Garware Marine Industries shareholders approved an increase in the limit for related party transactions with Garware Offshore Services Limited (GOSL) to ₹50 crore, up from the previous ceiling of ₹40 crore.

The approval was granted during an Extra Ordinary General Meeting (EGM) held on October 7, 2026. The meeting was conducted via video conferencing in accordance with Ministry of Corporate Affairs guidelines issued on September 19, 2024.

Resolution details

Two special resolutions were passed during the proceedings:

1. Approval of transactions under Section 185 of the Companies Act, 2013, superseding the earlier limit of ₹40 crore with a new limit of ₹50 crore.
2. Approval of material related party transactions with GOSL, including the charging of guarantee commission on corporate guarantees provided to GOSL, within the revised ₹50 crore limit.

Due to common directorship and promoter interests, Mr. Aditya A. Garware requested Mr. Piyush V. Patel, Independent Director, to chair the meeting specifically for these items to ensure impartiality.

Meeting attendance and voting

The EGM commenced at 11:30 am and concluded at 12:04 pm. The requisite quorum was present, with a total of 111 members attending. Remote e-voting facilities were provided to members from September 4, 2026, to September 6, 2026, with September 30, 2026, serving as the record date.

Mr. Taher Sapatwala, a Practicing Company Secretary, was appointed as the scrutinizer to oversee the electronic and physical voting process. The final results and the scrutinizer’s report will be declared within the timeframe permitted by law and communicated to the stock exchanges.

Garware Marine Industries Limited shareholders unanimously approved all four resolutions proposed at the company's 48th Annual General Meeting (AGM) held on September 23, 2026. The scrutinizer’s report confirmed that each resolution received 100% of the valid votes cast, with zero dissenting votes recorded across remote e-voting and live meeting polls.

The meeting, conducted via video conferencing, saw the adoption of the audited financial statements for the fiscal year ended March 31, 2026. It also ratified the reappointment of Chairman Aditya A. Garware and confirmed new directorial roles for Shyamsunder V. Atre and Hasan Alibhai Bhinderwala. The proceedings were presided over by Aditya A. Garware from Singapore, commencing at 11:30 am and concluding at 12:25 pm.

Voting results breakdown

The consolidated scrutinizer’s report submitted by Taher Sapatwala & Associates details the voting outcomes for each item. A total of 137 members cast valid votes representing 2,407,033 shares. The data indicates complete consensus among participating shareholders, with no invalid votes reported.

Remote e-voting was open from September 20, 2026, to September 22, 2026. During this period, 131 members voted electronically. An additional 6 members exercised their right to vote during the live AGM session via the CDSL e-portal. The cut-off date for determining eligible shareholders was September 16, 2026.

Key governance approvals

The approved resolutions cover critical financial and leadership mandates:

• Financial Statements: Adoption 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. During this specific item, Mr. Piyush V. Patel chaired the meeting as Mr. Garware is a brother of promoter and Non-Executive Director Mrs. Shefali S. Bajaj.
• 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.

Meeting proceedings and attendance

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. Statutory Auditor Mr. Nikishesh Patani from M/s. D. Kothary & Co., Secretarial Auditor Mr. Rajkumar Tiwari, and Internal Auditor Mr. Sandeep Patil were also in attendance.

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.

What the Numbers Show

The voting pattern reveals a highly concentrated shareholder base actively participating in governance decisions. While only 137 members voted, they represented a significant portion of the company's equity given the total vote count of 2,407,033. The uniformity of the result, with 100% support for both ordinary and special resolutions, suggests strong alignment between the management’s strategic direction and the interests of the voting shareholder base. Notably, the special resolutions requiring a higher majority threshold passed with the same unanimity as the ordinary resolutions, indicating no significant minority opposition to the proposed changes in executive leadership or independent directorship.