Date: September 25, 2026

AGM Proceedings

The 39th Annual General Meeting of Dharani Sugars and Chemicals Limited for the financial year 2025-26 was held on September 25, 2026, at 11:00 AM IST at the Registered Office at No. 59 Sterling Road, Nungambakkam, Chennai 600 034 through Video Conferencing/Other Audio-Visual Means.

Attendance

Directors Present:

  • Dr Palani G Periasamy - Executive Chairman
  • Mrs Visalakshi Periasamy - Director
  • Mr M Ramalingam - Executive Director - Managing Director
  • Mr A Sennimalai - Non-Executive Director
  • Mr M Ganapathy - Independent Director and Chairman of Stakeholders Relationship Committee and Nomination and Remuneration Committee
  • Mr V Mahalingam - Independent Director and Chairman of the Audit Committee
  • Mr P Sakthivel - Independent Director

Other Attendees:

  • Mr M P Kaliannan - President Finance & CFO
  • Mr N Srivatsan - Srivatsan & Associates, Chartered Accountants (Auditors)
  • Mr R Manikandan - Internal Auditor
  • Mr M Damodaran - M/s M Damodaran & Associate LLP (Secretarial Auditor & Scrutiniser)
  • Mr Priya - M/s Cameo Corporate Services Limited (Share Transfer Agent)
  • Mr E P Sakthivel - Secretary & Compliance Officer
  • Mr R Ravi - M/s SRR Associates (Cost Auditor)

Shareholder Participation:

A total of 48 members representing 15,519,779 equity shares (46.75% of share capital) attended the meeting through video conferencing.

Resolutions Voted On

The following resolutions were put to vote through remote e-voting (September 22-24, 2026) and during the AGM:

1. Ordinary Business: Adoption of audited financial statements, balance sheet, profit and loss account, and cash flow statements for FY2025-26 ended March 31, 2026, together with reports of Board of Directors and Auditors

2. Special Business: Appointment of Mrs Visalakshi Periasamy (DIN: 00064517) as Director who retires by rotation and has crossed the age of 80 years, offers herself for re-appointment

3. Ordinary Business: Ratification of appointment of M/s SRR Associates, Cost Accountants (FRN No. 000992) as Cost Auditor for FY2026-27

4. Ordinary Business: Approval of Related Party Transactions borrowing limit with M/s Dharani Developers Private Limited not exceeding ₹300.00 crores in aggregate

5. Ordinary Business: Approval of Related Party Transactions borrowing limit with Dr Palani G Periasamy, Executive Chairman not exceeding ₹25.00 crores in aggregate

The e-voting facility remained open for 15 minutes after closure of the AGM. Voting results will be announced after scrutinizer's report and placed on company website.

Chairman's Speech Highlights

Global Economy:

  • Global growth projected at 3.3% for 2026 and 3.2% for 2027
  • Brent crude briefly fell below $85/bbl before rebounding above $100/bbl
  • Higher energy and freight costs renewed inflation concerns
  • US federal debt crossed $40 trillion

Indian Economy:

  • India projected to remain fastest-growing major economy with 7.00%-7.8% growth in 2026
  • RBI's FCNR(B) swap facility mobilized approximately $127.2 billion
  • Foreign exchange reserves reached record levels

Indian Sugar Scenario:

  • Sugar production expected around 306 LMT vs initial estimate of 343 LMT
  • Production affected by Red Rot and Top Borer disease and waterlogging from excess rainfall
  • Sugar prices increased from ₹48.18/kg (July 20, 2026) to ₹55.70/kg (August 20, 2026) - 15.6% increase
  • Global sugar deficit for 2026-27 estimated at 3.3 lakh MT
  • International sugar prices rose from $491/tonne (June 30, 2026) to $552/tonne (August 20, 2026) - over 16% increase

Government Measures:

  • Stock limit of 400 tonnes imposed on sugar dealers (August 1-November 30, 2026)
  • Bulk consumers limited to 15 days consumption stock from September 1, 2026
  • Duty-free import of 10 lakh MT of raw sugar permitted
  • Crushing advised to begin from October 15, 2026

Indian Sugar Export Policy:

  • India prohibited all exports of raw, white, and refined sugar until September 30, 2026

Ethanol Blended Petrol Programme:

  • Ethanol blending increased from less than 1.5% in 2013-14 to 20% in 2025-26
  • Ethanol procurement rose from 38 crore litres (2013-14) to over 1,200 crore litres (2025-26)
  • Production capacity expanded from 421 crore litres (2014) to about 2,000 crore litres (2026)

World Sugar Scenario:

  • Global sugar production expected to fall 1.6% to 179.5 million tonnes in 2025-27
  • Consumption expected to remain stable at 179.6 million tonnes

Significant Material Changes:

  • Company faced severe drought during 2016-2018 affecting cane availability and capacity utilization (~35%)
  • Accounts slipped into NPA due to heavy losses
  • Hon'ble Supreme Court set aside liquidation process vide order dated August 7, 2023
  • Hon'ble Supreme Court remanded back to NCLT Chennai for consideration of withdrawal of IBC process vide order dated March 18, 2024
  • NCLT approved withdrawal of CIRP process and restored powers of Board vide order dated May 9, 2024

Outlook for Season 2026-27:

  • Company has recalled employees and started overhauling work post-CIRP exit
  • Making arrangements for required funding to start crushing operations and settle loans

Financial Results

Not Specified

Dividend Declaration

Not Specified

KMP/Board Changes

Not Specified

Disinvestment/Strategic Actions

Not Specified