Meeting Details

The 42nd Annual General Meeting was held on Tuesday, September 15, 2026 at 12:00 noon IST through video conferencing/other audio-visual means. The meeting was convened in compliance with circulars issued by the Ministry of Corporate Affairs and SEBI, and in accordance with the Companies Act, 2013. The deemed venue was the Registered Office of the Company at 14 Netaji Subhas Road, 2nd Floor, P S Hare Street, Kolkata, West Bengal, India, 700001.

Attendance

Directors Present:

  • Mr. Chikkaveerappa Somasekhara (Chairman and Independent Director) - from Bangalore
  • Mr. Vishal Nirani (Managing Director) - from Bangalore
  • Mr. Murigeppa Hattikal (Whole-Time Director) - from Bagalkot
  • Mr. Vijaykumar Murugesh Nirani (Non-Executive Director) - from Bagalkot
  • Mr. Sangamesh Nirani (Non-Executive Director) - from Bagalkot
  • Ms. Kamala Murugesh Nirani (Non-Executive Director) - from Bagalkot
  • Ms. Shreya Vishal Nirani (Non-Executive Director) - from Bangalore
  • Mr. Narendra Mohan (Independent Director) - from Kanpur
  • Ms. Udaya Reddy (Independent Director) - from Bangalore

Key Managerial Personnel Present:

  • Mr. Mahaveer P. Undri (Chief Financial Officer) - from Germany
  • Mr. Saurav Singh (Company Secretary and Compliance Officer) - from Bangalore

Other Invitees:

  • Mr. Murugesh Nirani (Founder of MRN Group and Shareholder) - from Bagalkot
  • Ms. Dhraksayani Nirani (Shareholder and promoter group member) - from Bagalkot
  • Ms. Sushmita Vijaykumar Nirani (Shareholder and promoter group member) - from Bangalore
  • Mr. Sandeep Singh (Practising Company Secretary, Scrutinizer)
  • Representatives of MUFG Intime India Private Limited (Registrar and Share Transfer Agent)

Quorum

9 members holding 1,44,43,405 equity shares were present at the AGM through video conferencing, constituting valid quorum under Section 103 of the Companies Act, 2013.

Proceedings Summary

The Company Secretary, Mr. Saurav Singh, welcomed members and confirmed that electronic copies of the Notice of AGM and Annual Report for FY 2025-26 were sent to all members whose email addresses were registered/available. These documents were also available on the company website and BSE website.

Mr. Murugesh Nirani, Founder of MRN Group, addressed members, recalling Riga's long history in North Bihar's agricultural economy and emphasizing that the Group's acquisition aimed to revive the historic institution. He stated that revival created opportunities for farmers, brought employees back to work, and restored hope in the region.

Mr. Vijaykumar Murugesh Nirani, Director, expressed satisfaction with being associated with the historic institution established over nine decades ago. He noted Riga's strategic location in Sitamarhi near the Nepal border and its potential to generate employment and provide assured markets for local sugarcane farmers.

Mr. Vishal Nirani, Managing Director, outlined the long-term vision to transform Riga into a modern, integrated agro-industrial and bioenergy enterprise. The first step involves establishing a 20 tonne per day compressed biogas facility. He mentioned that investments would be made in phases based on commercial viability, risk, and return. The recommencement of operations during the 2024-25 sugar season after a four-year closure was noted as an important milestone.

Document Availability

The Register of Directors and Key Managerial Personnel (Section 170), Register of Contracts where Directors are interested (Section 189), and other documents referred to in the Notice were made available electronically for inspection during the meeting.

Voting Arrangements

The company availed services of MUFG Intime India Private Limited for remote e-voting and e-voting during the AGM. Remote e-voting commenced at 9:00 a.m. on September 12, 2026 and concluded at 5:00 p.m. on September 14, 2026. Mr. Sandeep Singh was appointed as Scrutinizer to scrutinize votes.

Business Transacted

The following items of business were transacted:

Ordinary Business:

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

2. Re-appointment of Mr. Vishal Nirani (DIN: 08434032) who retires by rotation (Ordinary Resolution)

3. Re-appointment of Mr. Sangamesh Nirani (DIN: 02290469) who retires by rotation (Ordinary Resolution)

Special Business:

4. Appointment of M/s. Arora Shekhar and Company, Practising Company Secretaries, as Secretarial Auditors of the Company (Ordinary Resolution)

Questions and Answers

No members had registered as speakers and no questions were received, so no Q&A session was conducted. Members were directed to send queries to cs@niranigroups.com.

Voting Process

Members who hadn't cast votes through remote e-voting were informed they could vote during the meeting and for fifteen minutes thereafter through the InstaVote platform.

Results Announcement

The consolidated results of remote e-voting and e-voting during AGM were to be announced within stipulated timelines after conclusion of the AGM and submitted to BSE Limited and uploaded on company and e-voting service provider websites.

Meeting Conclusion

Mrs. Shreya Vishal Nirani proposed a vote of thanks, acknowledging shareholders, cane growers, employees, lenders, governments, regulatory authorities, BSE Limited, Statutory Auditors, Scrutinizer, professional advisors, and Registrar and Share Transfer Agent.

The AGM concluded at 12:53 p.m. IST (including time allowed for e-voting) with permission of the Chairman.