Sikozy Realtors Shareholders Approve Capital Reduction of 4.01 Crore Equity Shares

Sikozy Realtors Limited, a Mumbai-based real estate company, held its Extra-Ordinary General Meeting (EGM) on August 8, where shareholders overwhelmingly approved a significant capital reduction measure. The special resolution, which received 99.38% votes in favor, authorizes the company to reduce its capital by 4,01,24,700 equity shares of Rs. 1.00 each.

Key Highlights of the EGM

• Meeting Format: The EGM was conducted through video conferencing, in line with current corporate governance practices.
• Attendance: 44 members were present, along with 7 company representatives, including directors.
• Voting Results:

  Vote	Number	Percentage
  In favor	16,331,957	99.38%
  Against	102,142	0.62%

• Voting Period: Remote e-voting was available from August 5-7.

Capital Reduction Details

The approved special resolution allows Sikozy Realtors to reduce its capital by 4,01,24,700 equity shares, each with a face value of Rs. 1.00. This move is significant for the company's financial structure and may have implications for its future operations and shareholder value.

Transparency and Compliance

Mr. Umashankar K Hegde, a Practicing Company Secretary, served as the scrutinizer for the voting process, ensuring transparency and adherence to regulatory requirements. The company has submitted the voting results and scrutinizer's report to BSE Limited, demonstrating its commitment to timely disclosure and compliance with stock exchange regulations.

Management Commentary

Jigar Desai, Director of Sikozy Realtors Limited, signed off on the EGM minutes and voting results, underlining the management's endorsement of this strategic decision.

This capital reduction measure represents a significant corporate action for Sikozy Realtors Limited. Shareholders and market observers will likely be keen to understand the rationale behind this decision and its potential impact on the company's financial position and future growth strategies.