 64.58% of eligible shares, unsecured creditors had a much lower participation rate of 7.52% relative to total debt value. However, among those who did vote, support was near-total across all groups, indicating strong consensus on the strategic merger despite varying levels of engagement from the broader creditor base.

PPAP Automotive Limited concluded its 31st Annual General Meeting on September 18, 2026. Shareholders approved all seven resolutions with 99.99% support, endorsing the final dividend and key board appointments.

The meeting was held via video conferencing in compliance with Ministry of Corporate Affairs circulars. Key managerial personnel, including Chairman and Managing Director Ajay Kumar Jain and CEO Abhishek Jain, were present. The quorum was maintained throughout the proceedings.

Voting Results

The scrutinizer’s report from APAC & Associates LLP confirmed that all resolutions passed with requisite majority. A total of 9,226,231 votes were polled out of 14,152,987 outstanding shares, representing a 65.19% turnout. The promoter group voted in favor of all resolutions, while public non-institutional shareholders cast only 20 votes against the proposals.

Dividend Declaration

Shareholders approved the final dividend of ₹1.50 (15%) per equity share with a face value of ₹10 each. This follows an interim dividend of ₹1 (10%) per share already paid during the financial year ended March 31, 2026, bringing the total payout for FY26 to ₹2.50 per share.

Board Appointments

The AGM transacted several ordinary and special resolutions regarding board composition:

• Reappointment of Mrs. Vinay Kumari Jain as Non-Executive Director, retiring by rotation.
• Reappointment of Mr. Ajay Kumar Jain as Chairman and Managing Director for three years, effective November 1, 2026, with a remuneration revision from April 1, 2026.
• Revision in remuneration for Mr. Abhishek Jain, CEO and Managing Director, effective April 1, 2026.
• Appointment of Mrs. Meeta Makhan as Independent Director for two years, effective June 25, 2026.

Director Profiles

Ajay Kumar Jain and Abhishek Jain hold directorships in five other entities, including Avinya Batteries Limited and Meraki Precision Tool Engineering Limited. Mrs. Meeta Makhan brings over 25 years of experience from banking institutions such as Citibank and Standard Chartered Bank.