Euro Panel Products approves FY26 financials and director reappointments
- Euro Panel Products approved FY26 financials and reappointed MD Rajesh Nanalal Shah and WTD Divyam Rajesh Shah for 5-year terms.
- Shareholders ratified M/s. Ritesh Jayswal & Associates as Cost Auditor for 1 year and appointed two new Independent Directors.
- Promoters voted 100% in favor; public institutions abstained from voting, while public non-institutions supported all resolutions.
*this image is generated using AI for illustrative purposes only.
Euro Panel Products Limited held its 13th Annual General Meeting on September 28, 2026, adopting the audited financial statements for the fiscal year ended March 31, 2026. The meeting, conducted via video conferencing, also ratified key leadership appointments and independent director nominations.
Key resolutions approved
Shareholders passed several ordinary and special resolutions during the session. The primary approvals included the adoption of the annual report, the reappointment of senior management, and the ratification of the Cost Auditor. Additionally, the board’s proposal to induct new independent directors was ratified by the members.
| Resolution | Type | Status |
|---|---|---|
| Adoption of FY26 financial statements | Ordinary | Approved |
| Reappointment of Rajesh Nanalal Shah as MD | Ordinary | Approved |
| Reappointment of Divyam Rajesh Shah as WTD | Ordinary | Approved |
| Appointment of Rajesh Nagardas Gandhi as Independent Director | Special | Approved |
| Appointment of Samarth Ishwar Bhimani as Independent Director | Special | Approved |
| Reappointment of M/s. Ritesh Jayswal & Associates as Cost Auditor | Ordinary | Approved |
Board composition and appointments
The meeting confirmed the leadership structure with specific tenures for key personnel. Rajesh Nanalal Shah, who has been associated with the company for more than 14 years, was reappointed as Managing Director for a term of 5 years. He is the husband of Director Krishna Rajesh Shah and father of Whole Time Director Divyam Rajesh Shah. Divyam Rajesh Shah, serving as Whole Time Director and CFO for over 13 years, was also reappointed for a 5-year term. He oversees procurement, production, branding, and marketing activities.
Two new Non-Executive Independent Directors were appointed for 5-year terms. Rajesh Nagardas Gandhi brings over four decades of experience in Radiation Physics and Industrial Inspection Services. Samarth Ishwar Bhimani, a Civil Engineer and Licensed Surveyor, joins with experience in the real estate development sector. Neither appointee is related to any directors or promoters of the company.
The shareholders also ratified the appointment of M/s. Ritesh Jayswal & Associates as the Cost Auditor for a period of 1 year. The firm, registered with the Institute of Cost Accountants of India (ICMAI), has its head office in Mumbai and is not related to any directors or key managerial personnel.
Meeting proceedings
The meeting commenced at 11:00 am and concluded at 11:27 am. Rajesh Nanalal Shah, Chairman and Managing Director, chaired the session. Whole Time Director Divyam Rajesh Shah presented the performance highlights for FY26, discussing market dynamics, customer trends, and environmental, social, and governance initiatives.
Voting was conducted through the NSDL e-voting platform. Remote voting opened on September 25, 2026, and closed on September 27, 2026. An additional e-voting window remained open for 15 minutes following the conclusion of the meeting. Kala Agarwal, Practicing Company Secretary, served as the scrutinizer.
Voting participation and results
The company disclosed detailed voting statistics pursuant to Regulation 44 of SEBI Listing Regulations. Out of 3,243 shareholders on record, 46 attended the meeting via video conferencing. No shareholders attended in person.
The voting pattern revealed a distinct divergence between promoter and public institutional participation. Promoters and Promoter Group, holding 15,662,492 shares, voted 100% in favour across all resolutions. In contrast, Public Institutions, holding 317,000 shares, cast zero votes for all items. Public Non-Institutions voted on 51.383% of their holding (4,378,073 shares), with 99.99% in favour and only 5 votes against.
| Category | Shares Held | Votes Polled | % of Outstanding Voted | Votes in Favour | Votes Against |
|---|---|---|---|---|---|
| Promoter & Promoter Group | 15,662,492 | 15,662,492 | 100.00% | 15,662,492 | 0 |
| Public Institutions | 317,000 | 0 | 0.00% | 0 | 0 |
| Public Non-Institutions | 8,520,508 | 4,378,073 | 51.38% | 4,378,068 | 5 |
| Total | 24,500,000 | 19,926,105 | 81.33% | 19,926,105 | 5 |
All seven resolutions were declared passed with requisite majority. The scrutinizer’s report confirmed that 62 members voted in favour with 20,040,560 valid votes, while 5 members voted against with 5 valid votes. There were no invalid votes.
Shareholder engagement
Three shareholders registered as speakers: Saket Kapoor, Keshav Garg, and Manjit Singh. While Singh did not participate, Divyam Shah addressed the queries raised by Kapoor and Garg. The Company Secretary thanked members for their participation and constructive feedback before closing the proceedings.
Historical Stock Returns for Euro Panel Products
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.42% | +1.27% | -2.36% | -0.85% | -29.06% | +109.99% |
How will the addition of independent directors with expertise in industrial inspection and real estate influence Euro Panel Products' strategic expansion plans?
What factors contributed to the complete absence of voting participation by public institutional shareholders, and does this signal a lack of confidence in the company's governance?
In what ways might the new leadership structure under Rajesh Nanalal Shah and Divyam Rajesh Shah impact the company's operational efficiency over the next five years?
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