Meeting Details

The 16th Annual General Meeting was held on Thursday, July 23, 2026, at 11:00 a.m. through Video Conference and concluded at 11:45 a.m. The meeting was conducted at the registered office of the Company at 392, E Ward, Shahupuri, Kolhapur-416001.

Attendance

42 members joined the meeting through Video Conferencing. The following individuals were present:

Board of Directors:

  • Mr. Sachin R. Shirgaokar, Chairman & Managing Director
  • Mr. Sohan S. Shirgaokar, Director
  • Mr. V. S. Reddy, Executive Director
  • Mr. Chandan S. Shirgaokar, Director
  • Mr. Niraj S. Shirgaokar, Director
  • Mr. Subhash G. Kutte, Independent Director & Chairman of Audit Committee
  • Mr. Dattaram P. Kamat, Independent Director and Chairman of Nomination and Remuneration Committee
  • Mrs. Meghana A. Mulye, Independent Women Director and Chairman of Stakeholder Relationship Committee
  • Mr. Meyyappan Shanmugam, Independent Director

KMPs and Auditors:

  • Mr. Nilesh Mankar, Company Secretary & Compliance Officer
  • Mr. Pratik Dukande, Chief Financial Officer
  • Mr. Guruprasad Bobhate, Statutory Auditor
  • Mr. Devendra Deshapande, Secretarial Auditor

Mr. Deepak Dhadoti, Independent Director, was absent due to prior commitments.

Documents Available for Inspection

The following documents were placed on the website of NSDL and Company for inspection by members during the meeting:

  • Register of Directors' and Key managerial Personnel and their Shareholdings
  • Register of members
  • Register of Contracts or arrangements in which the Directors were interested (Form MBP-4)
  • Copy of minutes of the 15th AGM
  • Annual Report for FY 2025-26 comprising Notice of AGM, Board's Report, Auditors Report

Business Transacted

ORDINARY BUSINESS:

1. Adoption of Financial Statements - Resolution approved the audited Standalone and Consolidated financial statements for the financial year ended March 31, 2026, together with the Board's Report and the Auditors' Report.

2. Reappointment of Director - Mr. Niraj S. Shirgaokar (DIN:00254525), who retires by rotation, was reappointed as a Non-Executive Director of the Company.

3. Dividend Declaration - Members approved final dividend of ₹10 per Preference Share on 10% Cumulative Redeemable Preference Shares for FY 2025-26, amounting to ₹1,07,10,000 (Rupees One Crore Seven Lakh Ten Thousand only).

4. Appointment of Statutory Auditors - M/s P. G. Bhagwat LLP, Chartered Accountants (FRN:101118W/W100682) were appointed as Statutory Auditors for a period of 5 years, from the conclusion of this AGM till the AGM to be held for the year 2031, at remuneration to be mutually agreed upon.

SPECIAL BUSINESS:

5. Continuation of Independent Director - Special resolution approved the continuation of Mr. Subhash G. Kutte (DIN:00233322) as an Independent Director under Regulation 17(1A) of SEBI (LODR) Regulations 2015, who will attain age of 75 years, till his current tenure ending January 07, 2029.

6. Increasing Borrowing Limits - Special resolution approved increasing borrowing limits under Section 180(1)(c) of Companies Act 2013 from ₹200.00 Crores to ₹250.00 Crores. Additionally, consent was given for creating mortgage, charge, hypothecation or lien or pledge on company properties to secure facilities from financial institutions, banks, or other lenders.

7. Ratification of Cost Auditor Remuneration - Ordinary resolution ratified remuneration of ₹2,50,000 (Rupees Two Lakh Fifty Thousand only) plus applicable taxes and out-of-pocket expenses to M/s. Dhananjay V. Joshi & Associates, Cost Accountants (Firm Registration No.000030) for conducting Cost Audit for FY 2026-27.

8. Accept/Renew Unsecured Deposits - The document contains duplicate text for Item 8, which appears to be an error as it repeats the cost auditor ratification resolution instead of addressing unsecured deposits from members under Section 73 of Companies Act 2013.

Meeting Proceedings

Mr. Sachin R. Shirgaokar delivered the Chairman's Speech for FY 2025-26. Mr. V. S. Reddy, Executive Director, gave a presentation on the progress and achievements of the Company during the last financial year. A Q&A session was conducted where one member question was addressed.

Voting Arrangements

Members could vote through e-voting facility hosted by NSDL during the AGM, kept open for 15 minutes after the meeting. Mr. Devendra Deshpande, Practicing Company Secretary, was appointed as scrutinizer to report on combined voting results. The results were to be declared by July 25, 2026, and simultaneously informed to BSE and NSE.