Galaxy Bearings reported that the definitive Sale Deed for Tranche 2 of its industrial land sale could not be executed on September 24, 2026, as scheduled. The transaction involves the sale of land to Treefac Works LLP for a total consideration of ₹150 lakh.

The company disclosed this update under Regulation 30 of SEBI (LODR) Regulations, 2015. The delay is attributed to unforeseen administrative and commercial circumstances, alongside pending procedural requirements at the end of the counterparty. This follows earlier disclosures made on May 2, September 15, and September 17, 2026, regarding the proposed sale of industrial land in Pune, Maharashtra.

Transaction details

The proposed transaction remains under consideration between the parties and has not been cancelled or terminated. Execution will proceed upon completion of requisite procedural formalities by both parties.

The company stated it would make an appropriate disclosure to the stock exchange upon execution of the definitive Sale Deed or if any material change occurs in the status or terms of the proposed transaction.

Galaxy Bearings passed all four resolutions at its 36th Annual General Meeting held virtually on September 22, 2026. The scrutinizer's report confirms that while most items received near-unanimous support, the re-appointment of a Whole-time Director attracted 13 dissenting votes compared to just 3 for other items.

The meeting commenced at 3:39 pm IST following a brief delay due to technical difficulties and concluded at 4:49 pm IST. Kartik Patel, Independent Director and Chairperson, chaired the session. The proceedings included the adoption of audited financial statements for FY26 and the re-appointment of directors.

Key Resolutions Passed

Members approved both ordinary and special business items. The Ordinary Business involved adopting the financial statements and appointing a director in place of one retiring by rotation. The Special Business focused on the continuation of a Whole-time Director beyond the age limit.

Voting Results Analysis

The scrutinizer's report details the voting patterns across shareholder categories. A total of 1,410,118 votes were polled against a total shareholding of 3,180,000 shares, representing a turnout of approximately 44.34%.

For Agenda Items 1, 2, and 4 (Adoption of Financials, Director Appointment, and Cost Auditor Ratification), the results were nearly identical:

• Votes in Favor: 1,410,115
• Votes Against: 3
• Percentage in Favor: 99.9998%

However, Agenda Item 3 (Re-appointment of Mr. Bharatkumar Ghodasara) showed a slight divergence in public sentiment:

• Votes in Favor: 1,410,105
• Votes Against: 13
• Percentage in Favor: 99.9991%

Promoters and Promoter Group voted unanimously in favor of all resolutions, casting 949,497 votes (63.78% of total votes polled). Public non-institutional shareholders cast 460,621 votes (27.48% of total votes polled). Institutional shareholders did not participate in the voting.

Director Re-appointments

Mr. Devang Gor, Non-Executive Director, was appointed in place of himself as he retired by rotation and offered himself for re-appointment. A special resolution was passed for the re-appointment of Mr. Bharatkumar Ghodasara as Whole-time Director. This resolution specifically approved his remuneration and allowed him to continue in office after attaining the age of 70 years, which is typically restricted under company law without shareholder approval.

Meeting Logistics and Attendance

The meeting was conducted in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Sixty members attended the virtual meeting. The e-voting facility was provided by Central Depository Services (India) Limited, with remote voting open from September 19 to September 21, 2026. Mr. Jignesh Kotadiya, Practicing Company Secretary, served as the scrutinizer for the voting process.

Governance and Compliance

The Company Secretary confirmed that all Directors and Key Managerial Personnel were present. Representatives from the Statutory Auditors and Secretarial Auditors also attended. The Auditors' Report did not contain any qualifications, modified opinions, or adverse remarks. Members were given an opportunity to speak during the meeting to seek clarifications on accounts and business operations.