Garware Marine Industries has scheduled an Extra Ordinary General Meeting (EGM) for October 7, 2026, to seek shareholder approval for enhancing the corporate guarantee limit for its offshore services unit. The board previously approved the proposal on September 9, 2026.

The company seeks to increase the aggregate corporate guarantee limit provided to Garware Offshore Services Limited (GOSL) from ₹40 crore to ₹50 crore. This enhancement supports GOSL’s financial facilities with Kotak Mahindra Bank for business expansion and vessel maintenance.

Board Resolutions and Guarantee Details

The board meeting held in Mumbai from 2:00 pm to 4:10 pm focused on regulatory compliance and related party transactions under Section 188 of the Companies Act, 2013. Key approvals included:

• Enhancing the corporate guarantee limit for GOSL, an entity with common directors and promoters, from ₹40 crore to ₹50 crore.
• Approving transactions under Section 185 of the Companies Act, 2013, superseding earlier limits subject to member approval.
• Ratifying material related party transactions under Regulation 23 of the SEBI LODR.

The guarantee covers financial facilities totaling ₹48.82 crore, including existing term loans for vessel purchases, new term loans for drydocking charges, and an overdraft facility. The tenure is up to 72 months, extendable by mutual agreement.

Related Party Transactions and Commission

The transaction qualifies as a material related party transaction because GOSL shares promoters and directors with Garware Marine. The company will charge GOSL a guarantee commission of up to 0.75% per annum plus applicable GST on the guarantee value, an increase from the previous 0.5% rate.

Next Steps and Shareholder Voting

Shareholders will vote on special resolutions at the EGM scheduled for October 7, 2026, at 11:30 am via video conference. Remote e-voting will be available from October 4, 2026, to October 6, 2026. The cut-off date for determining voting rights is September 30, 2026.

This disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. Interested parties, including Mr. Aditya A. Garware and Mrs. Shefali S. Bajaj, are required to abstain from voting on the resolution.

Garware Marine Industries has scheduled its 48th Annual General Meeting (AGM) for September 23, 2026. The meeting will be conducted via video conference or other audio-visual means.

The company will transact ordinary business, including the adoption of audited financial statements for the fiscal year ended March 31, 2026. Shareholders will also vote on the reappointment of Aditya A. Garware as a director, who retires by rotation.

Special Business Agenda

The AGM features two special resolutions concerning board composition:

• Reappointment of Shyamsunder V. Atre as Executive Director for two years, effective October 31, 2026.
• Appointment of Hasan Alibhai Bhinderwala as a Non-Executive Independent Director for five years, effective August 12, 2026.

Executive Director Remuneration

Mr. Atre’s proposed annual remuneration is fixed at ₹15,47,040. This amount covers salary only, with no monetary value assigned to perquisites, bonus, provident fund contributions, pension, stock options, severance fees, or sitting fees in the base calculation.

Additional benefits include reimbursement for business-related entertainment and travel expenses. These reimbursements are excluded from the statutory remuneration ceiling. The proposed compensation applies even if the company incurs a loss or has inadequate profits.

Independent Director Profile

Mr. Bhinderwala brings over 22 years of experience in manufacturing, distribution, and marketing of industrial netting solutions. He currently serves as a Designated Partner in R Nets N Knots LLP. The Nomination and Remuneration Committee confirmed his independence under Section 149(6) of the Companies Act, 2013, and SEBI Listing Regulations.

Voting and Participation

Remote e-voting will be open from September 20, 2026, at 10:00 am to September 22, 2026, at 5:00 pm. The cut-off date for determining voting rights is September 16, 2026. Shareholders can participate via CDSL or NSDL demat accounts. Physical attendance is dispensed with per Ministry of Corporate Affairs circulars.