Vardhman Polytex Limited has successfully completed its postal ballot process for the appointment of a new Independent Director, demonstrating strong shareholder confidence in the company's governance initiatives. The e-voting process, conducted in compliance with SEBI regulations, concluded on February 22, 2026, with overwhelming approval from shareholders.

Postal Ballot Details and Timeline

The postal ballot was conducted to seek shareholders' approval for appointing Mr. Shubham Jain (DIN: 11397574) as an Independent Director through a special resolution. The comprehensive voting process was structured with specific timelines to ensure maximum shareholder participation.

Voting Results and Shareholder Response

The resolution received exceptional support from shareholders across all categories, demonstrating confidence in the proposed appointment. The voting results showed remarkable consensus among different shareholder groups.

Resolution Outcome and Compliance

The special resolution for Mr. Shubham Jain's appointment as Independent Director was passed with the requisite majority, meeting all regulatory requirements under the Companies Act, 2013, and SEBI (LODR) Regulations, 2015. The appointment strengthens the company's board composition with independent oversight.

Key highlights of the voting outcome include:

• Total participation: 155751017 shares representing 33.94% of paid-up share capital
• Approval rate: 99.99% of votes cast in favour
• Promoter support: 100% approval from promoter and promoter group
• Public shareholder support: 98.99% approval from participating public shareholders

Regulatory Compliance and Documentation

The entire postal ballot process was conducted in strict compliance with applicable regulations, including Section 108 and 110 of the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The scrutinizer's report, dated February 23, 2026, confirmed the procedural integrity and validity of the voting process.

The company has submitted the voting results and consolidated scrutinizer's report to both NSE and BSE, fulfilling its disclosure obligations under Regulation 30 of SEBI (LODR) Regulations, 2015. This appointment reflects the company's commitment to maintaining robust corporate governance standards through independent board oversight.

Pine Oak Global Fund has acquired 1,00,00,000 shares of Vardhman Polytex Limited through open market purchase, as disclosed in a regulatory filing dated February 17, 2026. The acquisition represents a significant increase in the fund's stake in the textile company, which is listed on both NSE and BSE.

Acquisition Details

The transaction was completed on February 16, 2026, with Pine Oak Global Fund purchasing 1,00,00,000 equity shares through open market operations. The fund has clarified that it does not belong to the promoter or promoter group of Vardhman Polytex Limited.

Share Capital Structure

Vardhman Polytex Limited's equity share capital remains unchanged at 45,88,94,004 equity shares of Re. 1 each, aggregating to a share capital of Rs. 45,88,94,004. However, the total diluted share capital stands at 50,84,19,004 equity shares, assuming full conversion of the balance 4,95,25,000 convertible warrants issued on preferential basis.

Regulatory Compliance

The disclosure was made under Regulation 29(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Pine Oak Global Fund submitted the requisite documentation to both the National Stock Exchange of India Limited and BSE Limited, where Vardhman Polytex shares are listed under scrip codes VARDMNPOLY and 514175 respectively.

Fund Background

Pine Oak Global Fund, based in Mauritius, operates under the tagline "Unleashing the Wealth in Wisdom." The fund's acquisition represents a strategic investment in Vardhman Polytex Limited, a company in the textile sector with operations based in Ludhiana, Punjab.

The transaction details show that no voting rights were acquired otherwise than by equity shares, and no warrants, convertible securities, or other instruments were involved in this particular acquisition. The fund also confirmed no shares were held in the nature of encumbrance such as pledge, lien, or non-disposal undertaking.