Shalimar Paints Shareholders Approve Reappointment of Independent Director Ms. Shan Jain

Shalimar Paints Limited has successfully concluded its postal ballot process for the reappointment of Ms. Shan Jain as an Independent Director, with shareholders demonstrating overwhelming support for the resolution. The company announced the results on February 09, 2026, following the completion of the remote e-voting process.

Voting Results and Shareholder Participation

The postal ballot resolution received exceptional support from shareholders across all categories. Out of 6,24,70,609 total valid votes cast, 6,24,36,324 votes were in favor of Ms. Shan Jain's reappointment, representing 99.945% approval. Only 34,285 votes were cast against the resolution, accounting for 0.055% of the total votes.

Voting Category	Votes in Favor	Votes Against	Total Votes	Approval Rate
Promoter and Promoter Group	6,23,65,620	0	6,23,65,620	100.000%
Public Institutions	27,396	0	27,396	100.000%
Public Non-Institutions	43,308	34,285	77,593	55.814%
Total	6,24,36,324	34,285	6,24,70,609	99.945%

The voting process achieved a participation rate of 74.626% of the company's total voting capital, with 179 shareholders participating in the e-voting process.

E-Voting Process Details

The remote e-voting process was conducted exclusively through electronic means in compliance with the Companies Act, 2013, and SEBI regulations. The voting period commenced on January 08, 2026, at 9:00 AM IST and concluded on February 06, 2026, at 5:00 PM IST through the CDSL e-voting platform at www.evotingindia.com .

Process Parameter	Details
Cut-off Date	January 02, 2026
Notice Dispatch Date	January 06, 2026
Voting Period	January 08 - February 06, 2026
Total Voting Capital	Rs. 16,74,22,356
Total Equity Shares	8,37,11,178 shares of Rs. 2 each

Regulatory Compliance and Scrutinizer Report

Mr. Ankush Agarwal, Partner of MAKS & Co. Company Secretaries (COP: 14486), served as the appointed scrutinizer for the postal ballot process. In his report dated February 09, 2026, he confirmed that the entire process was conducted in a fair and transparent manner, adhering to all applicable regulatory requirements including Section 108 and 110 of the Companies Act, 2013, and Regulation 44 of the SEBI Listing Regulations.

The scrutinizer verified that shareholders holding shares as on the cut-off date of January 02, 2026, were entitled to vote on the resolution. The company dispatched the postal ballot notice via email to all eligible shareholders on January 06, 2026, and published advertisements in Financial Express and Jansatta on January 07, 2026.

About the Resolution

The special resolution pertained to the reappointment of Ms. Shan Jain (DIN: 09661574) as an Independent Director of the company. The resolution was classified as a special resolution requiring approval from shareholders as per the provisions of the Companies Act, 2013, and the company's governance framework.

The voting results and scrutinizer's report have been made available on the company's website at www.shalimarpaints.com and on the CDSL e-voting portal at www.evotingindia.com for shareholder reference and regulatory compliance.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+2.72%	+0.94%	-24.26%	-50.66%	-59.48%	-56.82%

Shalimar Paints Limited's Board of Directors has approved the reclassification of eight promoter group members from 'Promoter Group' category to 'Public' category during its meeting held on January 13, 2026. The decision comes following formal request letters received from the promoter group members between November 17, 2025, and November 28, 2025, seeking reclassification under Regulation 31A of the Listing Regulations, 2015.

Board Decision and Regulatory Compliance

The board meeting, which commenced at 11:00 a.m. and concluded at 11:55 a.m. on January 13, 2026, involved detailed consideration and analysis of the reclassification requests. The board determined that the promoter group members met the conditions specified in Regulation 31A of the Listing Regulations, 2015. However, the approval remains subject to receipt of necessary approvals and/or no objections from concerned regulatory authorities including SEBI and stock exchanges.

Promoter Group Members Seeking Reclassification

The following table details the eight promoter group members seeking reclassification along with their current shareholding positions:

Sr. No.	Name of Shareholder	Current Category	Shares Held	Shareholding (%)
1	Ms. Ritu Jhunjhnuwala	Promoter Group	0	0.00
2	Mr. Surya Kumar Jhunjhnuwala	Promoter Group	0	0.00
3	Mr. Gaurang Surya Jhunjhnuwala	Promoter Group	0	0.00
4	Ms. Hina Devi Goyal	Promoter Group	60	0.0001
5	Ms. Sarita Devi Jain	Promoter Group	0	0.00
6	Mr. Shivang Jhunjhnuwala	Promoter Group	0	0.00
7	Ms. Sarika Jhunjhnuwala	Promoter Group	0	0.00
8	Ms. Kusum Mittal	Promoter Group	0	0.00

Shareholding Analysis

Among the eight promoter group members seeking reclassification, seven members currently hold zero shares in the company. Only Ms. Hina Devi Goyal holds 60 shares, representing a minimal 0.0001% of the total shareholding. This minimal shareholding pattern among the promoter group members likely contributed to the board's decision to approve their reclassification request.

Next Steps and Regulatory Process

The reclassification approval is contingent upon receiving necessary regulatory clearances. Shalimar Paints will now await approvals and/or no objection certificates from SEBI and the relevant stock exchanges before the reclassification becomes effective. The company has informed both BSE Limited and National Stock Exchange of India Limited about the board's decision through official communication dated January 13, 2026.

This corporate restructuring move reflects the company's compliance with regulatory frameworks while optimizing its shareholding structure. The reclassification, once approved by regulatory authorities, will formally move these eight individuals from the promoter group category to the public shareholder category.