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.

Galaxy Bearings has completed the sale of the first tranche of its industrial land parcels in Pune. The company executed the definitive sale deed for 6,100 sq. meters to BRK Infra Leasing LLP for a consideration of ₹125 lakh on September 17, 2026.

The transaction marks the financial closure of the initial portion of the asset disposal plan approved by the Board of Directors on September 15, 2026. This follows preliminary disclosures made on May 2, 2026, regarding the potential disposal of the unutilized land located at Gat No. 1091, Sanaswadi.

Transaction Structure

The company is disposing of the land in separate tranches. The completed first tranche involves the sale of 6,100 sq. meters to BRK Infra Leasing LLP. The sale deed was registered and the transaction concluded on September 17, 2026.

The second tranche, covering 5,700 sq. meters, is scheduled to be sold to Treefac Works LLP for ₹150 lakh. The definitive sale deed for this portion remains set for execution on September 24, 2026.

Regulatory and Operational Context

Both transactions are classified as non-related party deals. They do not fall under Section 188 of the Companies Act, 2013, or Regulation 23 of the SEBI (LODR) Regulations, 2015. Neither buyer belongs to the promoter group.

The land block is described as unutilized industrial land that does not contribute to operational revenue. Consequently, there is no turnover or net worth contribution impact from these assets. The remaining balance area of the land parcel will be executed in subsequent tranches, with updates filed upon finalization of terms.