Asian Tea & Exports Limited has formally submitted the minutes of its 40th Annual General Meeting (AGM), held on September 28, 2026, confirming a significant leadership transition within the board. The meeting, conducted via video conferencing, ratified the voluntary stepping down of Hariram Garg from the role of Managing Director and his subsequent appointment as Chairman and Non-Executive Director.

Concurrently, the shareholders approved the appointment of Sunil Garg as the new Managing Director for a five-year term commencing September 28, 2026. This resolution marks a clear succession plan, with Sunil Garg previously serving as a Non-Executive Non-Independent Director. He will now function as an Executive Director with substantial powers of management, subject to the Board's superintendence.

Leadership Changes Ratified

The AGM addressed five key agenda items, all of which were passed with overwhelming support. The most notable changes involve the executive leadership structure. Hariram Garg, who chaired the meeting, ceased to hold office as Managing Director effective immediately after the resolution was passed. He continues to serve as Chairman and Non-Executive Director, liable to retire by rotation, but will not be entitled to remuneration other than sitting fees and expense reimbursements.

Sunil Garg’s appointment as Managing Director is for a fixed term of five years, ending on September 27, 2031. Similar to the outgoing MD, his compensation is restricted to sitting fees for Board meetings attended and reimbursement of reasonable expenses incurred in connection with the company's business. He ceases to be a Non-Executive Director upon this appointment.

Voting Results and Other Appointments

The voting outcomes reflect strong shareholder alignment with the proposed changes. All five resolutions passed with more than 99.99% of votes in favor. The table below summarizes the voting results for the key resolutions:

In addition to the leadership changes, the members adopted the audited standalone and consolidated financial statements for FY26. Mrs. Rama Garg was re-appointed as a Director liable to retire by rotation. Furthermore, Akhil Kumar Manglik was re-appointed as a Non-Executive Independent Director for a second five-year term, effective from September 6, 2026, to September 5, 2031.

Governance Structure Post-Transition

The transition highlights a shift in operational control while maintaining continuity in oversight. By moving Hariram Garg to the Chairmanship and installing Sunil Garg as Managing Director, the company separates the roles of strategic oversight and day-to-day management. Both directors have accepted roles with limited monetary remuneration, relying instead on sitting fees, which suggests a focus on governance compliance and potentially aligns with specific structural or tax considerations not detailed in the minutes.

The meeting was attended by 48 members, satisfying the quorum requirements. The scrutinizer, Ms. Puja Pujari, certified the voting results, which were declared on September 29, 2026. The minutes were signed by Company Secretary Priyarup Mukherjee and Chairman Hariram Garg on October 15, 2026.

Asian Tea & Exports Limited concluded its 40th Annual General Meeting (AGM) on September 28, 2026, approving significant changes to its board composition. The meeting, conducted via Video Conference and Other Audio-Visual Means (VC/OAVM), saw the voluntary stepping down of Hariram Garg as Managing Director and the appointment of Sunil Garg in his place.

Hariram Garg will continue with the company as Chairman and Non-Executive Director. This transition was ratified through a Special Resolution passed during the AGM. The proceedings were chaired by Mr. Hariram Garg, with 48 members attending the virtual session.

Key resolutions passed

The shareholders adopted the audited standalone and consolidated financial statements for the financial year ended March 31, 2026. Additionally, Mrs. Rama Garg was reappointed as a director retiring by rotation. Akhil Kumar Manglik was reappointed as a Non-Executive Independent Director for a further term.

The agenda items transacted during the meeting included:

1. Adoption of financial statements for FY26.
2. Reappointment of Mrs. Rama Garg.
3. Approval of Hariram Garg’s transition from MD to Chairman.
4. Appointment of Sunil Garg as Managing Director.
5. Reappointment of Akhil Kumar Manglik as Independent Director.

Leadership transition details

Hariram Garg stepped down from the office of Managing Director due to health-related issues, effective September 28, 2026. In his intimation letter dated August 20, 2026, he confirmed there were no other material reasons for the change other than his health condition. He will continue to guide the company as Chairman and Non-Executive Director.

Sunil Garg, previously serving as a Non-Executive Non-Independent Director, has been appointed as Managing Director for a term of five years, commencing September 28, 2026, to September 27, 2031. A commerce graduate from Calcutta University, Sunil Garg brings over 25 years of experience in marketing and distribution within the tea industry.

Board attendance and governance

The meeting was attended by the full board, including Non-Executive Directors Sunil Garg and Rama Garg, and Independent Directors Akhil Kumar Manglik, Rajnish Kumar Kansal, and Kuldeepak Bansal. Raunak Garg served as Chief Financial Officer, while Priyarup Mukherjee acted as Company Secretary and Compliance Officer.

Statutory auditor Mahadev Agarwal from Agarwal Kejriwal & Co., secretarial auditor Puja Pujari from M/s Puja Pujari & Associates, and internal auditor Yash Arya from M/s Yash & Associates were also present. Ms. Puja Pujari served as the scrutinizer for the e-voting process.

Voting results and scrutinizer report

The Scrutinizer’s Report dated September 29, 2026, confirms that all five resolutions were passed with requisite majorities. Voting was conducted entirely through remote e-voting via National Securities Depository Limited (NSDL), with no votes cast during the live meeting.

A total of 18,130,079 shares were polled out of 2,49,41,800 outstanding shares, representing a turnout of 72.69%. Promoter and Promoter Group members voted 100% in favour across all agenda items. Public non-institutional shareholders also showed strong support, with over 99.99% voting in favour for most resolutions.

What the Numbers Show

The voting data highlights a highly concentrated shareholder base where promoter interests align closely with management decisions. With promoters holding 1,48,20,642 shares (approx. 59.4% of total equity) and voting unanimously in favour, the outcome for all board-related resolutions was mathematically predetermined regardless of public dissent. The minimal opposition (maximum 52 votes against) suggests either high satisfaction among minority holders or low engagement beyond the promoter group, as only 36 public shareholders participated via VC compared to 12 promoters.