Welspun Living has cancelled its proposed acquisition of a 26% equity stake in Clean Max Dhyuthi Private Limited. The transaction, valued at ₹760 lakh, was originally approved by the board in May 2026.

The Mumbai-based home furnishing manufacturer had planned to acquire 48,599 equity shares of ₹10 each from Welspun Corp Limited (WCL), a promoter group company. The deal was scheduled for completion by August 31, 2026.

Transaction Details

Clean Max Dhyuthi is primarily engaged in the generation and supply of solar and renewable energy under a captive model. The proposed consideration for the 26% stake was ₹760 lakh.

Reason for Cancellation

Welspun Living and WCL mutually agreed not to proceed with the transaction. The companies cited current demand, supply, and availability of power at the relevant location as the primary reasons for calling off the deal.

Accordingly, the proposed acquisition will not be executed. The update was disclosed to stock exchanges on August 31, 2026.

Welspun Living shareholders approved the appointment of Keyur Parekh as Whole-time Director (WTD) through a postal ballot e-voting process. The results were declared on August 28, 2026, confirming the resolution passed on August 26, 2026.

The appointment is for a period of five years, effective from June 1, 2026. The company conducted the voting in accordance with Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Voting Results

Shareholders holding 944,752,514 shares as on the cut-off date of July 23, 2026, were eligible to vote. A total of 757,587,053 votes were polled, representing an 80.19% turnout.

The promoters and promoter group voted unanimously in favour, casting all their polled votes for the resolution. Institutional investors also showed strong support, with over 99% of their polled votes in favour.

Scrutinizer’s Report

MNB & Co. LLP served as the scrutinizer for the remote e-voting process. The firm confirmed that the e-voting period remained open from July 28, 2026, at 9:00 am to August 26, 2026, at 5:00 pm. All votes cast were found to be valid, with no invalid votes recorded.

The scrutinizer verified that the e-voting data was reconciled with the records maintained by the Registrar and Transfer Agents. Based on the scrutiny, the ordinary resolution was passed with the requisite majority as per the Companies Act, 2013.