Meeting Details

The 38th Annual General Meeting was held on Saturday, 26th September, 2026 at the Registered Office of the Company: Survey No. 55/1 P6/P1/P1, Near Shree Stamping, Village: Sadak-Pipaliya, Tal: Gondal, Dis: Rajkot 360311, Gujarat, India. The record date for determining shareholder eligibility to vote was 19th September, 2026, with 70,787 shareholders on record.

Shareholder Participation

  • Total shareholders present at meeting (in person or by proxy): 30
  • Promoters & Promoter Group: 9 shareholders
  • Public shareholders: 21 shareholders

Proposed Resolutions and Implications

Six resolutions were proposed at the AGM:

1. Ordinary Resolution: To receive, consider and adopt the Audited Standalone Financial Statements for FY ended 31st March, 2026 with Board of Directors and Auditors reports

2. Ordinary Resolution: To appoint Mr. Rakesh Chhaganlal Patel (DIN: 00510990) as Managing Director who retires by rotation

3. Special Resolution: Re-appointment of Mr. Nayankumar Karshanbhai Virparia (DIN: 03297965) as independent director for a second term

4. Ordinary Resolution: Increase in authorized share capital from ₹35,00,00,000 to ₹85,00,00,000

5. Special Resolution: Alteration in Clause V (Capital Clause) of Memorandum of Association

6. Special Resolution: Alteration in Clause III [A] (Main Object Clause) of Memorandum of Association

The capital increase resolution represents a significant expansion of the company's authorized capital base from ₹35 crore to ₹85 crore, indicating potential future fundraising or expansion plans.

Voting Process and Methods

The voting was conducted through two methods:

1. Remote E-voting: Managed by MUFG Intime India Private Limited (RTA of the Company)

  • Voting period: 9:00 AM on Wednesday, 23rd September, 2026 to 5:00 PM on Friday, 25th September, 2026
  • Module blocked by Scrutinizer after 5:00 PM on 25th September, 2026

2. Physical Voting through Ballot Papers: Conducted at the AGM venue for shareholders present physically

  • Ballot boxes were locked with identification marks and opened in presence of witnesses
  • Witnesses: Mr. Akash Pathak and Ms. Neha Ribadia
  • Ballot papers reconciled with company records and authorizations/proxies

Key Voting Outcomes

Overall Participation:

  • Total votes cast: 116,347,776 shares (34.52% of outstanding 337,005,575 shares)
  • 53 shareholders participated in voting (36 through e-voting, 17 through physical polling)

Resolution-wise Results:

Resolution 1 (Ordinary - Financial Statements Adoption):

  • Total votes in favor: 116,216,302 (99.88%)
  • Votes against: 130,900 (0.11%)
  • Invalid/Abstained: 574 shares
  • Promoter group: 100% in favor (110,425,019 votes)
  • Public non-institutions: 97.78% in favor (5,791,283 of 5,922,757 votes)

Resolution 2 (Ordinary - MD Reappointment):

  • Total votes in favor: 97,010,222 (99.86%)
  • Votes against: 130,900 (0.13%)
  • Promoters abstained: 19,206,080 shares (as interested parties)
  • Promoter group participation: 82.61% (91,218,939 of 110,425,019 shares)

Resolution 3 (Special - Independent Director Reappointment):

  • Total votes in favor: 116,216,302 (99.88%)
  • Votes against: 130,900 (0.11%)
  • Invalid/Abstained: 574 shares

Resolution 4 (Ordinary - Capital Increase):

  • Total votes in favor: 116,166,302 (99.84%)
  • Votes against: 180,900 (0.16%)
  • Invalid/Abstained: 574 shares
  • Public non-institutions e-voting: 86.40% in favor (1,152,521 of 1,333,995 votes)

Resolution 5 (Special - MOA Capital Clause Alteration):

  • Total votes in favor: 116,216,302 (99.88%)
  • Votes against: 130,900 (0.11%)
  • Invalid/Abstained: 574 shares

Resolution 6 (Special - MOA Object Clause Alteration):

  • Total votes in favor: 116,216,302 (99.88%)
  • Votes against: 130,900 (0.11%)
  • Invalid/Abstained: 3 shares

All resolutions were declared passed with the requisite majority.

Scrutinizer's Role and Findings

CS Purvi Dave of MJP Associates (Firm Reg. No. 22001G1007900) was appointed as Scrutinizer by the Board of Directors at their meeting held on 29th August, 2026. The scrutinizer:

  • Verified both remote e-voting and physical voting processes
  • Compiled details of physical voting conducted at AGM venue
  • Verified detailed e-voting report received from MUFG Intime India Private Limited
  • Declared all resolutions passed with requisite majority
  • Maintained ballot papers and relevant records under safe custody for handover to the Company Secretary

Compliance Confirmation

The disclosure confirms compliance with:

  • Section 108 of the Companies Act, 2013
  • Rule 20(3)(xi) of the Companies (Management and Administration) Rules, 2014
  • Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Signatories and Roles

  • Submitted by: Drashti Hardik Bhuva, Company Secretary & Compliance Officer (M. No. A58976)
  • Scrutinizer: CS Purvi Dave, Partner of MJP Associates, Practising Company Secretaries
  • Countersigned: Hiralal Mahidas Tilva, Chairman & Managing Director

Additional Information

The scrutinizer's report includes a compact disc containing detailed lists of shareholders who voted in favor, against, and those votes declared invalid/abstained for each resolution. All voting records and ballot papers will be handed over to the Company Secretary for safe keeping as prescribed by rules.