Gandhar Oil Refinery (India) Limited announced the consolidated voting results for its 34th Annual General Meeting held on September 11, 2026. All six resolutions on the agenda were duly passed by members with the requisite majority.

The meeting was conducted via Video Conferencing and Other Audio Visual Means in compliance with Ministry of Corporate Affairs and SEBI regulations. CS Sandhya R. Malhotra of M/s. Manish Ghia & Associates served as the scrutinizer for the remote e-voting process.

Voting Participation

A total of 59,092,169 votes were polled out of 97,879,530 shares held by shareholders on the record date of September 4, 2026, representing a participation rate of 60.37%. The promoter group held 65,185,838 shares, while public institutions held 4,995,081 shares and non-institutional public shareholders held 27,698,611 shares.

Key Resolutions Approved

Shareholders voted on several ordinary and special business items during the session. The agenda included standard corporate governance approvals and strategic appointments.

Shyam Chandrabhan Agrawal was appointed as an independent director for a five-year term effective from July 22, 2026 to July 21, 2031.

Resolution-wise Voting Breakdown

The promoter group voted unanimously (100%) in favour of all resolutions. Dissent was primarily observed among public institutional shareholders on specific items.

Financial Statements and Governance

The adoption of standalone and consolidated financial statements for FY26 received near-unanimous support. For the standalone financials, 99.99% of votes polled were in favour, with only 1,432 votes against. Similarly, the consolidated financials saw 99.99% approval, with 1,352 votes against.

The re-appointment of Chairman and Managing Director Ramesh Babulal Parekh was approved with 99.56% of votes in favour. Public institutions showed some dissent here, with 9.33% of their polled votes cast against the resolution. The ratification of cost auditor remuneration for FY27 passed with 99.99% support.

Board Appointments and MoA Alteration

The appointment of Shyam Chandrabhan Agrawal as an independent director passed with 99.99% of votes in favour.

The special resolution to alter the ancillary object clauses in the Memorandum of Association received 96.96% overall support. However, public institutional shareholders opposed this resolution significantly, with 65.52% of their votes cast against it. Despite this institutional dissent, the strong support from promoters and non-institutional public shareholders ensured the resolution's passage.

Meeting Proceedings

Ramesh Parekh provided a brief overview of the company's business highlights for FY26 and outlined future growth plans. Aslesh Parekh, Joint Managing Director, briefed members on the financial performance and future prospects of the company.

Indrajit Bhattacharyya, Chief Financial Officer, responded to queries raised by registered shareholders during the question-and-answer session. The meeting commenced at 11:00 am and concluded at 11:45 am, including a 15-minute window for e-voting.

Binal Khosla, Company Secretary and Compliance Officer, confirmed that the requisite quorum was present. She also informed members that the consolidated voting results would be available on the stock exchange websites within two working days.

Gandhar Oil Refinery promoter Ramesh Babulal Parekh acquired 31,000 equity shares through the open market on September 8, 2026. The transaction increased his holding to 28.79% of the total voting capital.

The acquisition was disclosed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The company notified the BSE and NSE of the trade on September 9, 2026.

Transaction Details

Parekh, who serves as the Managing Director and promoter, purchased the shares directly from the open market. The deal added 0.03% to his stake relative to both total share capital and diluted share capital.

Shareholding Structure

The company’s total equity share capital remains at ₹19,57,59,060, comprising 9,78,79,530 equity shares with a face value of ₹2 each. All shares are fully paid up.

Parekh holds no warrants, convertible securities, or other instruments entitling him to receive additional voting rights. There are no encumbrances, pledges, or liens on the shares held by the promoter.

What the Numbers Show

The acquisition represents a minor incremental increase in promoter confidence. With a stake of nearly 29%, Parekh maintains significant control over the company’s voting rights. The absence of any pledged shares indicates no immediate liquidity pressure on this portion of the promoter holding.