Riyaasat Lifestyle Limited shareholders approved a special resolution to vary the objects and terms of utilisation of its Initial Public Offering proceeds. The approval was granted through a postal ballot process concluded on October 1, 2026.

The company informed BSE that the resolution received requisite majority consent from members. The scrutinizer’s report confirmed that all valid votes cast were in favour of the proposal, with no votes recorded against or abstentions.

Voting Results Breakdown

The voting process was conducted exclusively through remote e-voting facilitated by National Securities Depository Limited. Physical postal ballot forms were not dispatched in compliance with Ministry of Corporate Affairs circulars.

What the Numbers Show

The data reveals a significant divergence in shareholder participation. While promoters voted 100% of their holdings, public institutional investors cast zero votes despite holding 1,990,800 shares as of the record date. Non-institutional public shareholders participated minimally, voting only 39,050 shares out of 868,250 held, representing a 4.49% turnout for this category.

Procedural Details

The remote e-voting period commenced on September 2, 2026, at 9:00 am and ended on October 1, 2026, at 5:00 pm. The cut-off date for determining eligible voters was August 28, 2026. Nirav Shah & Associates served as the scrutinizer for the process, certifying the results on October 2, 2026.

Riyaasat Lifestyle Limited declared the voting results for its fifth Annual General Meeting held on September 29, 2026. All three resolutions proposed at the meeting were passed with 100% votes in favor and zero votes against.

The meeting, conducted via video conferencing, was chaired by Gaurang Ramanbhai Galiya, Chairman and Managing Director. The session commenced at 11:30 am and concluded at 11:46 am IST. Five directors attended, including three independent directors, ensuring the requisite quorum was met.

Board and auditor attendance

The statutory auditors, secretarial auditors, and internal auditor were present to oversee compliance. Mansi Patel served as the Company Secretary and Compliance Officer.

Representatives from M/s Abhishek Kumar & Associates (Statutory Auditors), M/s Nirav Shah & Associates (Secretarial Auditor), and internal auditor Rajesh Bhati also participated.

Resolutions passed

The members considered both ordinary and special business items. The Chairman noted that there were no qualifications or adverse remarks in the Statutory Auditors' Report or Secretarial Audit Report requiring specific explanation.

Ordinary business

1. Adoption of audited financial statements for FY26 along with Board and Auditor reports.
2. Re-appointment of Sobhanaben Ramanbhai Galiya, who retired by rotation and offered herself for reappointment.

Special business

1. Appointment of M/s Nirav Shah & Associates as Secretarial Auditor.

Voting results breakdown

The e-voting results were scrutinized by Nirav Arvindkumar Shah of Nirav Shah & Associates. A total of 9,146,078 votes were polled across all categories, representing 85.12% of the total outstanding shares. Promoters and promoter group voted 100% in favor on all resolutions. Public institutions voted 62.30% of their holding in favor, while public non-institutions voted 2.02% of their holding in favor.

What the numbers show

The voting data reveals a significant concentration of voting power among promoters, who hold 7,885,428 shares out of the total 10,744,478 outstanding shares. While promoters exercised 100% of their voting rights, public shareholders participated less actively. Public institutions cast votes for 62.30% of their holdings, and public non-institutions voted only 2.02% of their holdings. Despite this disparity in participation rates, the unanimous support from those who did vote ensured all resolutions passed without opposition.

Voting and conclusion

Since the AGM was conducted through video conferencing, the facility for appointing proxies was not applicable. The combined results of remote e-voting and e-voting during the meeting have been submitted to stock exchanges and uploaded on the company's website.