Shree Renuka Sugars Limited has announced the successful completion of its postal ballot process, with all three resolutions regarding material related party transactions with Wilmar entities receiving overwhelming shareholder approval. The company submitted the voting results and scrutinizer's report to stock exchanges on 9th April 2026, confirming passage of all resolutions with requisite majority.

Postal Ballot Voting Results

The remote e-voting process concluded on 8th April 2026 at 5:00 P.M. (IST), with CS Gaurav Shrikant Kulkarni of SKGK & Associates LLP serving as the appointed scrutinizer. All three ordinary resolutions received strong shareholder support, demonstrating confidence in the company's strategic partnerships.

Shareholder Participation Analysis

The postal ballot witnessed participation from 761,033 total shareholders on record date of 6th March 2026. Public institutional investors showed strong participation with 24.27% of their holdings being voted, while public non-institutional investors had 0.72% participation rate.

Regulatory Compliance and Documentation

Pursuant to Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the company submitted comprehensive documentation including detailed voting results and the scrutinizer's report dated 9th April 2026. The voting results are available on the company's website www.renukasugars.com and KFin Technologies Limited's e-voting platform.

Resolution-wise Voting Breakdown

The scrutinizer's report reveals detailed voting patterns across shareholder categories. Public institutional investors unanimously supported all three resolutions with 100% approval rate, while public non-institutional investors showed 35.10% support and 64.90% opposition across all resolutions.

Strategic Implications

The overwhelming approval of all three resolutions strengthens Shree Renuka Sugars' operational framework with its Wilmar group entities for the upcoming financial year. The approved transactions will facilitate continued business operations and strategic partnerships within the sugar and agribusiness sectors, supporting the company's operational efficiency and market positioning.

Shree Renuka Sugars Limited has informed stock exchanges about receiving a significant penalty order from tax authorities for alleged Input Tax Credit (ITC) violations. The company disclosed this development under SEBI Listing Regulations, providing detailed information about the penalty and its planned response.

Penalty Details and Authority

The penalty order was issued by the Office of the Assistant Commissioner of State Tax Unit-103, Gandhidham under Section 74 of CGST Act, 2017. The order, dated 18th March 2026, was received by the company on 20th March 2026.

Nature of Alleged Violations

The penalty has been imposed for alleged wrongful availment of Input Tax Credit (ITC). According to the company's disclosure, the penalties relate to alleged violations of the provisions of the CGST Act and Rules made thereunder regarding various ITC-related issues mentioned in the order.

Company's Response and Impact Assessment

Shree Renuka Sugars has expressed confidence in its position, stating it has a bona-fide view that it possesses strong merit in the matter. The company is currently in the process of filing an appeal before the appellant authority to challenge the penalty order.

Regarding the financial impact, the company has assessed that there is no material impact on its financial operations or other activities. The financial impact, if any, will be limited to the extent of the final penalty amount after the appeal process is completed.

Disclosure Timeline and Compliance

The company disclosed this matter to stock exchanges on 23rd March 2026, pursuant to Regulation 30 read with Schedule III of the SEBI Listing Regulations. The disclosure was made in accordance with SEBI Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30th January 2026.

The company explained that the delay in disclosure was due to its detailed review of the order and evaluation of the next steps in the matter. This information has been provided to both the National Stock Exchange of India Limited and BSE Limited as part of the company's regulatory compliance obligations.