Dharti Proteins Limited issued a corrigendum on September 9, 2026, to its Annual General Meeting notice scheduled for September 28, 2026. The update adds the resolution for the regularization of Mr. Karnik Shasankan Pillai as a Non-Executive Non-Independent Director to the agenda.

The company cited an inadvertent omission in the original notice dated September 1, 2026. The addendum serves as an integral part of the original notice and will be included in the remote e-voting facility from September 25 to September 27, 2026. Newspaper advertisements for the addendum were published in “Free Press, Gujarat” and “Lokmitra” on September 10, 2026.

Updated Board Composition

The AGM agenda now includes Resolution No. 13 for the appointment of Mr. Karnik Shasankan Pillai (DIN: 08529650). He was initially appointed as an Additional Director by the Implementation and Monitoring Committee on December 3, 2025.

Mr. Jatinbhai Ramanbhai Patel (DIN: 06973337) retires by rotation and offers himself for re-appointment as Managing Director. He currently holds 5% of the company’s equity shares.

Capital Structure and Borrowing

The AGM agenda includes critical financial resolutions:

• Convertible Loan: Approval for an unsecured loan of up to ₹100 crore from Managing Director Jatinbhai Ramanbhai Patel. The loan carries an option to convert outstanding principal and/or interest into equity shares at a later date, subject to SEBI guidelines.
• Borrowing Limit: Enhancement of borrowing limits under Section 180(1)(c) of the Companies Act, 2013, to a maximum of ₹5,000 crore.
• Investment Limit: Enhancement of limits for loans, guarantees, and investments under Section 186 of the Companies Act, 2013, to an aggregate amount not exceeding ₹5,000 crore.

These limits are significantly higher than the current prescribed limits based on paid-up share capital and free reserves, reflecting the company’s planned expansion in edible oils and agricultural processing.

Corporate Governance Updates

The company is undergoing several governance refreshments:

• Secretarial Auditor: Appointment of M/s. Dharti Patel & Associates as Secretarial Auditors for five financial years (FY26 to FY30).
• Internal Auditor: As previously reported, M/s. Mikil Vora & Associates was appointed as internal auditor for FY27 to FY31 following the resignation of PSG & Associates.
• MOA/AOA Adoption: Adoption of new Memorandum and Articles of Association aligned with the Companies Act, 2013. This includes altering the Object Clause to explicitly cover manufacturing edible oils, processing agricultural produce, and dealing in food products.

What the Numbers Show

The proposed ₹100 crore convertible loan from the Managing Director represents a strategic shift in capital sourcing. With the company’s paid-up share capital at ₹50 lakh and no free reserves or securities premium as of March 31, 2026, this related-party financing provides immediate liquidity without diluting existing shareholders immediately. The conversion option aligns the director’s interests with long-term equity value creation, while the ₹5,000 crore borrowing limit authorizes substantial leverage for future operational scaling.

Meeting Details

• Date: September 28, 2026
• Time: 11:00 am
• Mode: Video Conferencing / OAVM
• E-Voting Period: September 25, 2026 (9:00 am) to September 27, 2026 (5:00 pm)
• Record Date: September 21, 2026

Dharti Proteins reported a net loss of ₹14.28 lakh for the quarter ended June 30, 2026, widening from a loss of ₹4.60 lakh in the corresponding period of the previous year. The company recorded nil revenue from operations during Q1FY27, while total expenses increased to ₹14.34 lakh from ₹6.89 lakh in the prior year quarter. The unaudited standalone financial results were approved by the Board of Directors at a meeting held on July 15, 2026.

The company’s other income declined significantly to ₹0.06 lakh in Q1FY27 from ₹2.29 lakh in the quarter ended June 30, 2025. Employee benefits expense stood at ₹2.64 lakh, while other expenses accounted for ₹11.70 lakh during the reported quarter. There were no exceptional or extraordinary items recorded in Q1FY27, unlike the preceding quarter ended March 31, 2026, which saw exceptional items of ₹39.17 lakh.

Financial Performance

The table below summarizes the key financial metrics for Dharti Proteins for the quarter ended June 30, 2026, compared with the previous year.

Auditor and Regulatory Compliance

The statutory auditors, M/s. N. S. Nanavati & Co., Chartered Accountants, performed a limited review of the financial results in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The auditors issued an unmodified opinion on the unaudited standalone financial results. The Audit Committee reviewed the results prior to Board approval.

Earnings per share (EPS) for the quarter ended June 30, 2026, was reported at (₹2.86) on both a basic and diluted basis. The paid-up equity share capital remained at ₹50.00 lakh with a face value of ₹10 per share. The financial results were prepared in compliance with the Indian Accounting Standards (Ind AS) under Section 133 of the Companies Act, 2013.

In compliance with Regulation 30 and 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company published the standalone unaudited financial results in "Free Express, Gujarat" (English) and "Lokmitra" (Gujarati) on July 16, 2026.