Suyog Gurbaxani Funicular Ropeways Limited shareholders approved the reclassification of a promoter group member to the public category and the reappointment of Mrs. Manisha Shelar as an independent woman director through remote e-voting that concluded on August 1, 2026. The resolutions, which received 100% support from voting shareholders, alter the company’s shareholding structure classification and reinforce its board composition compliance with regulatory requirements for independent representation.

The voting process was conducted in accordance with Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Sections 108 and 110 of the Companies Act, 2013. Ms. Amruta Narendra Giradkar of M/s Amruta Giradkar & Associates served as the scrutinizer, appointed by the Board on June 26, 2026. Her report, issued on August 4, 2026, confirmed that both resolutions were passed with the requisite majority. The e-voting facility was provided by National Securities Depository Limited (NSDL), and the voting window ran from July 3, 2026, at 9:00 a.m. IST to August 1, 2026, at 5:00 p.m. IST.

Voting Results Overview

A total of 922 shareholders held shares as of the record date of June 26, 2026. The total outstanding equity share capital stood at 24,862,222 shares. Voting participation varied between the two resolutions, but all valid votes cast were in favor.

No votes were cast against either resolution, and no invalid votes were recorded. The person related to the promoter seeking reclassification abstained from voting on the first resolution, ensuring conflict-of-interest compliance.

Shareholder Participation Breakdown

Promoter and promoter group shareholders held 15,744,072 shares, while public non-institutional shareholders held 9,118,150 shares. Public institutional shareholders did not hold any shares on the record date.

For the reclassification resolution, promoter group shareholders polled 10,643,483 votes (67.60% of their holdings), while public non-institutional shareholders polled 335,750 votes (3.68% of their holdings). For the director reappointment resolution, promoter group participation increased slightly to 11,539,845 votes (73.30% of their holdings), with public non-institutional participation remaining at 335,750 votes (3.68% of their holdings).

What the Numbers Show

The unanimous support for both resolutions indicates strong alignment between the promoter group and public non-institutional shareholders regarding governance changes. The higher participation rate from the promoter group (over 67% for the first resolution and over 73% for the second) compared to the public non-institutional segment (under 4%) suggests that the promoter bloc drove the voting volume, though the lack of dissent from any category confirms broad acceptance of the proposed structural and board adjustments.

Suyog Gurbaxani Funicular Ropeways has initiated a postal ballot process to seek shareholder approval for the re-appointment of Mrs. Manisha Shelar as an Independent Woman Director and the re-classification of Mr. Somnath Lature from the Promoter Group to the Public category. The resolutions will be decided through remote e-voting, which commences on July 03, 2026, and concludes on August 01, 2026. The company has engaged National Securities Depository Limited (NSDL) as the agency facilitating the e-voting process.

Mrs. Manisha Shelar, whose first term ends on September 03, 2026, has been recommended for a second term of three years effective from September 04, 2026, to September 03, 2029. The Board approved the re-appointment based on the recommendation of the Nomination and Remuneration Committee. Mrs. Shelar holds a Master of Technology (M.Tech.) in VLSI Design and a Bachelor of Engineering (B.E.) in Electronics and Telecommunication Engineering. She currently serves as an Assistant Professor at Jawahar Education Society's Institute of Technology, Management & Research, Nashik, and is pursuing a Ph.D. at Pimpri Chinchwad University, Pune.

The company also proposes to re-classify Mr. Somnath Lature, who holds 71,250 equity shares representing 0.29% of the shareholding, from the Promoter Group to the Public category. This re-classification is subject to the approval of shareholders via an Ordinary Resolution and has received a No Objection Letter from BSE Limited. Mr. Lature has confirmed compliance with the conditions specified in Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, including not exercising control over the company's affairs and not holding more than 10% of the total voting rights.

Key Details of Resolutions

Mrs. Manisha Shelar is not related to any directors of the company and has not been convicted of any offence related to the promotion, formation, or management of any company or LLP in the last five years. She is a member of the Audit, Stakeholder Relationship, and Nomination and Remuneration Committees. The re-appointment and re-classification were disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.