Meeting Details

The 37th Annual General Meeting was held on Wednesday, September 30, 2026, commencing at 11:30 A.M. and concluding at 12:02 P.M. The meeting was conducted through Video Conferencing (VC)/Other Audio-Visual Means (OAVM) in compliance with circulars issued by the Ministry of Corporate Affairs and SEBI. The deemed venue was the registered office of the Company at Third Floor, 'Mumal Towers', 16, Saheli Marg, Udaipur (Raj.) 313 001.

Attendance

  • 49 members attended the meeting virtually
  • 2 promoters/promoter group members attended
  • 47 public shareholders attended
  • Total shareholders on record date: 8,592

Directors Present

  • Mr. Madhav Doshi, CEO and Managing Director
  • Mr. Devendra Manchanda, Independent Director (Chairman)
  • Mrs. Riddhima Doshi, Whole Time Director
  • Mr. Arumugam Sivadasan, Independent Director
  • Ms. Surbhi Yadav, Independent Director

Mr. PY Venkataraman, Non-Executive Independent Director was granted leave of absence.

Special Attendees

  • CS Ronak Jhuthawat - Secretarial Auditor and Scrutinizer
  • Mr. Suresh Nyati - Statutory Auditor
  • Mr. S. Panneerselvam - Chief Financial Officer
  • Ms. Priyanka Manawat - Company Secretary

Resolutions Considered and Implications

The following 14 resolutions were proposed and approved:

1. Ordinary Resolution: To receive, consider and adopt audited standalone financial statements for FY2025-26

2. Ordinary Resolution: To receive, consider and adopt audited consolidated financial statements for FY2025-26

3. Ordinary Resolution: Re-appointment of Mrs. Riddhima Doshi as Director liable to retire by rotation

4. Special Resolution: Re-appointment of Mr. Devendra Manchanda (DIN: 00185342) as Independent Director for second term of 3 years from November 01, 2026

5. Special Resolution: Re-appointment of Mr. Pachampet Yegnaswamy Venkataraman (DIN: 10571566) as Independent Director for second term of 2 years from April 01, 2027

6. Special Resolution: Re-appointment of Mr. Arumugam Sivadasan (DIN: 10581241) as Independent Director for second term of 5 years from April 05, 2027

7. Special Resolution: Reappointment of Mrs. Riddhima Doshi (DIN: 07815378) as Whole-time Director

8. Special Resolution: Re-appointment of Mr. Madhav Doshi (DIN: 07815416) as CEO and Managing Director

9. Ordinary Resolution: Approval for material related party transactions with Madhav Ashok Ventures Private Limited (superseding EGM resolution dated July 06, 2026)

10. Ordinary Resolution: Approval for material related party transactions with Madhav Surfaces (FZC) LLC (superseding EGM resolution dated July 06, 2026)

11. Ordinary Resolution: Approval for material related party transactions with Madhav Natural Stone Surfaces Private Limited (superseding EGM resolution dated July 06, 2026)

12. Special Resolution: To make Loan and Investment exceeding ceiling under Section 186 of Companies Act, 2013

13. Special Resolution: Giving Loan and Guarantee or providing security under Section 185 of Companies Act, 2013

14. Ordinary Resolution: Approval of Material Related Party Transactions

Auditor's Report Disclosure

The members were informed that the Statutory Auditors of the Company had expressed Modified Opinion in their Auditor's Report on the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026. The qualifications were read out at the AGM, and management explanations were provided.

Voting Process and Methods

The Company provided a remote e-voting facility which commenced on Sunday, September 27, 2026 at 09:00 A.M. (IST) and ended on Tuesday, September 29, 2026 at 05:00 P.M. (IST). Members who attended the AGM and had not cast their votes through remote e-voting were provided with the facility to vote during the proceedings through the CDSL portal.

Dr. CS Ronak Jhuthawat, Partner, Ronak Jhuthawat & Co., Practicing Company Secretaries was appointed as the Scrutinizer in the Board Meeting held on Thursday, August 13, 2026.

Key Voting Outcomes

Overall Voting Participation:

  • Total shares outstanding: 8,947,000
  • Total votes polled: 2,076,216 shares (23.21% of outstanding shares)
  • Votes in favor: 2,076,178 shares (99.9982% of votes polled)
  • Votes against: 38 shares (0.0018% of votes polled)

Category-wise Breakdown:

Promoter and Promoter Group:

  • Shares held: 4,010,945
  • Votes polled: 0 shares (0.00% participation)
  • Votes in favor: 0
  • Votes against: 0

Public Institutions:

  • Shares held: 52,570
  • Votes polled: 0 shares (0.00% participation)
  • Votes in favor: 0
  • Votes against: 0

Public Non-Institutions:

  • Shares held: 4,883,485
  • Votes polled: 774,366 shares (15.86% participation)
  • Votes in favor: 774,328 shares (99.9951% of votes polled)
  • Votes against: 38 shares (0.0049% of votes polled)

All 14 resolutions were passed with the required majority.

Scrutinizer's Role and Findings

Dr. CS Ronak Jhuthawat was appointed as Scrutinizer to scrutinize the remote e-voting and e-voting during AGM. The scrutinizer unblocked the votes at 12:26 P.M. on September 30, 2026, in the presence of two witnesses who were not employees of the Company. The scrutinizer submitted a consolidated report confirming all resolutions passed with requisite majority.

Compliance Confirmation

The meeting was conducted in compliance with the Companies Act, 2013 read with rules issued thereunder, the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and circulars issued by the Ministry of Corporate Affairs and SEBI. The company followed Secretarial Standard on General Meetings (SS-2) issued by ICSI.

Additional Information

  • Cut-off date for determining voting eligibility: September 23, 2026
  • Advertisements were published in 'Financial Express' (English) and 'Jai Rajasthan' (Hindi) on September 6, 2026
  • Company CIN: L14101RJ1989PLC004903