Linde India Limited's shareholders decisively rejected the proposed material related party transaction worth ₹4,177 million during the Extra-ordinary General Meeting (EGM) held on March 5, 2026. The voting results, announced through the scrutinizer's report, revealed that 89.24% of valid votes were cast against the resolution, marking a significant setback for the company's proposed transaction with Praxair India Private Limited.

Voting Results and Shareholder Response

The comprehensive voting process, conducted through both remote e-voting and electronic voting during the meeting, demonstrated overwhelming shareholder opposition to the proposed transaction. The detailed voting breakdown shows the extent of rejection across different shareholder categories.

Shareholder Category Analysis

The rejection was consistent across all voting categories, with public non-institutional shareholders showing the strongest opposition at 99.94% against the resolution. Public institutional shareholders also voted predominantly against the proposal with 77.46% opposition.

Meeting Proceedings and Compliance

The EGM was conducted at 11:30 A.M. (IST) through Video Conference (VC) and Other Audio Visual Means (OAVM) in full compliance with the Companies Act 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, and various MCA circulars. Chairman Mr Michael James Devine presided over the meeting, which concluded at 1:03 P.M. IST with 45 members attending through video conference.

Transaction Details and Related Party

The rejected resolution sought approval for material related party transactions with Praxair India Private Limited, a wholly owned subsidiary of the Linde Plc Group, aggregating ₹4,177 million during financial year 2025-26. Notably, the promoter group, The BOC Group Limited holding 75% shareholding (63,963,167 equity shares), abstained from voting as required under related party transaction regulations.

Scrutinizer's Report and Regulatory Compliance

CS P.K. Sarawagi of M/s. P. Sarawagi & Associates, Company Secretaries, served as the appointed scrutinizer for the e-voting process. The scrutinizer's report, dated March 5, 2026, confirmed that all voting processes were conducted in a fair and transparent manner through NSDL's electronic voting platform. The remote e-voting period was held from March 2-4, 2026, with the cut-off date for voting eligibility set as February 26, 2026.

Linde India Limited has successfully completed its postal ballot process, with shareholders overwhelmingly approving the appointment of Milan Sadhukhan as Director and Managing Director. The special resolution, seeking approval for a three-year term effective 1st January 2026, received strong support from the company's investor base.

Voting Results and Participation

The postal ballot process concluded on 13th February 2026, with comprehensive participation across shareholder categories. The voting results demonstrated clear approval for the proposed appointment:

The e-voting facility, provided through NSDL's electronic platform, remained accessible from 9:00 a.m. on 15th January 2026 until 5:00 p.m. on 13th February 2026. All shareholders holding shares as of the cut-off date were entitled to participate in the voting process.

Category-wise Voting Pattern

The voting pattern revealed strong support across different shareholder categories, with notable participation from institutional and retail investors:

Regulatory Compliance and Process

The postal ballot process adhered to all regulatory requirements under the Companies Act, 2013 and SEBI regulations. CS P.K. Sarawagi of M/s. P. Sarawagi & Associates served as the appointed scrutinizer, ensuring fair and transparent conduct of the voting process.

Key compliance aspects included:

• Publication of requisite advertisements in "Business Standard" (English) and "Aajkaal" (Bengali) on 13th January 2026
• Distribution of postal ballot notice dated 29th December 2025 via email on 9th January 2026
• Availability of voting information on company and stock exchange websites
• Proper authentication and scrutiny of votes based on shareholding records

Leadership Transition Details

The approved resolution enables Milan Sadhukhan (DIN: 03082335) to assume the role of Director and Managing Director for a three-year term commencing 1st January 2026. The appointment represents a significant leadership development for the industrial gases company.

The scrutinizer's report, dated 13th February 2026, confirmed that all procedural requirements were met and the resolution passed with the requisite majority. Company Secretary Amit Dhanuka coordinated the entire postal ballot process, ensuring compliance with applicable regulations and timely communication with stock exchanges and depositories.