Apollo Ingredients Limited (formerly indsoya Limited) successfully conducted its 01/2025-26 Extra Ordinary General Meeting on March 30, 2026, addressing critical matters related to rights issue proceeds through video conferencing.

Meeting Structure and Participation

The EGM commenced at 04:00 p.m. with comprehensive participation from key stakeholders. Executive Director Kirit Ghanshyam Mutreja chaired the proceedings, while all directors, key managerial personnel, statutory auditors, secretarial auditor, and the scrutinizer joined through video conferencing.

CS Ayushi Agrawal, Company Secretary and Compliance Officer, welcomed members and provided detailed instructions regarding the e-voting process during the meeting.

Voting Arrangements and Compliance

The company implemented comprehensive voting mechanisms to ensure shareholder participation. Remote e-voting facilities were made available for members who preferred to cast their votes prior to the meeting.

The Board appointed Ravi Patidar & Associates, Practicing Company Secretaries, as the scrutinizer to oversee the voting process. The Company Secretary confirmed that the requisite quorum was present as per section 103 of the Companies Act, 2013.

Special Business Resolution

The meeting addressed one primary agenda item under special business. The resolution focused on approving the reallocation of right issue proceeds and ratification of deviation regarding partial utilisation of fully paid-up equity shares offered to eligible equity shareholders on a rights basis.

Managing Director Lovely Ghanshyam Mutreja invited members to raise questions or express their views regarding the proposed resolution. No questions were raised by the shareholders during the interactive session.

Meeting Conclusion and Next Steps

The company ensured transparency in the voting process by providing multiple opportunities for shareholder participation. Members who could not participate in remote e-voting were given the facility to cast their votes during the EGM using the e-voting system.

As per Regulation 44(3) of the Listing Regulations, the company committed to submitting voting results along with the Scrutinizer's Report to the Stock Exchange within 2 working days from the meeting's conclusion. The results will also be uploaded on the company's website for stakeholder access.

The meeting concluded at 04:33 p.m. after remaining open for 15 minutes to allow completion of the e-voting process, demonstrating the company's commitment to proper governance procedures.

Apollo Ingredients Limited has scheduled an Extraordinary General Meeting (EGM) for March 30, 2026 at 4:00 PM IST through video conferencing to address critical matters related to its rights issue proceeds. The company issued a corrigendum on March 18, 2026, correcting an inadvertent typographical error in the original notice that mistakenly mentioned the EGM date as March 30, 2025 instead of the correct date of March 30, 2026.

Rights Issue Proceeds and Original Allocation

The company raised ₹5.00 crore through a rights issue of fully paid-up equity shares in accordance with the Final Letter of Offer dated July 07, 2025. The original allocation of proceeds was structured across three key areas:

Proposed Reallocation and Deviation Ratification

The primary agenda for the EGM involves approving the reallocation of rights issue proceeds and ratifying deviations from the original utilization plan. The company utilized ₹3.00 crore from the rights issue proceeds for lease payments for land and building for 10 years from a related party, which was not originally disclosed in the objects of the issue.

The company seeks shareholder approval to reallocate the unutilized amount of ₹0.02 crore from issue expenses to working capital requirements. Additionally, ratification is required for the ₹3.00 crore deviation utilized for lease payments, as this constitutes a departure from the original objects disclosed in the Final Letter of Offer.

Meeting Logistics and Voting Arrangements

The EGM will be conducted through video conferencing in compliance with Ministry of Corporate Affairs circulars and SEBI regulations. The register of members and share transfer books will remain closed from March 23, 2026 to March 30, 2026 (both days inclusive).

Remote e-voting will be available for shareholders from March 27, 2026 at 9:00 AM IST to March 29, 2026 at 5:00 PM IST. Shareholders can participate through the InstaVote platform provided by MUFG Intime India Private Limited. The company has appointed Ravi Patidar and Associates, Practicing Company Secretaries (Membership No. 55749) as the scrutinizer for the e-voting process.

Regulatory Compliance and Approvals

The Board of Directors approved the reallocation proposal at its meeting held on March 05, 2026. The company notes that approval for the related party transaction involving the lease payments was previously obtained at the 45th Annual General Meeting held on September 27, 2025. However, specific approval under Section 27 of the Companies Act, 2013 and Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is required for ratifying the deviation in rights issue proceeds utilization.

The Board and Audit Committee have reviewed the deviation and variation in utilization, determining that such use of funds aligns with the company's business exigencies and strategic operational requirements, serving the best interests of the company and its stakeholders.