Proceedings of 32nd AGM: 12 items transacted, including withdrawal of preferential share swap issue

The 32nd AGM was held on 30th September 2026 via video conferencing, from 03:56 P.M. to 04:11 P.M.

Wed 30 Sep 2026

AGM Date

30th September 2026

Meeting Duration

03:56 P.M. to 04:11 P.M.

Public Shareholders Attended

36

Total Shareholders on Record Date

15,799

Preferential Share Withdrawal

59,99,736 Equity Shares to shareholders of Mahakal Devcon Limited

What happened

The company held its 32nd Annual General Meeting on Wednesday, 30th September 2026 through video conferencing/other audio-visual means. It was scheduled for 03:30 P.M., commenced at 03:56 P.M. and concluded at 04:11 P.M., with e-voting open for a further 15 minutes after the meeting.

Attendance

• Total shareholders on record date: 15,799
• Public shareholders attending via video conferencing: 36
• Promoters and promoter group attending: 0
• Quorum was declared in order by the Chairman, Mr. Paras Chand Jain, Whole Time Director.
• No shareholder had registered to speak or raise questions.

Business transacted

Ordinary business

• Adoption of audited financial statements for the financial year ended March 31, 2026, with Board and Auditors' reports.
• Re-appointment of Mr. Bhavesh Bhairaram Lohar, retiring by rotation.
• Re-appointment of Ms. Preeti, retiring by rotation.

Special business

• Re-appointment of Mr. Paras Chand Jain as Whole Time Director and fixing his remuneration.
• Re-appointment of Mr. Gopal Lohia, Mr. Mahesh Kumar Nayan Kumar, Mr. Jatin and Mr. Anil Kumar Kothari as Non-Executive Independent Directors, and Mr. Amit Balgotra as Non-Executive Independent Director.
• Approval for increase in managerial remuneration of Mr. Rahul Anandrao Bhargav, Managing Director.
• Note of the certificate from a Practicing Chartered Accountant on the change of name of the company.
• Approval for the withdrawal of the preferential issue of 59,99,736 Equity Shares to the shareholders of Mahakal Devcon Limited through a swap of fully paid-up equity shares of MDL.

Why the withdrawal item matters

The company had earlier contemplated issuing 59,99,736 equity shares on a preferential basis to Mahakal Devcon Limited's shareholders in exchange for MDL shares. Shareholders were asked to approve withdrawing that proposed issue, meaning those new shares would not be issued and the earlier planned dilution would not take place.

Next step

All items were put to remote e-voting before the AGM and e-voting during the AGM. The company stated the voting results would be announced within 2 working days of conclusion of the meeting and displayed on the company's website, the e-voting platform and the stock exchange, along with the Scrutinizer's Report. Investors should watch for that separate disclosure to know whether each resolution was passed and with what margin.

The document is a summary of proceedings for information and record, and does not constitute the minutes of the meeting.

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