Ashnisha Industries Limited shareholders approved all eight resolutions at its 17th Annual General Meeting held on September 23, 2026. The meeting, conducted via Video Conference, saw unanimous support for financial statements and auditor appointments, while promoters abstained from voting on material related-party transactions.

Governance and Auditor Appointments

Shareholders passed an ordinary resolution to appoint M/s Keyur Bavishi & Co., Chartered Accountants, as the new statutory auditors. This decision follows the retirement of Mr. Shalin Ashok Shah, who was re-appointed as a director by rotation in a separate ordinary resolution. Additionally, a special resolution was passed to regularize the appointment of Mrs. Jhanvi Vikas Sethi as a non-executive independent director.

The scrutinizer's report confirmed that for the auditor appointment and director re-appointment, 100% of votes polled were in favor. For the regularization of Mrs. Sethi's appointment, 99.99% of votes were in favor, with 0.003% against.

Independent Director Appointment Details

The regularization confirms Mrs. Jhanvi Vikas Sethi (DIN: 08539000) as an Independent Director for an initial term of five consecutive years, effective August 14, 2026, through August 13, 2031. Mrs. Sethi, aged 49, brings over 20 years of professional experience in the stock market and finance sector, with extensive exposure to financial markets, investments, and capital market operations. She does not hold any inter-se relationships with other directors or key managerial personnel of the company.

Mrs. Sethi currently serves as an Independent Director at Rhetan TMT Limited and Ashoka Metcast Limited, and as an Additional Independent Director at Gujarat Natural Resources Limited.

Material Related-Party Transactions

The company sought and received shareholder approval for entering into material related-party transactions with four affiliated entities. These approvals were processed as special resolutions. Notably, the promoter and promoter group held an interest in these transactions and consequently abstained from voting, casting 0 votes. The approvals relied entirely on public shareholder participation.

Meeting Proceedings and Voting Details

The meeting commenced at 3:30 pm and concluded at 3:37 pm. Remote e-voting facilities were available from September 20, 2026, to September 22, 2026. Mr. Chintan K. Patel, Practicing Company Secretary, served as the scrutinizer. The total number of shareholders on the record date (September 16, 2026) was 89,608.

Voting participation varied significantly between categories. While promoters voted 100% of their shares on non-conflicted items, public non-institutional shareholders voted approximately 6.27% of their total holding. Institutional shareholders participated minimally, voting less than 0.01% of their shares across all resolutions.

Ashnisha Industries has commenced solar power generation in Gujarat following successful testing, marking a significant step toward sustainable energy adoption and revenue growth.

Solar project launch in Gujarat

The company initiated operations at its solar power project in Gujarat after completing successful testing. The project is designed to serve a dual purpose: increasing the company's revenue base and promoting sustainable energy practices.

Strategic significance

The commencement of solar power generation represents a move by Ashnisha Industries into the renewable energy space. The project's successful testing phase cleared the path for full-scale operations, positioning the company to benefit from both energy generation and the broader shift toward cleaner energy sources.