Eastern Silk Industries Limited concluded its 80th Annual General Meeting on September 26, 2026, via video conferencing. Shareholders approved critical governance changes, including the appointment of new statutory auditors and a significant increase in foreign investment limits.

The meeting, held under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, saw the adoption of audited financial statements for FY26. The board reported that both the Statutory Auditor’s Report and the Secretarial Auditor’s Report were free from any qualifications or adverse remarks regarding the company’s functioning.

Governance and Auditor Appointments

A key resolution involved the appointment of M/s. Vyas and Vyas, Chartered Accountants, as the new statutory auditors. This appointment fills the casual vacancy caused by the resignation of the previous auditors, M/s. B K Shroff & Co., Chartered Accountants. Additionally, shareholders approved the appointment of auditors for the term extending from this AGM until the conclusion of the 85th AGM.

Mr. Ramesh Chandragiri Reddappa, Whole-Time Director, was re-appointed in place of his retirement by rotation. The meeting was chaired by Ajay Bikram Singh, with independent directors Deepak Kumar Gupta, Praveen Kumar Agarwal, and Jyoti Thomas present. Nitin Dubey served as Company Secretary and Compliance Officer, while Ayush Goel attended as CFO.

Investment Limits and Related Party Transactions

Shareholders approved an increase in investment limits for Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs). The existing cap of 10% of paid-up capital will be raised to 24%. This move aims to broaden the shareholder base and enhance liquidity for foreign investors.

The AGM also addressed several material related party transactions. These included:

• Providing a corporate guarantee for credit facilities availed by Bauman Dekor Private Limited, involving mortgage or pledge of company assets.
• Approving transactions with Warps And Wefts FZC, Design Coordinates FZC, Baumann Dekor Private Limited, Consilio Resources Private Limited, Baumann Dekor FZC, Shakuntla Sampling, and Trendz Building Materials Trading LLC.
• Enhancing limits for investments, loans, guarantees, and securities under Section 186 of the Companies Act, 2013.

Capital Structure Adjustments

Two resolutions focused on capital structure adjustments pursuant to a resolution plan approved by the National Company Law Tribunal (NCLT):

1. Conversion of existing loans into equity shares.
2. Approval for availing non-interest-bearing unsecured loans from directors and/or promoters, with an option to convert these loans into equity shares.

What the Numbers Show

The shift in NRI/OCI investment limits from 10% to 24% represents a 14 percentage point expansion in allowable foreign holding. This significant increase suggests a strategic effort to attract deeper foreign capital participation while maintaining regulatory compliance. Concurrently, the approval of loan-to-equity conversions indicates ongoing efforts to strengthen the balance sheet through debt reduction mechanisms outlined in the NCLT-approved resolution plan.

Eastern Silk Industries has scheduled its 80th Annual General Meeting for September 26, 2026. The meeting will be conducted through video conferencing or other audio-visual means.

The company announced the schedule in a filing dated September 2, 2026. Nitin Dubey, Company Secretary and Compliance Officer, signed the notice.

Meeting Details

The AGM is scheduled to begin at 1:00 pm on Saturday, September 26, 2026. Shareholders can participate remotely without physical presence at a common venue.

Book Closure and E-Voting

The register of members and share transfer books will remain closed from September 19, 2026, to September 26, 2026. This closure facilitates the determination of shareholders eligible to vote.

Remote e-voting will commence on September 22, 2026, at 9:00 am and conclude on September 25, 2026, at 5:00 pm. Voting will be conducted through the National Securities Depository Limited (NSDL) platform. No votes will be accepted after the deadline.

Disclosures

The company published advertisements for the AGM in Financial Express and Arthik Lippi newspapers. The notice complies with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Annual Report for the year ended March 31, 2026, along with the AGM notice, has been sent electronically to registered members. Documents are also available on the company website.