EGM takes up special resolutions raising Section 185 limit to Rs. 50 Crores and GOSL related party transactions

Garware Marine Industries held an EGM on 07 October 2026 through video conference.

Wed 7 Oct 2026

EGM Date

07 October 2026

Section 185 Limit

Rs. 40 Crores to Rs. 50 Crores

Related Party Transaction

Material Related Party transaction(s) with Garware Offshore Services Limited (GOSL)

Garware Marine Industries held an Extra Ordinary General Meeting (EGM) on Wednesday, 07 October 2026 through video conference. The meeting was presided over by Mr. Aditya A. Garware, Chairman and Non-Executive Director, who joined from Singapore. The venue of the EGM was presumed at the company's registered office. The meeting commenced at 11:30 a.m. and concluded at 12:04 pm.

What members voted on

• Item 1: Transactions under the provisions of Section 185 of the Companies Act, 2013, in supersession of the earlier approval limit of Rs. 40 Crores, up to Rs. 50 Crores.
• Item 2: Material Related Party transaction(s) with Garware Offshore Services Limited (GOSL), in reference to the supersession of the limit of Rs. 40 Crores to Rs. 50 Crores under Section 185 of the Companies Act, 2013, including charging of Guarantee Commission on a Corporate Guarantee to GOSL.
• Both items were marked as Special Resolution.

Since common directors and promoters were interested in these items, Mr. Aditya A. Garware requested Mr. Piyush V. Patel, Independent Director, to chair the meeting for items 1 and 2; Mr. Garware resumed and continued the proceedings after the resolution was passed.

Who was present

• Mr. Aditya A. Garware, Chairman and Non-Executive Director, and Mrs. Shefali S. Bajaj, Non-Executive Director.
• Independent Directors: Mr. Vikas D. Sadarangani, Mr. Piyush V. Patel, Mr. Amir J. Pradhan and Mr. Hasan Ali Bhinderwala.
• Mr. Shyamsunder V. Atre, Executive Director; Ms. Pallavi P. Shedge, Company Secretary; and Mrs. Vipulata S. Tandel, Chief Financial Officer.
• Mr. Rajkumar Tiwari, Secretarial Auditor, and Mr. Taher Sapatwala, Scrutinizer, were also in attendance.

Quorum and shareholder participation

• The requisite quorum was present, with total members 111.
• The notice of the EGM was taken as read with unanimous consent of the members.
• There were 10 registered speakers (shareholders); 5 of them expressed appreciation for the board members, company secretary and other employees and gave their best regards for the company's progress. The Chairman also answered a shareholder's query.

Voting process and next steps

• Remote e-voting was provided from Sunday, 04 September 2026 at 10.00 a.m. to Tuesday, 06 September 2026 at 5.00 p.m., with the record date being 30 September 2026.
• Members present who had not voted through remote e-voting could cast their votes through the CDSL e-portal after the conclusion of the EGM.
• Mr. Taher Sapatwala, Practicing Company Secretary, was appointed Scrutinizer to conduct the electronic and physical voting; he will consolidate the results of remote e-voting and e-voting during the EGM and submit his report.
• The result will be declared within the time permissible under applicable laws, and the results along with the Scrutinizer's Report will be placed on the company's website, www.garwaremarine.com, and communicated to BSE Ltd.

What this means in simple terms

A Section 185 approval allows a company to extend loans or provide guarantees or security in defined cases, and the related party approval covers transactions with GOSL, which is a related party. The change moves the earlier ceiling of Rs. 40 Crores up to Rs. 50 Crores, and the approval also covers charging a Guarantee Commission on a Corporate Guarantee given to GOSL. In simple terms, the previously approved limit for such exposure has been raised by Rs. 10 Crores in value terms, and the final voting outcome is awaited.

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