Shah Metacorp Limited announced on September 28, 2026, that its shareholders passed all 17 resolutions proposed in the postal ballot notice dated July 16, 2026. The voting concluded on September 26, 2026, with a total turnout of 72.46% of outstanding shares for the primary special resolutions.

The approvals covered critical corporate actions including increasing borrowing limits under Section 180(1)(c) of the Companies Act, 2013, and authorizing the creation of mortgages or charges on company assets. Additionally, shareholders ratified material related party transactions with several entities such as Shah Agrocorp Private Limited and Metcorp Trading L.L.C.

Voting participation and results

The remote e-voting facility was open from August 28, 2026, to September 26, 2026. The scrutinizer’s report confirmed that the requisite majority was achieved for all items. Notably, for Resolution 1 regarding loans and guarantees under Section 185, votes in favour constituted 99.99% of the votes polled.

Key appointments and governance changes

The ballot included the appointment of Mr. Mahendra Shukla as Whole-Time Director and Executive Director. It also approved the continuation of Mr. Viral Mukund Shah as Executive Director along with his remuneration. Furthermore, Mr. Sajankumar Nanwal was appointed as an Independent Director. These governance changes received overwhelming support from public non-institutional shareholders, who accounted for the majority of the votes polled.

Related party transactions approved

A significant portion of the agenda involved approving material related party transactions (RPTs). The list included entities such as Western Urja Private Limited, General Capital and Holding Company Private Limited, Gyscoal Enterprise Private Limited, Long View Financial Services Private Limited, Sampati Securities Limited, Shah Metacorp Holding USA Inc, and Strike Eco Grid Private Limited. In cases where promoters were interested, their votes were excluded as per regulatory norms, yet the resolutions still passed with high margins among public shareholders.

What the Numbers Show

The voting data reveals a distinct pattern in shareholder engagement between promoter-linked and non-promoter resolutions. For resolutions where promoters were not interested (e.g., Resolutions 1-5, 7), the turnout was approximately 72.46% of total shares, driven heavily by the promoter group's near-100% participation. However, for resolutions where promoters were interested (e.g., Resolutions 6, 8-17), the effective turnout dropped to roughly 43.02% because promoter votes were excluded. Despite this halving of the voting base, public non-institutional shareholders maintained a consistent approval rate above 99.98%, indicating strong public support for the proposed transactions and appointments even without promoter backing.

Promoter Mona Viral Shah acquired 65,00,000 equity shares of Shah Metacorp through the conversion of warrants on September 16, 2026.

The acquisition was disclosed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The shares were allotted following the exercise of conversion rights attached to convertible warrants issued on a preferential basis in June 2025.

Stake Movement

Mona Viral Shah’s direct holding increased from 17.23% to 17.76% of the total voting capital. The promoter group’s aggregate holding, including persons acting in concert (PAC), stands at 32.51% on a fully diluted basis.

The total equity share capital of the company rose from 10,19,87,4228 shares to 10,26,37,4228 shares following the allotment.

What the Numbers Show

This transaction marks the complete conversion of the remaining warrants. Outstanding warrants fell to zero from 65,00,000 units, eliminating any remaining dilution overhang from this series. The promoter group’s fully diluted stake now aligns with its actual shareholding, as no convertible instruments remain in circulation.

Regulatory Details

The disclosure lists Viral Shah, Dipali Shah, Viral M Shah HUF, and Sampati Securities Limited as persons acting in concert with Mona Viral Shah. No shares were encumbered or pledged as part of this transaction.