Shraddha Prime Projects Limited has received formal disclosure from its promoter regarding a significant pledge creation. Mr. Sudhir Balu Mehta has submitted the required documentation to both the company and BSE Limited, detailing the pledge of a substantial portion of his shareholding to secure financing arrangements.

Pledge Transaction Details

The pledge involves 70,00,000 equity shares held by promoter Sudhir Balu Mehta, representing 17.33% of the company's total share capital. The shares have been pledged in favour of HDFC Bank Limited as security for a loan availed by Shraddha Housing Projects LLP, where Mehta serves as a designated partner.

Promoter Shareholding Impact

Prior to this pledge creation, Sudhir Balu Mehta held no encumbered shares. His total promoter holding in the company stands at 30,210,548 shares, representing 74.78% of the total share capital. Following the pledge creation, his post-event encumbered shareholding has increased to 23,210,548 shares.

Formal Documentation and Compliance

The promoter has submitted a formal letter dated February 28, 2026, to both Shraddha Prime Projects Limited and The Stock Exchange Mumbai. The disclosure has been made pursuant to Regulation 31(1) of SEBI (Substantial Acquisition of shares and Takeovers) Regulations, 2011, ensuring full regulatory compliance.

The formal documentation includes the standard format for disclosure by promoters to stock exchanges regarding encumbrance of shares. Mr. Mehta's communication was addressed from his registered address at Panorama, The Address, LBS Road, Ghatkopar West, Mumbai, and includes all required details as per SEBI regulations for pledge creation events.

Shraddha Prime Projects Ltd. has successfully completed its postal ballot process, with shareholders overwhelmingly approving two key corporate resolutions through electronic voting. The company announced the results on February 19, 2026, following the completion of the e-voting period that ran from January 20, 2026 to February 18, 2026.

Postal Ballot Overview

The postal ballot process was conducted in accordance with Sections 108 and 110 of the Companies Act, 2013, and Regulation 44 of the SEBI Listing Regulations. The company provided e-voting facility to members through National Securities Depository Limited (NSDL), with the voting period commencing on Tuesday, January 20, 2026 at 9:00 a.m. and ending on Wednesday, February 18, 2026 at 5:00 p.m.

Resolutions and Voting Results

Two ordinary resolutions were put to vote, both receiving exceptional shareholder support:

Resolution Details

Comprehensive Voting Statistics

Scrutinizer's Confirmation

Ms. Neeta H. Desai, Practicing Company Secretary (Membership No. 3262, COP No. 4741) from ND & Associates, served as the appointed scrutinizer for the postal ballot process. Her report confirmed that both resolutions were passed with the requisite majority, with 99.99996787% of total votes polled supporting each resolution.

The scrutinizer's report highlighted that the e-voting process was conducted in a fair and transparent manner, with detailed voting results downloaded from the NSDL e-voting platform. The company achieved a total participation rate of 77.04773644% of outstanding shares.

Corporate Governance Compliance

The postal ballot was conducted in full compliance with regulatory requirements, including the Companies Act, 2013, SEBI Listing Regulations, and various MCA circulars. The company sent the postal ballot notice by email to all shareholders who had registered their email addresses with the company or depositories as of the cut-off date.

Managing Director Sudhir Balu Mehta (DIN 02215452) declared both resolutions as duly passed ordinary resolutions, enabling the company to proceed with the authorized share capital increase and the appointment of the new independent director to strengthen its board composition.