Stovec Industries Limited held its 52nd Annual General Meeting (AGM) on Thursday, 7th May 2026, from 2:30 PM to 3:40 PM via Video Conferencing (VC) and Other Audio Visual Means (OAVM). The meeting was conducted in accordance with applicable provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A total of 7,487 shareholders were on record as of the cut-off date of 30th April 2026, with 44 shareholders attending through video conferencing — 1 from the promoter and promoter group, and 43 from the public category.
Meeting and Scrutinizer Details
The scrutiny of remote e-voting and e-voting at the AGM was conducted by Sandip Sheth & Associates, Practicing Company Secretaries, appointed by the Board of Directors on 23rd February 2026. The scrutinizer's report was issued to the company on 8th May 2026. The remote e-voting period was open from Monday, 4th May 2026 at 9:00 hours (IST) to Wednesday, 6th May 2026 at 17:00 hours (IST). MUFG Intime India Private Limited served as the authorized e-voting agency.
Key meeting and scrutinizer details are summarised below:
| Parameter: |
Details |
| Meeting Type: |
AGM (52nd Annual General Meeting) |
| Date of Meeting: |
7th May 2026 |
| Meeting Timings: |
2:30 PM – 3:40 PM |
| Record Date: |
30th April 2026 |
| Total Shareholders on Record Date: |
7,487 |
| Shareholders via VC/OAVM (Promoter): |
1 |
| Shareholders via VC/OAVM (Public): |
43 |
| Total Resolutions Voted Upon: |
8 |
| Scrutinizer: |
Prashant Prajapati, Sandip Sheth & Associates |
| Scrutinizer's Report Date: |
8th May 2026 |
Share Capital and Eligible Votes
For the purpose of calculating eligible votes, the following parameters were considered by the scrutinizer:
| Particulars: |
Number of Equity Shares of Rs. 10/- each |
| Paid-Up Share Capital: |
20,88,016 |
| Voting Rights Freezed for IEPF Shares: |
39,762 |
| Unclaimed Suspense Shares: |
2,711 |
| Eligible Shares for Voting: |
20,45,543 |
Voting Results: Resolutions Passed
Six of the eight resolutions tabled at the AGM were passed by the requisite majority. The following table summarises the outcome of each passed resolution:
| Resolution: |
Description: |
Votes in Favour: |
Votes Against: |
% Votes in Favour (of Votes Polled): |
Result: |
| Resolution 1 (Ordinary): |
Adoption of standalone audited financial statements for year ended 31st December 2025 |
15,18,869 |
1 |
99.9999% |
Passed |
| Resolution 2 (Ordinary): |
Declaration of dividend of Rs. 12 per equity share (face value Rs. 10 each) for year ended 31st December 2025 |
15,18,869 |
1 |
99.9999% |
Passed |
| Resolution 3 (Ordinary): |
Re-appointment of Mr. Garrett Forde (DIN: 09040078) as Director, retiring by rotation |
15,18,869 |
39,628 |
97.4573% |
Passed |
| Resolution 4 (Ordinary): |
Approval of payment of commission to Independent Directors |
14,88,369 |
70,128 |
95.5003% |
Passed |
| Resolution 5 (Ordinary): |
Appointment of Mr. Arnout Otma (DIN: 11521057) as Director |
15,18,869 |
39,628 |
97.4573% |
Passed |
| Resolution 6 (Ordinary): |
Ratification of remuneration of Cost Auditor for FY2026 |
15,18,869 |
1 |
99.9999% |
Passed |
For Resolutions 1, 2, and 6, the promoter and promoter group cast 14,83,777 votes in favour via e-voting, representing 100% of their polled votes. Public non-institutional shareholders contributed 35,092 votes in favour for these resolutions, with only 1 vote against in each case.
Resolutions Not Carried: IPR Acquisition and Related Party Transactions
Two resolutions — both involving transactions with SPGPrints B.V., the holding company — were not passed. Notably, the promoter and promoter group did not cast any votes on these two resolutions, as they were identified as interested parties.
| Resolution: |
Description: |
Votes in Favour: |
Votes Against: |
% Votes in Favour (of Votes Polled): |
% Votes Against (of Votes Polled): |
Result: |
| Resolution 7 (Ordinary): |
Acquisition of Intellectual Properties and Rights (IPR) from SPGPrints B.V., holding company |
4,592 |
70,128 |
6.1456% |
93.8544% |
Not Passed |
| Resolution 8 (Ordinary): |
Approval of material related party transactions with SPGPrints B.V., holding company |
4,592 |
30,501 |
13.0852% |
86.9148% |
Not Passed |
For Resolution 7, total votes polled stood at 74,720, representing 3.5785% of outstanding shares. For Resolution 8, total votes polled were 35,093, representing 1.6807% of outstanding shares. In both cases, public non-institutional shareholders voted predominantly against the resolutions, resulting in the proposals failing to secure the requisite majority.
Dividend Declaration
Resolution 2, approving the declaration of a final dividend of Rs. 12 per equity share of face value Rs. 10 each for the financial year ended 31st December 2025, was passed with an overwhelming majority. A total of 15,18,869 votes were cast in favour, with only 1 vote against, reflecting strong shareholder support for the dividend payout.
Summary
Stovec Industries' 52nd AGM concluded with six of eight resolutions receiving shareholder approval. Key approvals included the adoption of audited financial statements, declaration of a dividend of Rs. 12 per equity share, re-appointment and new appointment of directors, commission to independent directors, and ratification of the cost auditor's remuneration. The two resolutions relating to transactions with holding company SPGPrints B.V. — namely the IPR acquisition and material related party transactions — were rejected by public shareholders, with the promoter group abstaining from voting on both items as interested parties.
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