Silverline Technologies approves board appointments, FPI limit

2 min read Updated on 06 Jul 2026, 06:55 PM

Reviewed by

Ashish TScanX News Team

AI Summary

Silverline Technologies Limited shareholders approved the appointment of four directors, including three independent directors and one woman director, via postal ballot. The company also secured approval to increase the foreign portfolio investment limit to 49% and shift its registered office within Maharashtra. Additionally, shareholders authorized the board to provide loans and guarantees under Section 185 of the Companies Act, 2013.

*this image is generated using AI for illustrative purposes only.

Silverline Technologies Limited shareholders have approved the appointment of four directors and authorized an increase in the foreign portfolio investment limit to 49% of the paid-up equity share capital through a postal ballot process. The resolutions were passed with the requisite majority as mandated under the Companies Act, 2013 and other applicable laws. The voting results were scrutinized by M/s Vishakha Agrawal and Associates, Practising Company Secretaries.

The postal ballot notice was dated June 05, 2026, and the remote e-voting facility was available from June 06, 2026, to July 05, 2026. A total of 534 members holding 93,31,972 equity shares cast their votes. The company sought approval for seven resolutions, including the appointment of independent directors and a woman director, as well as the shifting of the registered office from Thane to Mumbai within Maharashtra.

Voting Results Summary

The following table details the voting outcomes for the key resolutions passed by the shareholders:

Resolution Description	Type	Votes For	Votes Against	% For	% Against
Appointment of Mr. Jaykumar Chavada as Independent Director	Special	9,268,016	61,220	99.34	0.66
Appointment of Ms. Nishaben Manishkumar Patel as Woman Director	Ordinary	9,262,563	64,950	99.30	0.70
Appointment of Mr. Om Patel as Independent Director	Special	9,262,904	64,609	99.31	0.69
Appointment of Mr. Valay Girishbhai Chauhan as Independent Director	Special	9,259,167	65,375	99.30	0.70
Shifting of Registered Office within same state	Special	9,273,854	55,406	99.41	0.59
Increase in FPI/FII investment limit to 49%	Special	9,272,083	57,966	99.38	0.62
Approval to advance loans under Section 185	Special	7,697,936	1,630,724	82.52	17.48

Key Appointments and Approvals

Shareholders approved the appointment of Mr. Jaykumar Chavada (DIN: 11420591), Mr. Om Patel (DIN: 11748824), and Mr. Valay Girishbhai Chauhan (DIN: 11748817) as Non-Executive Independent Directors. Additionally, Ms. Nishaben Manishkumar Patel (DIN: 11420889) was appointed as a Non-Executive Non-Independent Woman Director. The independent directors are appointed for a term of five years.

The company also received approval to shift its registered office from Unit no 509, 5th Floor, Centrum IT Park, Wagle Industrial Estate, Thane West, to Office No. 304, 3rd Floor, Shubham Premises Co. Operative Society Limited, Chakala, Andheri East, Mumbai. The change is effective from May 30, 2026.

Foreign Investment and Corporate Governance

In a significant move, shareholders authorized an increase in the aggregate limit for investment by all registered Foreign Portfolio Investors (FPIs) and Foreign Institutional Investors (FIIs) to 49% of the paid-up equity share capital. This approval is subject to applicable sectoral caps and statutory limits under the Foreign Exchange Management Act, 1999.

Furthermore, the company approved a resolution to advance loans, provide guarantees, or securities under Section 185 of the Companies Act, 2013, to specified entities up to an aggregate limit of 60% of its paid-up share capital and free reserves, or 100% of its free reserves and securities premium account, whichever is higher. The scrutinizer's report confirmed that all seven resolutions were passed on July 05, 2026.