PIPrime Industries519299AGM

AGM approves statutory auditor, MD and director appointments, capital increase and preferential issue

34th AGM (19 Oct 2026) approved Sanjiv Malik as Executive Director & Managing Director for 3 years from 08 Sep 2026, Deepak Handa as Non-Executive Director for 2 years from 20 Sep 2026.

By ScoutQuest · Tue 20 Oct 2026, 2:02 PM IST · 3 min read

MD Appointment Term

Sanjiv Malik as Executive Director & Managing Director for 3 years from 08 Sep 2026

Authorised Share Capital

increased from ₹35 crore to ₹40 crore

Preferential Issue

upto 27.3 lakh equity shares to non-promoter category on preferential basis

What members approved at the 34th AGM

The 34th Annual General Meeting of Prime Industries Ltd was held on Monday, 19 October 2026 at 03:00 P.M. through video conferencing/other audio-visual means, and the businesses set out in the notice were approved.

• M/s. Akshay Singha & Associates, Chartered Accountants (FRN: 039880N), appointed as statutory auditor for a term of five consecutive years, from the conclusion of the 34th AGM until the conclusion of the 39th AGM. The update describes the firm as established in 2022.
• Mr. Rajinder Kumar Singhania (DIN: 00077540), Non-Executive Director, re-appointed as a Director, retiring by rotation. He has over 42 years of experience in finance, M&A and taxation, and holds 0.04% of the Company.
• Mr. Sanjiv Malik (DIN: 09498207) appointed Executive Director, and Managing Director for a period of 3 years from 08 September 2026 till 07 September 2029. He is a B.Tech in Textile Technology with more than 30 years of experience in the textile and related industries.
• Mr. Deepak Handa (DIN: 07984901) appointed Non-Executive Director for 2 (Two) years w.e.f. 20 September 2026 to 19 September 2028. He has 25+ years of experience across automotive and engineering organisations.
• Contracts and/or agreements with Related Parties for Related Party Transactions for FY 2026-2027.
• Authorised Share Capital increased from ₹35 crore to ₹40 crore, with a consequential amendment to the capital clause of the Memorandum of Association.
• Alteration of the main object clause of the MOA: three new sub-clauses (9, 10 and 11) inserted after sub-clause 8 under Clause 3(A), covering design, testing and manufacturing of automobiles including internal combustion engines and electric vehicles and high precision parts; manufacture and processing of iron and steel, ferrous and non-ferrous metals and alloys; and research and development of precision engineered components for nuclear and defence industries.
• Issuance of upto 27.3 lakh equity shares to the non-promoter category of the Company on a preferential basis.

Board and key roles

Mr. Sanjiv Malik holds the Managing Director role for a fixed three-year term, alongside the Executive Director designation. Mr. Deepak Handa joins as a Non-Executive Director for two years. Mr. Rajinder Kumar Singhania continues as a Non-Executive Director after re-appointment. Their terms and remuneration are stated to be as per the Nomination and Remuneration Policy, and the update records no relationship with other directors or key managerial personnel for any of the three.

Capital-related items

Two items change the Company's capital structure on paper. The authorised share capital ceiling moves from ₹35 crore to ₹40 crore. Separately, upto 27.3 lakh equity shares are to be issued to the non-promoter category on a preferential basis. A preferential allotment, if completed, adds new shares and therefore affects the total share count that existing holders are measured against.

How to read this

This is an AGM outcome covering routine governance items (auditor, director appointments, related party contracts) plus three items with a larger bearing on the business: the higher authorised capital, the preferential issue, and the widened main object clause that formally allows the Company to describe automobiles, electric vehicles, metal processing and nuclear/defence-related component work as part of its objects.

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