AGM approves auditor, MD, ₹40 crore capital, objects clause change, 27,30,000-share preferential issue
Prime Industries' 34th AGM on 19 October 2026 approved all businesses set out in the notice.
By ScoutQuest · · 3 min read
- Authorised share capital
- ₹35 crore to ₹40 crore
- Preferential issue size
- Up to 27.3 lakh equity shares to non-promoters
- MD appointment term
- Mr. Sanjiv Malik, 3 years (08 Sep 2026 to 07 Sep 2029)
What the update covers
The company informed BSE that its 34th Annual General Meeting was held on 19 October 2026 at 03:00 P.M. through video conferencing / other audio-visual means, and that members considered and approved the businesses set out in the notice convening the meeting.
Auditor and board changes
- M/s. Akshay Singhla & Associates, Chartered Accountants, was appointed statutory auditor to fill the casual vacancy in the office of statutory auditor, for a term of five consecutive years, from the conclusion of the 34th AGM until the conclusion of the 39th AGM. The firm was established in 2022 and has over 04 years of practice in direct taxation, indirect taxation, litigation support and assurance services.
- Mr. Rajinder Kumar Singhania, who retires by rotation and is eligible, was re-appointed as a Director. A Chartered Accountant with over 42 years of experience, he is also Managing Director of Master Capital Services Limited and holds 0.04% of the company.
- Mr. Sanjiv Malik was appointed Executive Director and Managing Director for a period of 3 years, commencing 08 September 2026 till 07 September 2029. He holds a B.Tech. in Textile Technology with more than 30 years of experience in the textile and related industries.
- Mr. Deepak Handa was appointed Non-Executive Director for 2 years, with effect from 20 September 2026 to 19 September 2028. He has 25+ years of experience in the automotive components and precision manufacturing sector.
Capital and shares
- Members approved an increase in the authorised share capital of the company from ₹35 crore to ₹40 crore, with a consequential amendment to the capital clause of the Memorandum of Association.
- Members approved the issuance of up to 27.3 lakh equity shares to the non-promoter category of the company on a preferential basis.
Business scope
- The main objects clause was altered by inserting sub-clauses 9, 10 and 11 after sub-clause 8 under Clause 3(A) of the Memorandum of Association.
- Sub-clause 9 covers design, simulation, testing, product development, production engineering and manufacture of automobiles, including internal combustion engines and electric vehicles, and high precision parts, specialty automotive components and automation systems.
- Sub-clause 10 covers manufacture, processing, import, export and trading in iron, steel and other ferrous and non-ferrous metals and alloys and articles made from them, and in plastic, Bakelite, rubber and components.
- Sub-clause 11 covers research and development, through partnerships or in-house capability, of precision engineered components for nuclear and defence applications, and funding for new product development and diversification into allied engineering segments.
- The stated rationale is to explore future business opportunities, support long-term growth and diversification, and more comprehensively describe the company's expansion plans.
Related party transactions
- Members approved entering into contracts and/or agreements with related parties for related party transactions for FY 2026-2027.
What a reader can track
The meeting outcomes cover three different things at once: a change of statutory auditor, a set of board and senior management appointments, and a wider capital and business framework — the higher authorised capital of ₹40 crore, the proposed preferential issue of up to 27.3 lakh equity shares and new objects covering automobiles, metals and defence-related R&D. Each of these is an approval recorded at the AGM; the update states the approvals and the terms above.
Also from Prime Industries
AGM approves statutory auditor, MD and director appointments, capital increase and preferential issue
20 Oct 2026
Subsidiary completes first tranche of fundraise at ₹330 crore pre-money valuation
18 Oct 2026
More numbers
- Existing authorised share capital₹35,00,00,000/-
- Increased authorised share capital₹40,00,00,000/-
- Equity shares proposed on preferential basis27,30,000 equity shares
- Statutory auditor term5 Consecutive years
- Managing Director term3 years
- Non-Executive Director term (Mr. Deepak Handa)2 (Two) years
- Shareholding of Mr. Rajinder Kumar Singhania0.04%
Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.