Cords Cable up 3.45% as AGM minutes show clean audits and defeat of DA proposals

According to the minutes filed for the AGM held on September 28, 2026 at ISKCON, New Delhi (pages 1–2):

• The notice dated August 13, 2026 and the audited financial statements for the year ended March 31, 2026 were taken as read.
• The Statutory Auditors’ and Secretarial Auditors’ reports “did not contain any qualification, observation or adverse remark requiring reading before the Members.”
• The Chief Financial Officer highlighted the company’s financial performance for the year ended March 31, 2026, though the minutes do not reproduce the revenue or profit numbers.

The filing does not break out margins, nor does it restate the profit and revenue figures; those were part of the annual report and not repeated in these minutes.

The detailed voting tables from pages 3–8 show overwhelming support for the company’s core business and governance resolutions:

• Adoption of audited financial statements (Resolution 1): 70,66,218 votes were cast, with 70,66,218 votes in favour and 0 against, translating to 100.0000% of votes polled in favour.
• Final dividend of Rs 1.20 per share (12%) (Resolution 2): Again, 70,66,218 votes in favour and 0 against, or 100.0000% of votes polled.
• Reappointment of director Mr. Pawan Kumar Maheswari (Resolution 3): 70,66,218 votes in favour, 0 against, 100.0000% support.
• Appointment of new statutory auditors GVKN & Associates (Resolution 4): 70,66,218 votes in favour, 0 against, 100.0000% support.
• Ratification of cost auditor remuneration of Rs 1,17,700 (Resolution 5): 70,66,218 votes in favour, 0 against, 100.0000% support.
• Appointment of Mr. Pawan Kumar Maheswari as Whole-time Director and his remuneration (Resolution 6): 70,66,218 votes in favour, 0 against, 100.0000% support.
• Increase in remuneration of Managing Director Mr. Naveen Sawhney (Resolution 7): 68,99,762 votes in favour and 1,66,456 against, meaning 97.6443% of votes polled supported the pay hike.

This near-unanimous approval across key items signals that institutional and public shareholders were comfortable with the board, auditors and the broad remuneration framework for top management.

The real surprise in the minutes – and a likely driver of today’s positive reaction – lies in the two related-party remuneration resolutions that did not pass.

Resolutions 8 and 9 sought shareholder approval for payment of Dearness Allowance (DA) to:

• Mr. Varun Sawhney, Vice President (Marketing, IT & HR) (Resolution 8), and
• Mr. Gaurav Sawhney, Vice President (Finance & Banking) (Resolution 9),

both of whom are related parties and hold offices or places of profit in the company.

Because the promoter and promoter group are interested in these items, they abstained from voting. The notes on pages 13 and 15 clarify that e-voting done in favour of these resolutions by the promoter group holding 67,80,142 shares “has not been counted as being related party they are abstained from voting.”

Once promoter votes are excluded, the non-promoter shareholders effectively decided the outcome:

• For each of Resolutions 8 and 9, a total of 2,86,076 votes were polled, representing 2.2129% of outstanding shares.
• Of these, 1,19,620 votes were in favour and 1,66,456 against.
• That translates to 41.8141% in favour and 58.1859% against.
• As a result, both resolutions failed to secure the requisite ordinary majority and were “not passed as an Ordinary Resolution.”

The minutes spell out that the DA would have been up to 10% of basic salary for each financial year, cumulative and over and above existing remuneration, with broad discretion to the board on timing and accrual (pages 14–16).

The market already knew from the AGM outcome filing that routine items had gone through and a 12% dividend was on the table. That disclosure had initially triggered a sell-off, as investors saw “only routine resolutions” and no new growth triggers.

The minutes add two important layers that help explain the subsequent bounce to Rs 319:

1. Clean audit and unanimous support on core items
   The explicit statement that the statutory and secretarial audit reports carry no qualifications or adverse remarks, combined with 100.0000% approval on the financials, dividend, auditors and key board appointments, reinforces comfort around the company’s financial reporting and governance basics.

2. Visible shareholder pushback on incremental related-party pay
   The defeat of Resolutions 8 and 9 shows that when promoter votes are stripped out, non-promoter shareholders are willing to block additional, cumulative DA for promoter-linked executives. With only 41.8141% of non-promoter votes in favour versus 58.1859% against, the market can read this as:

   • A check on potential remuneration creep in related-party roles.
   • Evidence that institutional and public investors are actively using their vote on sensitive pay structures.

That combination – strong backing for the company’s core governance and financial items, but clear limits on how far related-party compensation can go – appears to be what the market is rewarding. The stock’s 3.5% rise after the minutes were published suggests investors are reassessing the AGM not as a rubber-stamp event, but as one where shareholder discipline was visible.

For all the detail on voting mechanics, the minutes leave some gaps:

• They do not restate the revenue, profit or EPS for the year ended March 31, 2026.
• They do not provide margin data or guidance for FY27.
• They summarise that the CFO “highlighted the financial performance” and that members appreciated the performance, but without numbers.

That means today’s move is being read more through a governance and pay-structure lens than through fresh financial data in this particular document. Any references in market chatter to specific revenue or net income figures for FY26 come from the broader annual report and not from these minutes.

For now, the key takeaway from the filing is that Cords Cable’s shareholders have drawn a line between supporting the business and its leadership, and signing off on every element of related-party remuneration – and the stock is responding to that distinction.

This article is for information only and is not investment advice.