EGM: variation of existing 1,00,000 and 1,50,000 preference shares into compulsorily convertible preference shares
Manoj Ceramic Ltd held its Extra-ordinary General Meeting on Thursday, 15 October 2026 through video conferencing.
By ScoutQuest · · 3 min read
- Resolution 1 - Preference Shares Varied
- 1,00,000 15% Non-Cumulative Redeemable Preference Shares into 1,00,000 15% Compulsorily Convertible Preference Shares of Rs. 100/- each
- Resolution 2 - Preference Shares Varied
- 1,50,000 15% Non-Cumulative Redeemable Preference Shares into 1,50,000 15% Compulsorily Convertible Preference Shares of Rs. 100/- each
- EGM Date
- Thursday, 15 October 2026 through video conferencing
What happened
Manoj Ceramic Limited held an Extra-ordinary General Meeting (EGM) on Thursday, 15 October 2026 through Video Conferencing and Other Audio Visual Means. The meeting commenced at 12:30 P.M. and concluded at 12:43 P.M. (IST). Mr. Dhruv Rakshasiya, Managing Director, was designated by the Board to act as Chairman and was elected Chairman of the meeting.
As per the attendance records, 08 (Eight) Members attended through video conferencing, and the requisite quorum was present throughout the meeting.
The resolutions
The shareholders considered and approved two Special Resolutions
- Variation in the terms and rights of existing 1,00,000 15% Non-Cumulative Redeemable Preference Shares into 1,00,000 15% Compulsorily Convertible Preference Shares of Rs. 100/- each, and the consequent issuance of 15% Compulsorily Convertible Preference Shares.
- Variation in the terms and rights of existing 1,50,000 15% Non-Cumulative Redeemable Preference Shares into 1,50,000 15% Compulsorily Convertible Preference Shares of Rs. 100/- each, and the consequent issuance of 15% Compulsorily Convertible Preference Shares.
Both were placed as Special Resolutions, which means they were required to be passed by a higher level of shareholder approval than an ordinary resolution.
Preference shares, in simple terms
Preference shares are a separate class of shares. They usually carry a fixed rate of dividend, here 15%, and rank ahead of ordinary equity shares when dividend is paid, but they normally do not carry voting rights in the same way equity shares do.
The word "redeemable" means the company could buy these shares back at a defined point. "Compulsorily convertible" means these shares must mandatorily convert into equity shares in line with the stated terms. So what is being changed is the eventual nature of these shares — from being redeemed to being converted.
Mr. Pankaj Shantilal Rakshasiya, Chief Financial Officer of the Company, briefed the Members on the financial terms and the basis of pricing of the proposed variation and conversion of the existing preference shares, in relation to both Special Resolutions placed before the meeting.
Voting and next steps
Mr. Vivek Rawal, representing M/s. Rawal & Co., acted as the Scrutinizer to scrutinize the remote e-voting and e-voting during the EGM. Remote e-voting was provided through the e-voting platform of PURVA, and the process started on Monday, 12 October 2026 (9.00 a.m. IST) and ended on Wednesday, 14 October 2026 (5.00 p.m. IST).
The Chairman informed members that the voting results will be disseminated to BSE Limited, where the Company's shares are listed, and will also be made available on the Company's website within 2 working days from the conclusion of the meeting. The e-voting module was kept open till 15 minutes after the conclusion of the meeting for members who had not yet voted.
How a retail investor can read this
This update is the outcome of a shareholder meeting. The main takeaway is that shareholders have considered and approved the proposal to change the terms of these preference shares from Non-Cumulative Redeemable to Compulsorily Convertible. Because such a change alters the rights attached to a class of shares and leads to fresh issuance on conversion, it is put to shareholders as a Special Resolution. The voting outcome is being disclosed separately.
Also from Manoj Ceramic
Corrigendum to EGM Notice: Issue Price Basis and Valuation Details for 15% CCPS Issue
9 Oct 2026
More numbers
- Existing preference shares under Resolution 11,00,000
- Existing preference shares under Resolution 21,50,000
- Dividend rate on the preference shares15%
- Face value per preference shareRs. 100/-
- New compulsorily convertible preference shares (Resolution 1)1,00,000
- New compulsorily convertible preference shares (Resolution 2)1,50,000
- Members present through VC/OAVM08 (Eight)
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