Meeting Details

The 57th Annual General Meeting was held on Friday, August 7, 2026, at 10:30 a.m. (IST) through Video Conferencing (VC) / Other Audio-Visual Means (OAVM) in compliance with applicable circulars issued by the Ministry of Corporate Affairs and SEBI.

Proposed Resolutions and Implications

Three resolutions were proposed and transacted at the meeting:

Ordinary Business:

1. To receive, consider and adopt the audited financial statements of the Company comprising the Audited Balance Sheet as at March 31, 2026, the Statement of Profit and Loss and Cash Flow Statement for the year ended on that date, and the Reports of the Board of Directors and Auditors thereon.

2. To declare a dividend on equity shares for the financial year ended March 31, 2026.

Special Business:

3. To appoint a Director in place of Mr. Arun Chandrasen Ashar (DIN: 00192088), as Chairman and Non-Executive Director of the Company, who retires by rotation and being eligible, offers himself for re-appointment.

Voting Process and Methods

The Company provided remote e-voting facility from Tuesday, August 4, 2026, at 09:00 a.m. (IST) to Thursday, August 6, 2026, at 05:00 p.m. (IST).

Facility to vote through electronic voting system was also made available during the AGM to members who participated and had not cast their votes through remote e-voting.

The e-voting facility remained open for 15 minutes during the meeting to enable members to cast their votes.

Key Voting Outcomes

Resolution 1: Adoption of Financial Statements

  • Total votes cast: 59,00,39,992 out of 69,54,58,849 shares (84.84% participation)
  • Votes in favor: 59,00,39,982 (100.00%)
  • Votes against: 10 (0.00%)

Category-wise breakdown:

  • Promoter & Promoter Group: 5,13,14,458 votes (100.00% in favor)
  • Public Institutions: 76,71,132 votes (100.00% in favor)
  • Non-Institutions: 18,402 votes (99.95% in favor, 0.05% against)

Resolution 2: Dividend Declaration

  • Total votes cast: 59,00,39,992 out of 69,54,58,849 shares (84.84% participation)
  • Votes in favor: 59,00,39,982 (100.00%)
  • Votes against: 10 (0.00%)

Category-wise breakdown:

  • Promoter & Promoter Group: 5,13,14,458 votes (100.00% in favor)
  • Public Institutions: 76,71,132 votes (100.00% in favor)
  • Non-Institutions: 18,402 votes (99.95% in favor, 0.05% against)

Resolution 3: Re-appointment of Director

  • Total votes cast: 59,00,39,992 out of 69,54,58,849 shares (84.84% participation)
  • Votes in favor: 59,00,39,982 (100.00%)
  • Votes against: 10 (0.00%)

Category-wise breakdown:

  • Promoter & Promoter Group: 5,13,14,458 votes (100.00% in favor)
  • Public Institutions: 76,71,132 votes (100.00% in favor)
  • Non-Institutions: 18,402 votes (99.95% in favor, 0.05% against)

Scrutinizer's Role and Findings

Mr. Bhaskar Upadhyay, Partner, N. L. Bhatia and Associates, Practicing Company Secretary (Membership No. FCS 8663/C.P. No. 9625) was appointed as Scrutinizer to scrutinize the remote e-voting and e-voting at the AGM process.

The scrutinizer confirmed:

  • The Company's share capital as of July 31, 2026 (cut-off date) was 6,95,45,849 equity shares of ₹2 each
  • 47 members voted electronically with 5,90,03,982 votes cast (100% in favor of all resolutions)
  • 6 members voted against with 10 votes cast (0.00% against all resolutions)
  • All resolutions were passed with requisite majority
  • Electronic data and relevant records of e-voting will remain in the scrutinizer's custody until the Chairman approves and signs the minutes

Compliance with Laws and Regulations

The meeting was conducted in compliance with Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014, and applicable SEBI LODR regulations.

The Company published advertisements in Financial Express (English) and Western Times (Gujarati) on July 6, 2026, containing all required information as specified in the rules.

Additional Information

The meeting was chaired by Mr. Arun C. Ashar (DIN: 00192088), Chairman and Non-Executive Director. Four other directors were present, while Mr. J. R. Shroff, Non-Executive Director, could not join due to other business engagements.

The Reports of the Statutory Auditors on the Financial Statements and Secretarial Auditors did not contain any qualification or adverse remarks.

The meeting concluded at 11:15 a.m. (IST) including time allowed for e-voting at AGM.