SEAMEC Limited shareholders have approved the sale of the vessel 'SEAMEC Gallant', belonging to its wholly owned subsidiary SEAMEC International FZE. The company concluded its postal ballot process on August 15, 2026, securing the necessary majority for the disposal of assets exceeding 20% of the material subsidiary's total assets.

The Board of Directors initiated the process on July 14, 2026, seeking member approval pursuant to Section 110 of the Companies Act, 2013. The resolution was critical for enabling the board to negotiate, finalize, and execute agreements for the vessel's sale without further shareholder consent.

Voting Results

The remote e-voting facility, provided by National Securities Depository Limited (NSDL), operated from July 17, 2026, to August 15, 2026. M/s Satyajit Mishra & Co served as the scrutinizer for the process.

A total of 16,623,948 votes were cast in favour by 137 members, while 1,085,467 votes were cast against by 11 members. No invalid votes were recorded.

Regulatory Compliance

The company complied with SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, specifically Regulation 30, by disclosing the proceedings to BSE Limited and National Stock Exchange of India Limited. The notice was also published in Financial Express and Navshakti newspapers on July 17, 2026.

S.N. Mohanty, President – Corporate Affairs, Legal and Company Secretary, countersigned the scrutinizer’s report dated August 17, 2026, confirming the resolution's passage.

Seamec Limited shareholders approved a special resolution authorizing the sale, disposal, or leasing of assets amounting to more than 20% of the assets held by the company's material subsidiary. The remote e-voting process concluded on August 15, 2026, with the resolution passing by the requisite majority.

The voting results reflect strong promoter support alongside mixed sentiment from institutional investors. Promoters and the promoter group, holding 18,488,532 shares, voted unanimously in favor, casting 16,474,532 votes. In contrast, public institutions cast 91.83% of their polled votes against the resolution, while non-institutional public shareholders supported it with 99.68% approval.

Voting Breakdown

The total number of shareholders on the record date of July 10, 2026, was 18,338. A total of 17,709,415 votes were polled, representing 69.65% of outstanding shares.

What the Numbers Show

The divergence between promoter and institutional voting behavior is notable. While promoters provided full backing for the asset restructuring, public institutions opposed the measure significantly, casting over 1 million votes against it. This suggests potential concerns among institutional stakeholders regarding the strategic direction or valuation of the subsidiary's assets, despite the overall resolution passing comfortably due to promoter weightage.

Procedural Compliance

The postal ballot notice was dispatched electronically on July 16, 2026, pursuant to Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The e-voting window remained open from July 17, 2026, at 9:00 am until August 15, 2026, at 5:00 pm. National Securities Depository Limited (NSDL) facilitated the remote e-voting platform.

Satyajit Mishra & Co., Practicing Company Secretaries, served as the scrutinizer for the process. The scrutinizer's report, dated August 17, 2026, confirmed that the voting process was conducted fairly and transparently in compliance with Section 108 and 110 of the Companies Act, 2013, and relevant MCA circulars. No invalid votes were recorded during the process.