Aanchal Ispat Limited shareholders approved the issuance of Fully Convertible Warrants (FCWs) to the Promoter and amendments to the Articles of Association at an Extra-ordinary General Meeting (EGM) held on July 23, 2026. The approvals, which secured 99.96% support on votes polled, are critical for enabling fund infusion to meet obligations under the National Company Law Tribunal (NCLT)-approved Resolution Plan and supporting the company's revival journey.

Voting Results

The EGM was conducted via Video Conferencing/Other Audio Visual Means (VC/OAVM) and chaired by Mukesh Goel. According to the Consolidated Scrutinizer’s Report issued by Manisha Saraf & Associates, both special resolutions were passed with the requisite majority. A total of 2,126,669 votes were polled out of 4,233,331 shares held, representing a 50.24% turnout.

Promoter and Promoter Group holdings accounted for 2,124,998 shares, all of which voted in favour. Public non-institutional shareholders held 1,338,333 shares, with 1,671 votes polled; 921 votes were in favour and 750 against.

Procedural Compliance

The meeting commenced at 1:41 pm IST with the requisite quorum present. The Chairman briefed members on the company’s revival strategy. Key attendees included Manoj Goel, Non-Executive Director; Nilu Nigania, Independent Director; and Amit Kumar Agarwalla, Independent Director. Puspendu Kayal, Company Secretary, and Rajesh Jalan, Statutory Auditor, were also present.

The voting process adhered to Section 108 of the Companies Act, 2013, Rule 20 of the Companies (Management and Administration) Rules, 2014, and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Remote e-voting was open from July 20 to July 22, 2026. Purva Sharegistry (India) Private Limited provided the e-voting facility. The cut-off date for voting rights was July 16, 2026.

Aanchal Ispat Limited has published the notice for its Extraordinary General Meeting (EGM) scheduled on July 23, 2026, in newspapers. The publication appeared on June 30, 2026, in the Financial Express (English Edition) and Ek Din (Bengali Edition). The meeting seeks shareholder approval for the preferential allotment of 10,55,000 fully convertible warrants to promoter Mukesh Goel to raise ₹8.65 crore. The proceeds will be used to meet payment obligations under the NCLT-approved Resolution Plan.

The board approved the proposal on June 23, 2026. The issue price of ₹82 per warrant includes a face value of ₹10 and a premium of ₹72. Funds will be utilized to settle dues of secured financial creditors aggregating up to ₹852.92 lakh and to bear issue expenses of up to ₹12.18 lakh. The company confirmed that no portion of the net proceeds will be used for general corporate purposes.

Key Details of the Preferential Issue

The e-voting period commences on July 20, 2026, and concludes on July 22, 2026, with the record date set as July 16, 2026. The Register of Members and Share Transfer Books will remain closed from July 17, 2026, to July 23, 2026. Manisha Saraf & Associates, Practicing Company Secretary, has been appointed as the scrutinizer for the e-voting process.

Upon full conversion of the warrants, the shareholding of Mukesh Goel is expected to increase from 50.20% to 60.13%, resulting in 31,79,998 shares. The board has also proposed alterations to the Articles of Association by inserting a new Article 14(3) to authorize the issue of convertible securities. M/s ValuGenius Advisors LLP certified a fair value of ₹31 per equity share.