IMP Powers Approves 6 Special Resolutions via Postal Ballot
IMP Powers Limited concluded its postal ballot process with shareholders approving all six special resolutions by a 99.20% majority. The resolutions include appointing Mr. Naveen Kumar Singh as Whole-time Director, revising borrowing limits, creating mortgages and charges, adopting new Articles of Association, approving loans and investments up to ₹300 crores, and shifting the registered office from Silvassa to Ahmedabad. The voting process saw participation from shareholders holding shares as of the cut-off date, with 1,95,907 total votes polled out of 71,89,356 shares held by public non-institutions.
*this image is generated using AI for illustrative purposes only.
IMP Powers Limited has successfully concluded its postal ballot process, with shareholders approving all six special resolutions with an overwhelming majority of 99.20% votes in favour. The company announced the voting results, following the scrutinizer's report.
Key Resolutions Approved
The postal ballot covered six critical business decisions, all requiring special resolution approval under the Companies Act, 2013. Ms. Shilpa Shah, Practicing Company Secretary (Certificate of Practice No. 27483), served as the scrutinizer for the postal ballot process.
| Resolution | Description | Votes in Favour | Votes Against |
|---|---|---|---|
| Resolution 1 | Appointment of Mr. Naveen Kumar Singh as Whole-time Director | 99.20% | 0.80% |
| Resolution 2 | Revision in borrowing limits under Section 180(1)(c) | 99.20% | 0.80% |
| Resolution 3 | Creation of mortgage, hypothecation and/or charge | 99.20% | 0.80% |
| Resolution 4 | Adoption of new set of Articles of Association | 99.20% | 0.80% |
| Resolution 5 | Approval for loans and investments up to ₹300 crores | 99.20% | 0.80% |
| Resolution 6 | Shifting of registered office from Silvassa to Ahmedabad | 99.20% | 0.80% |
Voting Process and Participation
The remote e-voting process was conducted through MUFG Intime India Private Limited's platform. Shareholders holding shares as on the cut-off date were eligible to participate in the voting process.
Voting Statistics:
- Total shareholders as on cut-off date: 9,189
- Total shares held by public non-institutions: 71,89,356
- Total votes polled: 1,95,907
- Votes in favour across all resolutions: 1,82,893
- Votes against across all resolutions: 13,014
Strategic Business Decisions
The approved resolutions encompass several strategic initiatives for IMP Powers Limited:
- Appointment of Mr. Naveen Kumar Singh (DIN: 06953675) as Whole-time Director and Key Managerial Personnel, designated as Executive Professional Director.
- Approval for making loans, providing guarantees or security, and acquiring securities up to ₹300 crores.
- Revision in borrowing limits under Section 180(1)(c) of the Companies Act, 2013.
- Creation of mortgage, hypothecation, and charges to support expansion plans.
Corporate Governance Measures
The company has taken steps to enhance its corporate governance:
- Adoption of a new set of Articles of Association, aligning with current regulatory requirements and best practices.
- Decision to shift the registered office from Silvassa to Ahmedabad, reflecting strategic operational considerations.
The postal ballot process was conducted in compliance with Section 110 of the Companies Act, 2013, and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company ensured transparency by publishing public notices and providing electronic voting facilities to all eligible shareholders.
Conclusion
The unanimous approval of all six special resolutions with a strong 99.20% majority reflects shareholders' confidence in IMP Powers Limited's strategic direction and management decisions. The successful completion of the postal ballot process enables the company to proceed with its planned initiatives, including leadership strengthening, financial restructuring, and operational optimization.
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