Shareholders of axtel industries have approved key management appointments and financial statements at its 34th Annual General Meeting (AGM) held on July 31, 2026. The meeting, conducted via Video Conferencing (VC) / Other Audio-Visual Means (OAVM), saw overwhelming support for all eight resolutions, including the reappointment of Whole-time Director Ajay Naishad Desai for a five-year term and the continuation of Ajay Nalin Parikh in his role. This outcome ensures leadership stability for the Gujarat-based manufacturer as it moves forward in FY27.

The AGM was convened pursuant to Section 108 and 109 of the Companies Act, 2013, and Rule 20 and 21 of the Companies (Management and Administration) Rules, 2014. The meeting complied with Ministry of Corporate Affairs (MCA) Circular No. 03/2025 dated September 22, 2025, and SEBI Master Circular No. HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated January 30, 2026, which permit holding AGMs through VC/OAVM without physical presence. M/s Ruchita Patel & Associates was appointed as the scrutinizer to oversee the voting process.

Voting Participation and Results

A total of 18,758 shareholders were eligible to vote based on the cut-off date of July 24, 2026. While only 48 shareholders attended the virtual meeting, remote e-voting saw significant participation from 32 shareholders, representing both promoter and public groups. The total votes cast via remote e-voting amounted to 9,089,321, reflecting high engagement from institutional or large block holders.

Resolutions 1 through 3, 5, 7, and 8 were passed as Ordinary Resolutions, while Resolutions 4, 5, 6, and 7 were passed as Special Resolutions. Notably, Resolution 3 involved declaring the Interim Dividend as Final Dividend for the financial year ended March 31, 2026. The negligible number of votes against (3 votes) across all resolutions indicates strong shareholder consensus on the board’s proposals.

Key Appointments and Approvals

The most critical decisions centered on executive leadership. Shareholders approved the reappointment of Mr. Ajay Naishad Desai as Whole-time Director for a period of five years, along with the fixation of his remuneration. Similarly, the continuation of Mr. Ajay Nalin Parikh as Whole-time Director was ratified. These appointments are crucial for maintaining operational continuity and strategic direction within the organization.

Additionally, the shareholders adopted the audited financial statements for the year ended March 31, 2026, along with the Directors' and Auditors' Reports. The ratification of remuneration for M/s Diwanji & Co., Cost Accountants in Practice, appointed as Cost Auditor, was also approved. The scrutinizer’s report confirms that the voting process was conducted in compliance with Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Axtel Industries Limited has scheduled its 34th Annual General Meeting for July 31, 2026, at 11:00 a.m. via video conferencing. The meeting will address the adoption of audited financial statements for the year ended March 31, 2026, and the re-appointment of key directors. The Board has recommended an interim dividend of ₹12.00 per equity share for FY26, which will be considered as the final dividend subject to shareholder approval.

The special business includes the re-appointment of Mr. Ajay Naishad Desai as Whole-time Director for a period of five years effective from March 1, 2027. Additionally, the meeting will seek approval to continue the appointment of Mr. Ajay Nalin Parikh as Whole-time Director for the remainder of his tenure up to July 31, 2028, notwithstanding his attainment of 70 years of age during the term.

Shareholders will vote on resolutions to fix the remuneration for both directors. The proposed remuneration structure includes a salary not exceeding ₹30.00 lakhs per month, with an overall ceiling of ₹3.60 crore per annum covering salary, perquisites, and allowances. The revised remuneration is proposed to be effective from August 1, 2026.

The remote e-voting period commences on July 28, 2026, at 9:00 a.m. and concludes on July 30, 2026, at 5:00 p.m. The record date to determine shareholder eligibility for e-voting is set for July 24, 2026. Pursuant to Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2024, the company is not required to close its registers of members and share transfer book.

Remuneration Details for Whole-time Directors