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Visaka Industries AGM: Major Decisions Approved Amidst Investor Scrutiny

Hyderabad-based Visaka Industries Limited (VIL) recently concluded its 42nd Annual General Meeting (AGM), revealing key decisions that have piqued investor interest. The AGM, held on July 15, 2024, saw significant resolutions passed, including the reappointment of the Managing Director and the approval of a dividend payout. However, the meeting also brought to light a discrepancy in the voting process, raising questions about the integrity of the results.

Key Resolutions Passed:

• Re-appointment of Managing Director: Smt. G. Saroja Vivekanand has been re-appointed for a five-year term, commencing from October 24, 2024.
• Dividend Declaration: A final dividend of ₹0.50 per equity share of ₹2 for the financial year 2023-24 has been approved.
• Change in Designation and Remuneration: Shri. Joginapalli Pruthvidhar Rao's designation has been changed, and his remuneration has been approved, effective from April 1, 2024.
• Shifting of Registered Office: The company's registered office will be relocated to Visaka Towers in Secunderabad, Hyderabad district, Telangana.

Voting Discrepancy:

While all resolutions were passed with an overwhelming majority, the scrutinizer's report revealed a discrepancy in the remote e-voting process. Votes cast by 143 members through remote e-voting were deemed invalid due to missing authorization documents. This has raised concerns among some shareholders about the transparency and accuracy of the overall voting process.

Investor Concerns:

The invalidated votes have sparked a debate among investors about the robustness of the remote e-voting system and the need for stricter verification procedures. Some shareholders are calling for greater transparency from the company regarding the voting process and its impact on the final results.

Company Response:

Visaka Industries has not yet publicly addressed the concerns raised by the invalidated votes. However, the company has made the AGM voting results and scrutinizer's report available on its website and that of KFin Technologies Limited.

Next Steps:

As the company moves forward with implementing the approved resolutions, it remains to be seen how it will respond to the concerns raised regarding the voting process. Investors will be watching closely to see if any additional actions are taken to ensure transparency and address the issue of the invalidated votes.