Proceedings of 40th AGM: MD change and director re-appointments put to vote

The 40th AGM was held on 28 Sep 2026 via video conferencing, attended by 48 members.

Mon 28 Sep 2026

AGM Date

28 Sep 2026

Attendance

48 members

Meeting Duration

35 minutes (02:00 P.M. to 02:35 P.M.)

MD Change

Mr. Hariram Garg stepping down as MD, continuing as Chairman & Non-Executive Director; Mr. Sunil Garg appointed as new MD

Key Resolutions

Adoption of FY26 accounts, re-appointment of Mrs. Rama Garg, re-appointment of Mr. Akhil Kumar Manglik as Independent Director

What was shared

The company informed the exchanges about the brief proceedings of its 40th Annual General Meeting, held on Monday, 28 September 2026 at 02.00 P.M. through video conferencing and other audio-visual means. The meeting concluded at 02:35 P.M. after remaining open 15 minutes for e-voting.

Attendance

• 48 Members attended through video conferencing, including Promoter and Promoter Group, forming the quorum.
• Mr. Hariram Garg, Managing Director, chaired the meeting. Directors, the CFO, Company Secretary, and the statutory, secretarial and internal auditors were present.
• Out of four registered speakers, two were present and their questions were answered by Mr. Sunil Garg; the others will be responded to after the AGM.

Items transacted

• Adoption of the audited standalone and consolidated financial statements for the year ended 31 March 2026, along with the Board's and Auditors' reports (Ordinary Resolution).
• Appointment of a director in place of Mrs. Rama Garg, who retires by rotation and offered herself for re-appointment (Ordinary Resolution).
• Approval of voluntary stepping down from the office of Managing Director by Mr. Hariram Garg and his continuation as Chairman & Non-Executive Director (Special Resolution).
• Appointment of Mr. Sunil Garg as Managing Director of the company (Ordinary Resolution).
• Re-appointment of Mr. Akhil Kumar Manglik as Non-Executive Independent Director (Special Resolution).

Why it matters

The headline change here is at the top of the management structure: the existing Managing Director proposed to move to a non-executive Chairman role, with Mr. Sunil Garg proposed as the new Managing Director. Such leadership transitions are usually watched by investors for continuity of strategy; both individuals were already on the Board.

What next

Remote e-voting was open from 09:00 a.m. on 25 September 2026 to 05:00 p.m. on 27 September 2026, and e-voting stayed open for 15 minutes after the meeting. The resolutions are deemed passed subject to receipt of the requisite votes. The consolidated voting results will be announced on receipt of the Scrutinizer's Report, expected within two working days of the meeting, and will be shared with the stock exchanges and hosted on the company's website and NSDL.

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