Electrotherm (India) Limited held its 40th Annual General Meeting on Monday, September 28, 2026. The meeting was conducted through Video Conferencing and Other Audio Visual Means, chaired by Dinesh Mukati, Non-Executive Chairman.

Shareholders approved the adoption of standalone and consolidated financial statements for the financial year ended March 31, 2026. The agenda included the re-appointment of Suraj Bhandari as Managing Director, who retired by rotation. Several special resolutions were passed regarding the appointment of new directors to the board.

Board Appointments and Re-elections

The meeting saw significant changes in the board composition through various ordinary and special resolutions. The shareholders approved the appointment of Raj Kumar Bansal as an Independent Director. Additionally, Rajesh Bhalchandra Patel was appointed as a Non-Executive Non-Independent Director.

Harish Mukati was appointed as a Director liable to retire by rotation and subsequently as Whole Time Director and Chief Executive Officer. Davesh Khandelwal was also appointed as a Director liable to retire by rotation and as a Whole Time Director. These appointments reflect a restructuring of the executive leadership team.

Related Party Transactions and Audits

Ordinary resolutions were passed to approve material related party transactions with four entities: Arvindbhai Steel Private Limited, Powertrans Electric Co. Private Limited, Emnis Systems Private Limited, and Powertrans Electro Control. The remuneration of the Cost Auditor for the financial year ending March 31, 2027, was also ratified.

The Statutory Auditors, M/s. Hitesh Prakash Shah & Co., and Secretarial Auditor, M/s. Bharat Prajapati & Co., were present at the meeting. The Company Secretary noted that the qualified opinion mentioned in the Auditors Report and Secretarial Audit Report was read out along with the Board's explanations.

Voting and Compliance Details

Voting was conducted electronically in compliance with Section 108 of the Companies Act, 2013. Remote e-voting commenced on September 25, 2026, and ended on September 27, 2026. E-voting facilities were also available during the live session for shareholders who had not voted remotely. The scrutinizer, M/s. Gaudana & Gaudana, was appointed to ensure fair vote counting.

The meeting concluded at 11:07 am. The Company Secretary requested shareholders with physical holdings to complete KYC formalities and convert shares to dematerialized form.

Electrotherm (India) Limited disclosed that the Enforcement Directorate (ED) issued a provisional attachment order on September 25, 2026, freezing ₹25.08 crore in company bank accounts. The action, taken under Section 5(1) of the Prevention of Money Laundering Act, 2002 (PMLA), also targets equity shares held by promoters Shailesh Bhandari and Mukesh Bhandari.

The regulatory filing to stock exchanges detailed that the attachment relates to an earlier complaint by Bank of India regarding a loss of ₹81.97 crore. This amount represents the difference between outstanding dues of ₹631.97 crore and the loan assignment value of ₹550.00 crore transferred to Edelweiss Asset Reconstruction Company Limited in June 2014.

Scope of Attachment Order

The ED’s order extends beyond corporate balances to include personal assets of key management personnel. The specific attachments are outlined below:

Note: Share valuation is based on the NSE last trading price as of the date the CBI registered the FIR.

Cumulative Financial Impact

This latest directive adds to previously frozen assets. The company had already reported the freezing of ₹34.29 crore in its bank accounts and ₹83.18 lakh in an account belonging to Executive Vice Chairman Shailesh Bhandari. Additionally, the company submitted a Fixed Deposit Receipt (FDR) worth ₹3.20 crore to secure the release of a seized vehicle.

Legal Proceedings and Challenges

Electrotherm and Shailesh Bhandari have challenged these actions before multiple judicial forums:

• A petition for quashing the CBI FIR is pending before the Hon'ble Gujarat High Court, with notices issued in April 2024.
• Challenges against the freezing of bank accounts are pending before the Hon'ble Gujarat High Court and the PMLA Appellate Tribunal, New Delhi.
• A complaint filed by the ED under Sections 44(1)(b) and 45(1) of the PMLA is currently pending hearing before the Special Court for PMLA Cases at Ahmedabad.

What the Numbers Show

The cumulative frozen liquidity for the company stands at ₹59.37 crore when combining the newly attached ₹25.08 crore with the previously frozen ₹34.29 crore. This figure excludes the promoter-level freezes and the FDR posted for asset release. The concentration of legal risk is evident as the attached shareholding by both promoters totals over 13.5 lakh shares, potentially impacting their voting power or liquidity if the attachment is not lifted during ongoing hearings.