Belrise Industries Limited has appointed M/s. Shailesh Haribhakti & Associates and M/s. Rathi Rathi & Co. as its new Joint Statutory Auditors for a five-year term. This appointment follows the approval of all six resolutions at the company's 30th Annual General Meeting held on September 30, 2026.

Auditor Appointment Details

The shareholders approved the appointment of the two firms to serve from the conclusion of the 30th AGM until the conclusion of the 35th AGM in FY32. The change arises because the tenure of the previous statutory auditor, M/s. GSA & Associates LLP, expired at the 30th AGM.

Shailesh Haribhakti & Associates Based in Mumbai, this firm is led by Mr. Shailesh Haribhakti, who has over five decades of experience in audit and corporate governance. He currently chairs the Audit Committee of TVS Motor Company and Swiggy.

Rathi Rathi & Co. Founded in 2012 and based in Pune, this firm operates four offices across India with over 170 professionals. It handles statutory, internal, and tax audits for clients including ILJIN Global India and Data Direct Networks India.

Key Resolutions Passed

The meeting, held physically in Chh. Sambhaji Nagar, Maharashtra, covered key corporate actions including financial statement adoption and auditor appointments. The shareholders approved the following items through remote e-voting and polling at the venue:

1. Adoption of audited standalone and consolidated financial statements for FY26.
2. Re-appointment of Mrs. Supriya Badve as a director retiring by rotation.
3. Declaration of final dividend.
4. Appointment of M/s. Shailesh Haribhakti & Associates and M/s. Rathi Rathi & Co. as joint statutory auditors.
5. Ratification of cost auditor remuneration for FY27.
6. Increase in authorized share capital and alteration of the Memorandum of Association.

Voting Results Summary

The voting pattern indicates strong promoter support, with promoters holding 591,383,264 shares out of the total outstanding equity. Public institutions held 244,295,109 shares, while public non-institutions held 131,473,546 shares. The total votes polled across all categories amounted to 808,347,714, representing 83.58% of the total outstanding shares.

What the Numbers Show

A distinct divergence appears in the voting behavior regarding the re-appointment of director Mrs. Supriya Badve compared to other routine resolutions. While most items received near-unanimous support with negligible opposition, the re-appointment resolution saw 5,337,107 votes against, primarily from public institutions. This contrasts sharply with the dividend and financial statement adoption resolutions, which recorded fewer than 500 opposing votes. This suggests specific institutional concerns regarding board composition or governance practices that did not extend to other operational matters.

Procedural Details

The scrutinizer, Makarand Lele & Co., confirmed that 1,243,378 votes were treated as invalid due to procedural defects or lack of proper authorization. These invalid votes were excluded from the final tally. The remote e-voting period ran from September 27 to September 29, 2026, with physical voting conducted during the meeting on September 30, 2026.

Belrise Industries has scheduled its 30th Annual General Meeting (AGM) for Wednesday, September 30, 2026. The meeting will be held at Gateway Aurangabad in Chhatrapati Sambhajinagar to transact business for the financial year ending March 2026.

The company’s Board of Directors recommended a final dividend of ₹0.55 per equity share, representing an 11% payout on the face value of ₹5.00. This recommendation applies to both existing equity shares and those issued under a Qualified Institutional Placement (QIP), subject to member approval at the AGM.

Dividend and Tax Details

Shareholders on record as of Tuesday, September 15, 2026, will be eligible for the dividend if declared. The payout is scheduled for payment on or before October 29, 2026.

Dividend income is taxable in the hands of members. The company will deduct tax at source (TDS) at 10% for resident members with valid PAN details. A higher rate of 20% applies if PAN is not registered or updated. No TDS is required if the aggregate dividend paid to an individual member does not exceed ₹10,000 during the financial year.

E-Voting Process

Members holding shares as of the cut-off date, Wednesday, September 23, 2026, can cast votes electronically via remote e-voting. The voting window opens on Sunday, September 27, 2026, at 9:00 am and closes on Tuesday, September 29, 2026, at 5:00 pm.

The e-voting facility is provided by MUFG Intime India Private Limited. Members who have already voted remotely cannot vote again at the physical venue. Voting results will be communicated to stock exchanges within two working days of the AGM conclusion.