On June 3, 2025, Evoq Remedies Limited, a listed pharmaceutical company, held its Extra-Ordinary General Meeting (EGM) through video conferencing (VC) and other audio-visual means (OAVM). The meeting, which began at 03:02 PM and concluded by 03:10 PM, was convened to deliberate and decide on five key resolutions pertaining to the company’s capital structure and governance. The official disclosure was submitted to BSE Limited under Regulation 44(3) of SEBI (LODR) Regulations, 2015, by Managing Director Bhumishth Patel.

Overview of Voting Participation

The record date for eligibility to vote was May 27, 2025, with 1,703 shareholders on record. While no shareholders were physically present, a total of 19 shareholders attended via VC/OAVM, including 5 from the promoter and promoter group and 14 from the public category. The scrutinizer for the EGM was CS Gaurav V Bachani of Gaurav Bachani & Associates, appointed on May 6, 2025.

The total number of shares eligible for voting stood at 2,49,00,000, and the overall voting turnout was 11.28%, with all votes cast via e-voting.

Detailed Breakdown of Each Resolution

Resolution 1: Increase in Authorised Share Capital and Alteration of the Capital Clause in MOA

• Type: Ordinary Resolution

• Promoter group votes: 27,91,787 out of 27,91,929 (99.995%)

• Public votes: 16,000 out of 2,21,08,071 (0.072%)

• Total votes polled: 28,07,787 (11.28%)

• Votes in favour: 100%

• Result: Approved

This resolution allows the company to increase its authorized share capital, providing a foundation for future fundraising and expansion activities.

Resolution 2: Issuance of Equity Shares (Other than Cash) on a Preferential Basis

• Type: Special Resolution

• Promoter interest: No

• Votes in favour: 100%

• Result: Approved

This step enables Evoq Remedies to issue equity shares for consideration other than cash, likely for strategic partnerships, acquisitions, or debt conversion.

Resolution 3: Preferential Allotment with Promoter Interest

• Type: Special Resolution

• Promoter interest: Yes

• Votes in favour: 100%

• Result: Approved

The company received approval to issue equity shares preferentially to entities linked to promoters. Though the promoter group expressed interest, it did not affect the unanimous passage of the resolution.

Resolution 4: Amendment to Object Clause in MOA

• Type: Special Resolution

• Promoter interest: No

• Votes in favour: 100%

• Result: Approved

Evoq Remedies modified the object clause of its Memorandum of Association, potentially indicating diversification or inclusion of new business activities aligned with the company’s evolving goals.

Resolution 5: Regularization of Ms. Pushpa Joshi as Independent Director

• Type: Special Resolution

• Promoter interest: No

• Votes in favour: 100%

• Result: Approved

Ms. Pushpa Joshi (DIN: 06838093) was formally regularized as a Non-Executive Independent Director, reinforcing Evoq’s commitment to strong governance and independent board oversight.

Voting Summary Table

Observations and Significance

• The complete approval of all resolutions underscores strong shareholder support, particularly from the promoter group, which holds a significant portion of the total equity.

• The resolutions collectively pave the way for capital restructuring, preferential share issuance, corporate realignment, and board strengthening.

• The decision to issue shares other than for cash indicates the company might pursue strategic non-cash acquisitions or alliances, often used in inorganic growth strategies.

• The appointment of an independent director aligns with regulatory expectations for board independence, particularly for good governance practices in listed entities.

Key Compliance Notes

• The entire voting process, including report generation, followed the stipulations under Regulation 44(3) of SEBI (LODR) Regulations, 2015.

• No invalid votes were recorded, further indicating transparency and procedural compliance.

• The company’s disclosure was signed and submitted by Managing Director Bhumishth Patel, ensuring management-level responsibility and regulatory integrity.

Conclusion

The successful passage of all five resolutions during the EGM of Evoq Remedies Limited marks a significant turning point for the company's financial structuring and corporate governance. The strategic initiatives outlined through the resolutions suggest Evoq is gearing up for future growth, possibly including expansion, acquisitions, or new product verticals. With the full support of its promoter group and the affirmation of participating public shareholders, Evoq Remedies appears poised to capitalize on its strengthened structural framework in the coming months.

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