Garware Marine Industries Limited shareholders approved the audited financial statements for the fiscal year ended March 31, 2026, during the company's 48th Annual General Meeting (AGM) held on September 23, 2026. The meeting, conducted via video conferencing, also ratified the reappointment of Chairman Aditya A. Garware and confirmed new directorial roles.

The AGM commenced at 11:30 am and concluded at 12:25 pm with a quorum of 99 members present. Aditya A. Garware presided over the meeting from Singapore. The proceedings were conducted in compliance with Ministry of Corporate Affairs circulars dated September 19, 2024, which permit virtual general meetings.

Key resolutions passed

Shareholders unanimously adopted several ordinary and special resolutions concerning governance and financial reporting. The key approvals included:

• Financial Statements: Approval of the Audited Balance Sheet as at March 31, 2026, along with the Statement of Profit and Loss and Cash Flow Statement for the year ended on that date.
• Director Reappointment: Appointment of Aditya A. Garware (DIN: 00198146) as Director in place of himself, who retired by rotation and offered himself for reappointment.
• Executive Director Appointment: Appointment of Shyamsunder V. Atre (DIN: 01893024) as Executive Director for a period of two years effective October 31, 2026.
• Independent Director Appointment: Appointment of Hasan Alibhai Bhinderwala (DIN: 06751723) as Non-Executive Independent Director for a five-year term effective August 12, 2026.

Governance and attendance details

The Board of Directors present included Non-Executive Directors Shefali S. Bajaj and several Independent Directors such as Vikas D. Sadarangani, Piyush V. Patel, Amir J. Pradhan, and Hasan Ali Bhinderwala. Pallavi P. Shedge served as Company Secretary, and Vipulata S. Tandel was the Chief Financial Officer.

During the session, six out of 19 registered shareholder speakers expressed appreciation to the board and employees. The Chairman addressed queries raised by two shareholders. The meeting noted that qualifications or adverse remarks in the Auditor's Report and Secretarial Audit Report were explained by the Chairman to the members.

Voting mechanism

Remote e-voting was available from September 20, 2026, to September 22, 2026. Members who did not vote remotely were permitted to cast votes through the CDSL e-portal after the conclusion of the AGM. Taher Sapatwala, a Practicing Company Secretary, was appointed as Scrutinizer to ensure fair voting processes. The final results are to be declared within statutory timelines and published on the company website.

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.