Shri Vasuprada Plantations Limited has declared the final voting results of its 152nd Annual General Meeting (AGM), confirming that all four proposed resolutions were passed by shareholders with overwhelming majority support.

The meeting, conducted via Video Conferencing/Other Audio Visual Means (VC/OAVM) on August 31, 2026, saw a total of 6,388,860 votes polled out of 8,284,402 shares held, representing a participation rate of 77.12%. The Scrutinizer’s report, submitted by Practicing Company Secretary Sweety Kapoor, confirmed that all ordinary and special business items received requisite approval.

Voting Outcome Details

Shareholders approved the adoption of audited standalone and consolidated financial statements for FY26, the re-appointment of Chairman Hemant Bangur, and the ratification of cost auditors' remuneration. The promoter group, holding 6,204,526 shares, voted in favor of all resolutions with 100% support via remote e-voting.

Public non-institutional shareholders also demonstrated strong backing, with 99.99% of votes cast in favor across all agenda items. Institutional holders did not participate in the voting process.

Key Resolutions Passed

The shareholders transacted the following business items during the session:

• Financial Statements: Adoption of audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026, along with the Board of Directors and Auditors' reports. The Board noted that reports from both the Statutory Auditor and the Secretarial Auditor contained no qualifications or adverse remarks.
• Director Re-appointment: Re-appointment of Hemant Bangur (DIN: 00040903), who retires by rotation under Section 152(6) of the Companies Act, 2013, and offered himself for re-election.
• Cost Auditors: Ratification of remuneration for M/s. Dipak Lal & Associates., Cost Accountants (FRN: 101491), to conduct the audit of cost records for FY27.

Meeting Logistics and Participation

The quorum was present at the start of the meeting. A total of 63 shareholders attended the VC/OAVM session, comprising 10 from the promoter group and 53 public shareholders. Remote e-voting was open from August 28 to August 30, 2026, while e-voting during the AGM accounted for a negligible fraction of the total votes polled.

Sharad Bagree, GM (Finance) & Company Secretary, certified the proceedings. The company operates tea estates including Joonktollee, Jamirah, Nilmoni, Goomankhan, Pullikanam, and Cowcoody, alongside rubber estates at Chemoni, Echipara, and Pudukad.

Shri Vasuprada Plantations has acquired voting rights for its Non-Convertible Redeemable Preference Share (NCRPS) holders ahead of its Annual General Meeting (AGM), marking a significant shift in governance participation for this class of shareholders. The company notified the BSE on August 6, 2026, under Regulation 30 of the SEBI (Listing Obligations & Disclosures Requirements) Regulations, 2015, stating that dividends on these shares have remained unpaid for three years. Consequently, pursuant to Section 47(2) of the Companies Act, 2013, these preference shareholders now hold voting rights equivalent to those of equity shareholders for all resolutions in the notice dated May 22, 2026. The AGM is scheduled to be held on August 31, 2026.

The affected securities comprise 24,00,000 units of 6% Non-Convertible Redeemable Preference Shares, each with a face value of ₹100. These shares were issued and allotted to the Promoter Group on a private placement basis during the financial year 2022-23. The acquisition of voting rights is directly proportional to the ratio between the paid-up capital of the preference shares and the paid-up capital of the equity shares.

Key Details of the Allotment

Governance Implications

The conferment of voting rights alters the dynamics of shareholder approval for the resolutions proposed in the AGM notice. While preference shareholders typically do not participate in voting unless specific conditions are met, the non-payment of dividends for three years triggers statutory voting rights under the Companies Act, 2013. This ensures that the interests of the Promoter Group, as holders of these preference shares, are represented in the decision-making process alongside equity shareholders. The proportional voting power ensures that their influence aligns with their capital contribution relative to the equity base.

What the Numbers Show

The primary driver of this disclosure is the lapse in dividend payments rather than a new issuance of capital. The fact that the shares were allotted in FY22-23 and have now accrued voting rights by FY26 indicates a consistent pattern of non-payment over the intervening period. For investors, this highlights the subordinated nature of these instruments regarding income distribution, while simultaneously elevating their strategic importance in corporate governance. The proportional voting mechanism means that the impact on the AGM outcomes will depend on the relative size of the preference capital compared to the total equity share capital, a detail that underscores the weight of the Promoter Group’s stake in the company’s future decisions.