Rainbow Foundations shareholders pass all 9 resolutions at 32nd AGM
- All nine resolutions passed with over 99.99% votes in favour
- Financial statements for FY26 and director appointments approved
- Voting results declared by scrutinizer Abishek Jain on September 30, 2026
- Meeting held via video conference with 45 total attendees
*this image is generated using AI for illustrative purposes only.
Rainbow Foundations Limited shareholders overwhelmingly adopted all nine resolutions proposed at its 32nd Annual General Meeting held on September 30, 2026. The voting results, declared by the scrutinizer, showed overwhelming support with over 99.99% of votes cast in favour across all agenda items.
The meeting was conducted through video conference in compliance with Ministry of Corporate Affairs and SEBI circulars. Gajraj Jain, Managing Director, served as the Chairperson. The session commenced at 10:31 am and concluded at 11:03 am. A total of 45 participants attended via video conferencing, comprising 15 from the promoter group and 30 public shareholders.
Key resolutions passed
Shareholders voted on several agenda items, including director re-appointments and remuneration approvals. The resolutions were passed with the requisite majority via remote e-voting and electronic voting during the meeting.
| Item | Agenda | Resolution Type | Votes in Favour (%) |
|---|---|---|---|
| 1 | Adoption of financial statements including consolidated audited financial statements | Ordinary | 99.9996% |
| 2 | Re-appointment of Anop Chand Jain as Director | Ordinary | 99.9996% |
| 3 | Appointment of Nitesh Jain as Executive Director & CFO | Special | 99.9996% |
| 4 | Appointment of Varsha Namra Paun as Independent Director | Special | 99.9996% |
| 5 | Reclassification of authorised share capital preference shares into equity shares | Ordinary | 99.9996% |
| 6 | Approval of remuneration for Gajraj Jain, Joint Managing Director | Special | 99.9996% |
| 7 | Approval of remuneration for Anop Chand Jain, Managing Director | Special | 99.9996% |
| 8 | Approval of remuneration for Navin Jain, Director | Special | 99.9996% |
| 9 | Increase in remuneration for Ashish Jain, Director | Special | 99.9996% |
Governance and voting details
Abishek Jain, Company Secretary and Proprietor of ASJ & Associates, was appointed as the Scrutinizer to supervise the e-voting process. The final voting results were declared following the receipt of the Scrutinizer's report on September 30, 2026. These results were communicated to the stock exchanges and posted on the company's website and CDSL's platform.
The board also approved the reclassification of authorised share capital from preference shares to equity shares, requiring an alteration to the Memorandum of Association. The record date for identifying eligible shareholders was September 23, 2026, with 4,749 shareholders on record.
Historical Stock Returns for Rainbow Foundations
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.82% | -5.93% | -20.32% | -23.47% | -67.28% | +290.98% |
How will the reclassification of preference shares into equity shares impact Rainbow Foundations' capital structure and future fundraising flexibility?
What strategic objectives underpin the appointment of Nitesh Jain as Executive Director & CFO, and how might this leadership change influence the company's financial planning?
Given the unanimous approval of increased remuneration for multiple directors, how does this align with the company's long-term performance targets and shareholder value creation?
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