Board Meeting Outcomes

The Board of Directors meeting commenced at 04:30 p.m. and concluded at 06:50 p.m. at the company's registered office. The following items were considered and approved:

Financial Results

  • Approved Un-Audited Financial Results for the quarter ended 30.06.2026.
  • Approved Limited Review Report for the quarter ended 30.06.2026.
  • Financial Performance (Standalone, Amounts in ₹ Lakhs):
  • Q1 FY27 (30 Jun 2026, Unaudited): Total Income: ₹3.34; Total Expenses: ₹35.40; Loss Before Tax: (₹32.05); Net Loss After Tax: (₹32.05); Basic/Diluted EPS: (₹4.79).
  • Q4 FY26 (31 Mar 2026, Audited): Total Income: ₹0.00; Total Expenses: ₹6.66; Loss Before Tax: (₹6.66); Net Loss After Tax: (₹6.66); Basic/Diluted EPS: (₹1.00).
  • Q1 FY26 (30 Jun 2025, Unaudited): Total Income: ₹0.00; Total Expenses: ₹5.02; Loss Before Tax: (₹5.02); Net Loss After Tax: (₹5.02); Basic/Diluted EPS: (₹0.75).
  • Revenue from Operations was nil in all reported periods.
  • Other Income for Q1 FY27 was ₹3.34 lakh.
  • Employee Benefits Expense was ₹0.63 lakh (Q1 FY27) vs ₹0.75 lakh (Q1 FY26).
  • Other Expenses were significantly higher at ₹34.77 lakh (Q1 FY27) vs ₹4.27 lakh (Q1 FY26).
  • Paid-up Equity Share Capital remained constant at ₹66.88 lakh (Face Value ₹10 per share) across all periods.

Corporate Actions & Changes

  • Change of Name: Approved a proposal to change the company name from Midland Polymers Limited to Rare Earth Engineers Limited (or another name approved by the Registrar), subject to member approval and subsequent change of Memorandum and Articles of Association.
  • Registered Office Shift: Approved shifting the registered office from 8-2-603/23/3 & 8-2-603/23, 15, 2nd Floor, HSR Summit Banjara Hills, Hyderabad – 500034, Telangana to Flat no.1509, 15th Floor, Block-B, Asian Suncity Beside AMB Sarath city Mall, Kondapur, Gachibowli Hyderabad-500084.
  • 34th AGM: The 34th Annual General Meeting for FY 2025-26 is scheduled for Thursday, 24th September 2026 at 12:30 p.m., to be held through video conference or other audio-visual means (OAVM). The Directors' Report and Notice for the AGM were approved.
  • Memorandum of Association: Approved the adoption of a new MOA to align with the Companies Act, 2013, subject to member approval.
  • Promoter Reclassification: Approved the reclassification of Mr. Gudapu Reddy Sreedar Reddy from the "Promoter" category to the "Public" category, effective upon completion of the open offer and subsequent change in control and management.

Management Changes (Appointments)

All appointments are effective from 12.08.2026 and are subject to shareholder approval.

1. Mr. Nagabhyru Subbarao (DIN: 05300681) appointed as an Additional Director (Non-Executive).

  • Profile: Business leader and entrepreneur with over 35 years of experience across infrastructure, electrical, agriculture, and allied sectors. Holds an MBA in Marketing Management from O.P. Global University.
  • Shareholding: Nil.
  • Affirmation: Not debarred from holding director office.

2. Mr. Shaik Mahammad Amaan (DIN: 11096732) appointed as an Additional Director and Whole-time Director for a period of 3 years (until 11.08.2029).

  • Profile: Results-driven business leader and entrepreneur with a strategic vision focused on sustainability, innovation, operational excellence, and long-term value creation. Holds expertise in strategic marketing and brand positioning.
  • Shareholding: 29,86,248 shares (18.64% of the company).
  • Affirmation: Not debarred from holding director office.

3. Mr. L Prashanth Reddy (DIN: 08350953) appointed as an Additional Director, Chairman and Managing Director for a period of 3 years (until 11.08.2029).

  • Profile: Brings over 15 years of experience in the pharmaceutical industry, with strong expertise in R&D, innovation, technology, and strategic business management. Combines scientific expertise with an entrepreneurial mindset.
  • Shareholding: Nil.
  • Affirmation: Not debarred from holding director office.

4. Mr. Chereddy Ajay Raj appointed as Chief Financial Officer (CFO).

  • Profile: Chartered Accountant with over 5 years of experience in finance, accounting, financial management, and business operations. Previously associated with Infosys and Ramoji Group. Possesses an entrepreneurial mindset.

Management Changes (Resignations)

Both resignations are effective from the close of business hours on 12.08.2026, citing "change in management pursuant to the completion of open offer" as the reason.

1. Mrs. Vanaja Veeramreddy (DIN: 07019245) resigned from the post of Managing Director.

2. Mr. Praneeth Thota (DIN: 10127258) resigned from the posts of Whole-time Director and CFO.

Significant Operational Update: Acquisition

  • The company successfully completed the acquisition of JMR Clean Energy Private Limited.
  • Effective Date: 29.07.2026
  • Stake Acquired: 70%, making JMR Clean Energy a subsidiary of Midland Polymers.
  • Consideration: Midland Polymers allotted 73,78,350 equity shares through a Share Purchase and Share Subscription Agreement against the acquisition of 7,00,000 equity shares of JMR Clean Energy.
  • JMR Clean Energy Financials (FY26): Reported a turnover of ₹169.58 Crore and a Net Profit of ₹12.69 Crore for the financial year ended 31.03.2026.

Auditor's Review Report

  • Auditor: Pundarikashyam and Associates (Firm Reg. No.: 011330S)
  • The reviewed unaudited financial results for the quarter ended 30.06.2026.
  • Based on their review, nothing has come to their attention that causes them to believe the statement contains any material misstatement.

Notes to Financial Results

1. The results are prepared in accordance with Indian Accounting Standards (Ind AS).

2. Prepared pursuant to Regulation 33 of SEBI (LODR) Regulations, 2015.

3. The company operates in a single segment.

4. Financial statements prepared on a going concern basis based on a comfort letter from promoters.