String Metaverse Limited has successfully completed its postal ballot process with shareholders approving all three ordinary resolutions with overwhelming majority. The company submitted the scrutinizer's report to BSE Limited on 24th March 2026, confirming that all resolutions contained in the postal ballot notice dated 13th February 2026 were duly passed by shareholders with requisite majority.

Voting Process and Timeline

The postal ballot process was conducted entirely through electronic voting, with the company availing e-voting facility offered by Central Depository Services (India) Limited. The voting timeline was structured as follows:

In compliance with Ministry of Corporate Affairs circulars, physical postal ballot forms were not dispatched by the company. The voting process was conducted in accordance with Section 108 and 110 of the Companies Act 2013, SEBI LODR Regulations 2015, and other applicable laws.

Resolution Results

All three ordinary resolutions received identical voting patterns, demonstrating strong shareholder support. The detailed voting results show:

Resolution 1: Increase in Authorised Share Capital

Resolution 2: Sub-Division of Equity Shares

The second resolution regarding sub-division (split) of equity shares received identical support with 67 members holding 6,25,43,261 shares voting in favour, representing 100.00% of valid votes cast. Only one member holding one share voted against the resolution.

Resolution 3: Alteration of Capital Clause

The third resolution for alteration of capital clause (Clause V) of the memorandum of association also received the same voting pattern, with 67 members supporting the resolution with 6,25,43,261 shares representing 100.00% of valid votes cast.

Scrutinizer and Compliance

Balaramakrishna Desina, Proprietor of Balaramakrishna & Associates, Company Secretaries in Practice, served as the appointed scrutinizer for the postal ballot process. The scrutinizer confirmed that votes cast electronically were reconciled with records maintained by the company's Registrar and Transfer Agent. The voting process was conducted with proper witnesses present during the unblocking of votes, ensuring transparency and compliance with regulatory requirements.

Corporate Information

String Metaverse Limited, formerly known as Bio Green Papers Limited, operates under CIN L62099TG1994PLC017207 with its registered office located at Survey No.66/2, Street No. 3, 2nd Floor, Rai Durgam, Prashanth Hills, Nav Khalsa, Gachibowli, Dargah Hussain Shahwali, Hyderabad, Golconda, Telangana-500008. The company's compliance officer M. Chowda Reddy submitted the scrutinizer's report to BSE Limited, fulfilling disclosure obligations under SEBI listing regulations.

String Metaverse Limited has disclosed violations of its insider trading code by two designated persons who executed contra trades within the prohibited six-month period, as reported to BSE Limited on March 23, 2026.

First Violation Details

The primary violation involved Mr. Siddarth Ravishankar Sarnaik, a member of the promoter group, who conducted multiple transactions in the company's equity shares during September 2025. The trading activity violated Regulation 9 read with clause 10 of Schedule B of SEBI (Prohibition of Insider Trading) Regulations, 2015.

Second Violation Details

The second violation involved Mr. Deenadayal Tripurasetty, an Independent Director, who executed a minimal contra trade in December 2025.

Company Actions and Penalties

String Metaverse Limited has implemented several corrective measures in response to these violations:

• Advice letters sent via email on March 20, 2026, advising against contra trading
• Show cause notices issued on March 20, 2026, with replies received the same day
• Audit Committee review scheduled to determine further actions
• Regulatory compliance through submission of detailed violation reports

For the first violation, the company transferred ₹11,207.00 to SEBI's Investor Protection and Education Fund (IPEF) on March 23, 2026, through ICICI Bank with transaction ID 260323263911089. No penalty was applicable for the second violation due to the minimal transaction value.

Regulatory Context

Both violations constitute breaches of the company's Code of Conduct for Prevention of Insider Trading, adopted pursuant to SEBI regulations. The violations specifically relate to executing contra trades within a six-month period from the initial trade date, which is prohibited under the insider trading framework.

The company has confirmed these are the first identified violations of the Insider Trading Code and Regulations since the last financial year. String Metaverse will inform stock exchanges about additional actions once the Audit Committee meeting is conducted.