Rithwik Facility Management Shareholders Unanimously Approve Subsidiary Disinvestment

1 min read Updated on 06 Aug 2025, 05:45 PM

Reviewed by

Naman SScanX News Team

Overview

Rithwik Facility Management Services Limited (RFMSL) received unanimous shareholder approval to divest its wholly owned subsidiary, Rithwik Indus Power Private Limited, during an Extraordinary General Meeting on August 5, 2025. The special resolution passed with 100% approval, with 19,84,496 shares voted in favor. The e-voting process saw participation from both promoter groups (79% of their holding) and public non-institutions (25.56% of their holding), representing 64.85% of the company's outstanding shares. The disinvestment complies with Section 180(1)(a) of the Companies Act, 2013, and the company demonstrated strong corporate governance throughout the process.

*this image is generated using AI for illustrative purposes only.

Rithwik Facility Management Services Limited (RFMSL) has received unanimous shareholder approval for the disinvestment of its wholly owned subsidiary, Rithwik Indus Power Private Limited. The decision was made during an Extraordinary General Meeting (EGM) held on August 5, 2025, marking a significant move for the company.

Voting Details

The special resolution for the disinvestment was passed with a 100% approval rate from the voting shareholders. Key details of the voting process include:

E-voting period: August 2-4, 2025
Total shares voted: 19,84,496
Votes in favor: 19,84,496 (100%)
Votes against: 0 (0%)

Shareholder Participation

The voting saw active participation from both promoter groups and public non-institutions:

Shareholder Group	Shares Voted	Percentage of Holding
Promoter and Promoter Group	17,77,496	79.00%
Public Non-Institutions	2,07,000	25.56%

The total votes cast represented 64.85% of the company's outstanding shares, indicating significant engagement from the shareholders in this crucial decision.

Legal Compliance

The disinvestment falls under Section 180(1)(a) of the Companies Act, 2013. The scrutinizer's report, prepared by Arun Kumar Khandelwal of Khandelwal Arun & Associates, Practicing Company Secretaries, confirmed that the resolution was passed with the requisite majority in a fair and transparent manner.

Corporate Governance

RFMSL demonstrated strong corporate governance practices throughout this process:

Timely notification: The company sent the EGM notice to all members listed in the Register of Members and List of Beneficial Owners as of July 4, 2025 (the cut-off date).
Transparent voting: The e-voting process was conducted through Bigshare Services Private Limited, ensuring a secure and accessible platform for shareholders.
Proper disclosure: The voting results and scrutinizer's report were promptly submitted to the Bombay Stock Exchange and made available on the company's website ( www.rithwik.co.in ).

Implications

This unanimous approval for disinvestment of Rithwik Indus Power Private Limited signifies a strategic move for RFMSL. While the specific reasons for the disinvestment were not disclosed in the available information, such decisions are often made to streamline operations, focus on core businesses, or reallocate resources for better financial performance.

As RFMSL moves forward with this disinvestment, shareholders and market observers will likely be keen to see how this decision impacts the company's future growth and financial strategies.

Note: Investors are advised to consult financial experts and review official company communications for a comprehensive understanding of this corporate action and its potential impacts.

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