Proceedings of 34th AGM: no dividend, related party limits of Rs. 100 crore each placed for approval

The 34th AGM was held on 28 September 2026 via video conferencing, 3:00 p.m. to 3:24 p.m., with 44 members participating.

Mon 28 Sep 2026

AGM Date

28 September 2026

Meeting Duration

3:00 p.m. to 3:24 p.m.

Members Participated

44 members

Dividend Recommendation

Board did not recommend a dividend for FY ended 31 March 2026

Related Party Transaction Limits

Rs. 100 crore each with Aditya Ultra Steel Limited and VMS TMT Limited

What was shared

VMS Industries has submitted the summary of proceedings of its 34th Annual General Meeting, held on 28 September 2026 through Video Conferencing / Other Audio Visual Means using the CDSL facility. The meeting began at 3:00 p.m. and concluded at 3:24 p.m., after closure of e-voting. The deemed venue was the registered office in Ahmedabad.

Attendance and chair

• 44 members participated through video conferencing and quorum was confirmed.
• Mr. Manojkumar Jain, Managing Director, chaired the meeting.
• Independent Directors chairing the Audit, Nomination and Remuneration, and Stakeholders Relationship Committees attended, along with the CFO, statutory auditors and secretarial auditors.

Dividend

The Chairman explained that the Board had not recommended a dividend for the financial year ended 31 March 2026, in order to conserve resources for operations, working capital and future business requirements.

Items placed before members

Items 1 to 3 were ordinary business and items 4 to 7 were special business

• Adoption of audited standalone financial statements for FY ended 31 March 2026.
• Re-appointment of Mrs. Sangeeta Jain, retiring by rotation.
• Re-appointment of M/s S N Shah & Associates as Statutory Auditors till the conclusion of the 35th AGM, and fixing remuneration.
• Approval of related party transactions with Aditya Ultra Steel Limited up to Rs. 100 crore during FY 2026–27 and thereafter.
• Approval of related party transactions with VMS TMT Limited up to Rs. 100 crore during FY 2026–27 and thereafter.
• Ratification of remuneration to M/s Anuj Aggarwal & Co., Cost Accountants, for FY 2026–27 cost records audit.
• Appointment of Mr. Varun Manojkumar Jain as a Non-Executive Director (special resolution).

Restrictions on voting by related parties were explained for items 4, 5 and 7.

Voting process

Remote e-voting was open from 25 September 2026 to 27 September 2026 through CDSL, with e-voting also available during the meeting. M/s Umesh Ved & Associates acted as Scrutiniser. The Chairman informed members that voting results with the consolidated Scrutiniser's Report would be declared within forty-eight hours of the conclusion of the AGM, and these will be submitted separately.

What it means for investors

This is a procedural update on how the AGM was conducted and what was put to vote. The two points of substance investors may track are the decision not to pay a dividend for the year and the proposed related party transaction ceilings with the two group entities. The actual outcome of each resolution will be known when the voting results are shared.

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.