Ashapura Minechem Limited has issued a comprehensive postal ballot notice dated March 27, 2026, seeking shareholder approval for five special resolutions covering employee stock options, board appointments, and corporate governance matters. The e-voting period is scheduled from March 29, 2026 to April 27, 2026.

Newspaper Publication and Regulatory Compliance

On March 28, 2026, the company published the postal ballot notice in newspapers as required under Regulation 30. The notice was published in Free Press Journal (English Edition) and Navshakti (Marathi Edition), ensuring wide dissemination to shareholders. The company has also made the notice available on its website www.ashapura.com for easy access.

Employee Stock Option Plan 2026

The company proposes to adopt and implement the "Ashapura Minechem Limited - Employee Stock Option Plan 2026" (ESOP 2026) to reward eligible employees and directors. The plan encompasses comprehensive provisions for stock option grants and employee participation in the company's growth.

The ESOP 2026 includes provisions for financial assistance to eligible employees and allows for fair adjustments in case of corporate actions such as rights issues, bonus issues, mergers, and capital restructuring. The plan will be administered by the Nomination and Remuneration Committee under the Board's superintendence.

Leadership Re-appointment

The postal ballot seeks approval for the re-appointment of Shri Hemul Shah as Executive Director & CEO for a two-year term from February 16, 2026 to February 15, 2028. Shah, a Commerce Graduate with over three decades of experience with the Ashapura Group, brings strong business acumen and strategic intelligence to his role.

Board Strengthening with Independent Directors

Two new independent directors are proposed for regularization following their appointments on February 5, 2026:

Shri Jagdish Shetty (DIN: 02152377) - A seasoned Chartered Accountant with over two decades of experience in taxation, audit, corporate compliance, and regulatory matters. He holds additional qualifications including DISA (ICAI), L.L.B., and Forensic Accounting certifications.

Shri Wilson Mathais (DIN: 11492508) - A practicing Chartered Accountant with extensive experience in accounts, audit, taxation, and regulatory compliance. He serves as Proprietor of Mathais Wilson and Associates and Partner in Alexander & Co., Chartered Accountants.

Both directors will serve five-year terms as Non-Executive Independent Directors, bringing valuable expertise in financial management, regulatory compliance, and corporate governance to strengthen the Board's capabilities.

Voting Process and Timeline

The company has appointed Shri Virendra Bhatt (ACS No. 1157, COP No. 124) as Scrutinizer for conducting the postal ballot. Central Depository Services (India) Limited (CDSL) will provide the e-voting facility to shareholders.

The postal ballot notice includes detailed instructions for e-voting through depositories (CDSL/NSDL) for demat shareholders and through CDSL's platform for physical shareholders. Results will be communicated to stock exchanges and published on the company's website www.ashapura.com .

Ashapura Minechem Limited's Board of Directors concluded its meeting on March 24, 2026, with significant approvals including the Employee Stock Option Plan 2026, incorporation of a UAE subsidiary, and postal ballot arrangements. The meeting, which commenced at 3:00 pm and concluded at 6:00 pm, addressed multiple strategic initiatives as communicated to BSE Limited and National Stock Exchange of India Limited under Regulation 30 of SEBI regulations.

ESOP 2026 Approval and Structure

The board approved the "Ashapura Minechem Limited - Employee Stock Option Plan 2026" as recommended by the Nomination and Remuneration Committee, subject to shareholder approval through postal ballot. The plan encompasses comprehensive employee benefits across the corporate structure.

The ESOP 2026 extends to employees of the holding company, subsidiary companies, associate companies, and group companies, both present and future. The exercise price will be determined by the Nomination and Remuneration Committee within regulatory frameworks, ensuring compliance with Companies Act 2013 and SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

UAE Subsidiary Incorporation

The board decided to incorporate a wholly owned subsidiary in the United Arab Emirates under the name "Ashapura Resources UAE FZE," superseding an earlier acquisition decision that was put on hold due to internal structuring issues. This strategic move represents operational and business convenience for the company's expansion.

Postal Ballot and Governance Matters

The board approved a comprehensive postal ballot notice seeking shareholder consent through special resolutions for multiple matters. Mr. Virendra Bhatt, Practicing Company Secretary, has been appointed as the scrutinizer to conduct the postal ballot process.

The postal ballot will address ESOP 2026 adoption, extension to group companies, re-appointment of Shri Hemul Shah as Executive Director and CEO for two years from February 16, 2026, and regularization of appointments for Shri Jagdish Shetty and Shri Wilson Mathais as Independent Directors for five-year terms from February 5, 2026.

Regulatory Compliance and Communication

The formal communication was signed by Sachin Polke, Company Secretary and President (Corporate Affairs), ensuring compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The company has provided detailed annexures covering ESOP specifications, subsidiary incorporation details, and the complete calendar of events for the postal ballot process, maintaining transparency with regulatory bodies and investors.