Board Meeting Details
The Board meeting commenced at 08:00 PM (IST) and concluded at 09:40 PM (IST) on May 21, 2026. On May 22, 2026, the Board meeting commenced at 6:00 PM (IST) and concluded at 7:00 PM (IST).
Key Decisions and Approvals
1. Correction to Rights Issue Share Count
The Board identified and corrected a typographical error in the total number of Rights Equity Shares. The corrected figure is 102,468,139 shares (previously reported as 102,469,136 shares).
2. Appointment of Secretarial Auditor
The Board appointed M/s. Mehul Raval & Associates, Practicing Company Secretary (Certificate of Practice No. 10500, Peer Review Certificate No. 3765/2023) as Secretarial Auditor for the financial year 2025-26.
- Reason for appointment: To fill casual vacancy arising from the resignation of M/s. K Jatin & Co. Company Secretaries for FY 2025-26
- Term: Until the next Annual General Meeting
- Remuneration: To be mutually decided
- Profile: Mehul K. Raval has over 13 years of experience in Corporate Laws, Secretarial Compliances, Listing Regulations, and Legal Due Diligence
- Relationship: Not related to any directors of the company
3. Investment in Strike Eco Grid Private Limited
The company completed its 26% investment in Strike Eco Grid Private Limited as announced on April 23, 2026. The Board may consider increasing this investment up to 75% in phases based on potential business opportunities.
- Future plans: Company may enter into Strategic MOU for funding support of up to Rs. 25 crore for solar EPC, captive and open access power projects, and renewable infrastructure businesses
- Basis: Market opportunity and business performance
4. Investment in Shah Metacorp Holdings USA INC
The Board approved further investment of funds up to USD 200,000 in Shah Metacorp Holdings USA INC by subscribing to share capital in one or more tranches during FY2026-27 and FY2027-28.
Target Company Details (Shah Metacorp Holdings USA INC):
- Registered with Delaware Secretary on March 31, 2026
- Not yet started business operations
- Initial Director includes Viral Mukund Shah, Promoter and CEO of Shah Metacorp Limited
- Industry: General trading including hospitality, technology, stainless-steel products, and lawful investments
- Business outside main line: Diversification of offerings and value-added services
- Government approvals: Prior RBI approval not required under Foreign Exchange Management (Overseas Investment) Directions, 2022
- Time period: Fund infusion during FY2026-27 and FY2027-28 in one or multiple tranches
- Consideration: Cash consideration (no share swap)
- Shareholding percentage: Not yet determined
5. Inter-Corporate Loan
With reference to the announcement dated December 29, 2025, which approved a total limit of up to Rs. 100 crores for intercorporate loans for working capital, the Board approved providing an unsecured Inter-Corporate Loan to Shah Metacorp Holdings USA INC of $200,000.