Industrial And Prudential Investment Co. Ltd conducted its 110th Annual General Meeting on Thursday, 20th August 2026 through Video Conferencing/Other Audio-Visual Means using the 'Insta-Meet' platform. The meeting commenced at 11:30 AM IST and concluded at 12:20 PM IST, including a 15-minute e-voting period.

Meeting Proceedings and Attendance

The meeting was moderated by Ms. Shreya Nayak from MUFG Intime India Pvt Ltd. Key attendees included Chairman & Managing Director Mr. Gaurav Swarup (joining from Kolkata), Directors Mr. Varun Swarup, Mrs. Devina Swarup, Mr. Probir Roy (Independent Director and Chairman of Audit Committee), Mr. Ajay Gaggar and Mr. Vishnu Tulsyan (Independent Directors), Mr. Arun Singhania (CFO), and Mr. Ritesh Agarwal (Partner of S. Jaykishan & Co., Statutory Auditors). Mr. Mayur Mehta, Practicing Company Secretary, served as Scrutinizer for the meeting.

Businesses Considered

Members considered and approved the following four businesses as specified in the notice dated 22nd May 2026:

1. Receipt, consideration, and adoption of:

  • The audited standalone financial statements for the financial year ended 31st March 2026, together with Reports of the Board of Directors and Auditors' Report
  • The audited consolidated financial statements for the year ended 31st March 2026, together with Reports of the Board of Directors and Auditors' Report

2. Declaration of dividend on equity shares for the Financial Year 2025-26

3. Appointment of Mr. Varun Swarup (DIN: 02435858) as Director who retires by rotation and offered himself for re-appointment

4. Approval for continuation of Mr. Gaurav Swarup (DIN: 00374298) as Chairman & Managing Director beyond the age of 70 years during his present term up to January 31, 2027

Voting Process

The remote e-voting facility was provided through InstaVote portal of RTA, commencing on Monday, 17th August 2026 and ending on Wednesday, 19th August 2026. The cut-off date for voting eligibility was 12th August 2026. E-voting remained open for an additional 15 minutes after the meeting conclusion for shareholders who hadn't voted previously.

Company Performance Overview

Mr. Gaurav Swarup provided an economic and company performance overview:

  • Indian economy recorded GDP growth of 7.7% during FY 2025-26 despite global headwinds including US-tariff uncertainties and US-Iran war impacts
  • Current account deficit widened with INR under pressure due to higher oil prices and FII remittances
  • NIFTY declined by approximately 7% during the year
  • Indian GDP expected to grow over 6.5% in current financial year with government initiatives like PLI, MSME loan schemes, and focus on new technologies

Portfolio Performance

The company's largest investment is in KSB Pumps, which delivered a 12% return on fair valuation during the previous year and is expected to perform better in future. The overall portfolio return was approximately 3% against NIFTY's -7% decline. The portfolio is managed by leading investment advisors and expected to outperform the broad market index.

Shareholder Interaction

Eight shareholders registered as speakers: Ms. Lekha Shah, Mr. Bimal Krishna Sarkar, Mr. Satish Shah, Mr. Sharma Venkata Satya Subramanyya Kanchinadham, Mr. Devesh Jhawar, Mr. Jaydip Bakshi, Mr. S V R B Sastry, and Mr. Aspi Bhesania. Responses to queries were provided by Mr. Gaurav Swarup and Mr. Arun Kumar Singhania (CFO).