Transformers & Rectifiers (India) Limited shareholders passed a special resolution to approve the variation and reallocation in the utilisation of proceeds from its Qualified Institutions Placement (QIP). The resolution also authorised a revision in the timeline for the utilisation of these funds.

The voting concluded on September 28, 2026, at 5:00 pm (IST). The special resolution secured 99.99% of the total valid votes cast in favour. Only 17,793 votes were cast against the proposal, representing 0.01% of the total votes polled.

Voting Breakdown

The scrutiny report detailed the voting patterns across different shareholder categories. Promoters and promoter group members voted unanimously in favour of the resolution. Public institutions also recorded 100% support among those who participated. Non-institutional public shareholders showed slight dissent, with 3.94% of their polled votes opposing the measure.

What the Numbers Show

The high participation rate from institutional investors, who voted on 88.78% of their holding, contrasts sharply with the low turnout from non-institutional public shareholders, who voted on only 0.55% of their holding. Despite this disparity in engagement, the overwhelming consensus across all participating groups indicates strong alignment between management's capital allocation strategy and investor expectations regarding the QIP funds.

Transformers & Rectifiers (India) Limited shareholders approved all four ordinary resolutions at its 32nd annual general meeting held on September 21, 2026. The vote included the declaration of a final dividend of ₹0.25 per equity share for FY26.

The meeting, conducted via video conferencing, was chaired by Chairman and Whole-time Director Jitendra U. Mamtora. Shareholders approved the audited financial statements for the fiscal year ended March 31, 2026, along with the reports of the Board of Directors and statutory auditors.

Key Resolutions Passed

Members voted in favor of several ordinary resolutions, including the declaration of the dividend and the reappointment of a retiring director. The specific resolutions passed were:

• Adoption of audited financial statements for FY26.
• Declaration of a 25% dividend (₹0.25 per share).
• Reappointment of Mr. Satyen J. Mamtora as a director upon retirement by rotation.
• Ratification of remuneration payable to the Cost Auditor for FY27.

Voting Results

The consolidated scrutinizer's report confirms that all resolutions were passed with the requisite majority. A total of 215,497,866 votes were polled, representing 71.79% of the outstanding shares held by 2,29,839 members as on the record date of September 14, 2026.

The promoter group held 193,198,300 shares and voted unanimously in favor of all resolutions. Public institutional investors held 25,055,638 shares, while public non-institutional investors held 81,911,896 shares.

Notably, the reappointment of Mr. Satyen J. Mamtora received dissenting votes from public institutional investors, with 4,123,316 votes cast against the resolution, accounting for 18.60% of the votes polled by this category. Despite this, the resolution passed comfortably due to the overwhelming support from the promoter group.

Meeting Details

As on the record date of September 14, 2026, the company had 2,29,839 members. A total of 79 members participated in the meeting through video conferencing, comprising five from the promoter group and 74 public shareholders.

Mr. Subir Kumar Das, Chairman of the Audit Committee, Nomination and Remuneration Committee, and Stakeholder’s Grievances and Relationship Committee, was present. All directors attended the meeting, and no leave of absence was required.

Mr. Rakesh Kiri, Company Secretary, explained the voting procedures. Members present via video conferencing who had not cast remote e-votes were allowed to vote electronically. The facility remained open for 15 minutes after the scheduled conclusion to ensure all votes were recorded.

Auditor and Scrutinizer Reports

The Statutory Auditors, M/s Manubhai & Shah LLP, and the Secretarial Auditor, M/s Shah & Shah Associates, were represented at the meeting. Mr. Tapan Shah served as the Scrutinizer for the e-voting process. Since there were no qualifications in the Statutory Auditors' Report, it was not read out in detail.

Queries raised by registered shareholder Mr. Suman Modak were addressed by the Managing Director & CEO and the Chief Financial Officer. The consolidated Scrutinizer's Report was filed with stock exchanges on September 21, 2026.