Veritas India Declares Postal Ballot Results: $130M Asset Sale Approved
Veritas India officially declared postal ballot results showing strong shareholder support for a $130 million asset sale of material subsidiary Verasco FZE (88.27% approval) and near-unanimous approval (99.96%) for Mr. Sunil Sehgal's appointment as Non-Executive Director, with 63.95% of total shares participating in the remote e-voting process.
*this image is generated using AI for illustrative purposes only.
Veritas (India) Limited has officially declared the results of its postal ballot process, confirming shareholder approval for both proposed resolutions through remote e-voting. The company announced the results on January 7, 2026, following the conclusion of the voting period on January 5, 2026.
Postal Ballot Process Overview
The remote e-voting process saw significant shareholder participation, with votes representing 63.95% of the company's total outstanding shares. The postal ballot was conducted in accordance with regulatory requirements and MCA circulars.
| Voting Process Details: | Figures |
|---|---|
| Total Shareholders on Record: | 6,768 |
| Record Date: | November 28, 2025 |
| Total Shares Outstanding: | 2,68,10,000 |
| Shares Voted: | 1,71,43,904 (63.95%) |
| E-voting Period: | December 7, 2025 to January 5, 2026 |
| Resolutions Passed: | 2 |
Asset Sale Resolution Results
Shareholders overwhelmingly approved the special resolution for the sale of assets belonging to material subsidiary Verasco FZE. The resolution received strong support despite mixed response from public non-institutional shareholders.
| Asset Sale Voting Results: | Details |
|---|---|
| Overall Approval Rate: | 88.27% |
| Promoter Group Support: | 100% (1,47,47,161 votes) |
| Public Non-Institutional Support: | 16.12% (3,86,413 votes in favor) |
| Public Non-Institutional Opposition: | 83.88% (20,10,330 votes against) |
| Total Votes in Favor: | 1,51,33,574 |
| Total Votes Against: | 20,10,330 |
The transaction involves the sale of assets valued at $130 million with liabilities of $80 million, resulting in a net consideration of $50 million from buyer Inergy FZE.
Director Appointment Resolution
The ordinary resolution for appointing Mr. Sunil Sehgal (DIN: 02561520) as Non-Executive Non-Independent Director received near-unanimous approval across all shareholder categories.
| Director Appointment Results: | Votes in Favor | Votes Against | Approval Rate |
|---|---|---|---|
| Promoter Group: | 1,47,47,161 | 0 | 100.00% |
| Public Non-Institutional: | 23,90,435 | 6,308 | 99.74% |
| Overall Result: | 1,71,37,596 | 6,308 | 99.96% |
Scrutinizer's Validation
Mr. Jignesh M. Pandya of M/s. Jignesh M. Pandya & Co., appointed as scrutinizer, validated the voting process and confirmed both resolutions were passed with requisite majority. The scrutinizer's report noted that 39,53,536 votes from 14 corporate shareholders were deemed invalid due to non-receipt of requisite board resolutions or proper authorization.
| Invalid Votes Summary: | Count |
|---|---|
| Corporate Shareholders: | 14 |
| Invalid Votes: | 39,53,536 |
| Reason: | Missing board resolutions/authorization |
Regulatory Compliance
The postal ballot process was conducted in compliance with SEBI Listing Regulations, Companies Act 2013, and MCA circulars. The voting results and scrutinizer's report have been made available on the company's website and NSDL's e-voting platform for stakeholder reference.
With both resolutions now approved, Veritas India can proceed with the asset sale transaction and formalize Mr. Sehgal's board appointment, marking significant corporate developments for the trading company.
Historical Stock Returns for Veritas
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.99% | -8.99% | -0.85% | -53.32% | -78.01% | +214.27% |
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