Meeting Details

  • Date: Friday, September 25, 2026
  • Time: 03:30 P.M.
  • Mode: Video Conferencing (VC) / Other Audio‐visual Means (OAVM)
  • Deemed Venue: Registered Office at Vadadala, Phase-II, Savli, Vadodara, Gujarat, India – 391520
  • Type of Meeting: 34th Annual General Meeting

Attendees

Directors and Key Managerial Personnel Present:

1. Mr. Maheswar Sahu - Chairman & Independent Director

2. Mr. Rakesh Ramanlal Shah - Non-Executive Promoter Director (joined after commencement)

3. Mr. Himanshu Shah - Non-Executive Promoter Director

4. Dr. Varsha Adhikari - Independent woman Director

5. Mr. Umeshkumar Chhaya - Additional Director / Whole-time Director

6. Mr. Pawan Lohiya - Chief Financial Officer

7. Mr. Jayesh Patel - Company Secretary and Compliance Officer

Mr. Rabindra Nath Nayak, Director, was absent due to pre-occupation.

Professional Representatives Present:

1. Representative of M/s Naresh & Co., Chartered Accountants (Statutory Auditors)

2. Mr. Ashish Shah, Practicing Company Secretary (Secretarial Auditor)

3. Mr. Malhar Dalwadi / representative of M/s Dalwadi & Associates (Cost Auditors)

Proceedings Summary

Opening and Quorum

The meeting was called to order by Mr. Jayesh Patel, Company Secretary, who confirmed requisite quorum was present. The Chairman declared the meeting duly constituted.

Statutory Documents and Reports

The Chairman informed members that:

  • The Notice dated August 13, 2026 and Annual Report for FY 2025-26 had been circulated
  • Statutory Auditors M/s. Naresh & Co. issued a qualified audit report regarding maintenance of Fixed Assets Register and assessment of impairment of fixed assets
  • Secretarial Auditors M/s. Ashish Shah & Associates issued a qualified report regarding non-compliance with Minimum Public Shareholding (MPS) requirement
  • Cost Auditors M/s. Dalwadi & Associates issued their Cost Audit Report with qualifications arising from statutory auditors' qualifications
  • All qualifications along with Board's explanations and corrective actions were disclosed in the Directors' Report

Financial Performance Highlights

The Chairman presented key financial highlights for FY 2025-26:

  • Consolidated Total Revenue: Increased to approximately ₹1,910 crore from ₹1,115 crore in previous year
  • EBITDA: Rose to ₹224 crore with margin improving to 11.7% from 6%
  • Profit After Tax: Increased to ₹158 crore from ₹34 crore
  • Improvement attributed to increased focus on higher-value medium and extra-high-voltage cables

Corporate Developments

The Chairman highlighted significant corporate developments:

  • Substantially completed obligations under NCLT-approved Resolution Plan
  • Prepaid instalments to lenders ahead of schedule by one year (originally scheduled for September 2027)
  • Raised approximately ₹1,614 crore through Qualified Institutions Placement in July 2026
  • Achieved compliance with Minimum Public Shareholding requirement through QIP
  • Company now has positive net worth and stronger financial foundation

Business Items Transacted

The following nine resolutions were transacted at the meeting:

ORDINARY BUSINESS:

1. Ordinary Resolution: Adoption of Audited Standalone Financial Statements for FY ended March 31, 2026 with Reports of Board of Directors and Auditors

2. Ordinary Resolution: Adoption of Audited Consolidated Financial Statements for FY ended March 31, 2026 with Report of Auditors

3. Ordinary Resolution: Re-appointment of Mr. Rakesh Ramanlal Shah (DIN: 00421920) as Director liable to retire by rotation

SPECIAL BUSINESS:

4. Ordinary Resolution: Appointment of Mr. Umeshkumar Chhaya (DIN: 11881011) as Director

5. Special Resolution: Appointment of Mr. Umeshkumar Chhaya (DIN: 11881011) as Whole-time Director

6. Ordinary Resolution: Ratification of remuneration payable to Cost Auditor for financial year 2026-27

7. Special Resolution: Shifting of Registered Office from Vadodara, Gujarat to Ahmedabad, Gujarat

8. Special Resolution: Approval of remuneration payable to Mr. Maheswar Sahu, Chairman and Independent Director

9. Special Resolution: Approval of remuneration payable to Mr. Rabindra Nath Nayak, Non-Executive Independent Director

Shareholder Interaction

A speaker shareholder session was conducted where registered members raised queries regarding the business items, which were responded to by the Chairman to their satisfaction.

Voting Process

The Company Secretary detailed the voting procedure:

  • Remote e-voting period: Tuesday, September 22, 2026 at 09:00 A.M. to Thursday, September 24, 2026 at 05:00 P.M.
  • Cut-off date for eligibility: Friday, September 18, 2026
  • E-voting during AGM: Facility kept open for 15 minutes after meeting conclusion for members who hadn't voted during e-voting period
  • Voting results declaration: To be declared and disseminated on stock exchanges on or before Tuesday, September 29, 2026
  • Results publication: To be uploaded on company website and NSDL website

Meeting Conclusion

The meeting concluded at 04:00 P.M. (IST) with a vote of thanks to the Chair. The Chairman expressed appreciation to shareholders, customers, suppliers, bankers, business partners, employees, directors, and auditors for their support.

Compliance Statement

The proceedings were conducted in compliance with the Companies Act, 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Secretarial Standard-2 on General Meetings, and relevant circulars issued by the Ministry of Corporate Affairs and SEBI.