Meeting Details

The 40th Annual General Meeting of Usha Martin Limited was held on Thursday, 20th August 2026 through Video Conferencing/Other Audio-Visual Means. The meeting commenced at 11:30 AM IST and concluded at 01:05 PM IST, including time allowed for e-voting during the AGM.

Voting Arrangements

Remote e-voting facility was available to members from 9:00 AM IST on 17th August 2026 until 5:00 PM IST on 19th August 2026. Electronic voting option was also available during the AGM itself.

Attendance

All ten directors attended the meeting from their respective locations. Mr. Vijay Singh Bapna, Chairman of the Company, presided over the meeting. Representatives of Statutory Auditors and Secretarial Auditors attended via VC. Mr. Raj Kumar Banthia, Practicing Company Secretary, attended as Scrutinizer to oversee the remote e-voting and e-voting process.

Chairman's Address

Mr. Vijay Singh Bapna highlighted the Company's strongest performance since the sale of the steel business. He spoke about growth in international markets, continued focus on innovation and sustainability, and resilience in navigating geopolitical uncertainties and supply chain challenges. He referenced the theme "Stronger as One" and highlighted progress under the "One Usha Martin" initiative.

Business Items Considered

The following resolutions were considered as per the Notice dated 26th May 2026:

Ordinary Business:

1. Adoption of Financial Statements (standalone and consolidated) for year ended 31st March 2026, together with Directors' and Auditors' Reports

2. Declaration of Dividend of ₹3.75 per Equity Share of Re. 1 each for Financial Year ended 31st March 2026

3. Re-appointment of Mr. Chirantan Chatterjee [DIN: 10506056] who retires by rotation

4. Appointment of M/s MSKA & Associates LLP, Chartered Accountants (Firm Registration No. 105047W/W101187) as Statutory Auditors for five consecutive years from conclusion of this AGM until the Forty-fifth AGM

Special Business:

5. Ratification of payment of remuneration of ₹2,00,000 payable to M/s Mani & Co., Cost Auditors (Firm Registration No. 000004) for Financial Year ending 31st March 2027

6. Payment of Remuneration to the Independent Directors of the Company

7. Remuneration payable to Mr. Rajeev Jhawar (DIN: 00086164), Managing Director of the Company (Special Resolution)

8. Reappointment of Mr. Venkatachalam Ramakrishna Iyer (DIN: 02194830) as an Independent Director (Special Resolution)

9. Reappointment of Mr. Sethurathnam Ravi (DIN: 00009790) as an Independent Director (Special Resolution)

10. Appointment of Ms. Shreya Jhawar (DIN: 11693142) as Non-Executive (Non-Independent) Director

11. Appointment of Mr. Dimitri Bracco Gartner (DIN: 11689885) as Non-Executive (Non-Independent) Director

12. Appointment of Mr. Sabyasachi Majumder (DIN: 11683481) as Non-Executive (Non-Independent) Director

Shareholder Participation

Registered speaker shareholders were invited to raise queries or offer suggestions pertaining to the resolutions. The Managing Director responded to queries and clarifications sought by members.

Voting Process

The e-voting window remained open for an additional 30 minutes after conclusion of discussions to allow members who had not exercised remote e-voting to cast their votes during the AGM.

Additional Information

  • Statutory Registers and relevant documents were accessible in electronic mode throughout the meeting
  • Certificate from Secretarial Auditor in accordance with Regulation 13 of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 was available
  • Voting results and Scrutinizer's Report will be submitted to stock exchanges subsequently
  • Video recording and transcript of the AGM will be made available on company website www.ushamartin.com