Glittek Granites shareholders approved a special resolution to change the company's name to Rawmin Neo Elements Limited during its 36th Annual General Meeting held on September 22, 2026.

The meeting, conducted via Video Conferencing, also sanctioned the shifting of the registered office from Bengaluru, Karnataka, to Mumbai, Maharashtra. This strategic relocation aligns with the broader corporate restructuring approved by members, which includes significant changes to the board composition and borrowing limits.

Board appointments and governance changes

Members ratified the appointment of key personnel for five-year terms effective June 25, 2026. Maheshkumar Jatashankar Thanki was appointed as Chairperson and Whole-time Director, while Bhargav Girjashankar Thanki was appointed as Managing Director. Bhavin Harihar Thanki was named Whole-time Director. Three Independent Directors were also appointed: Deependra Singh, Sunil Kumar Bansal, and Kavita Rakesh Shah.

The company appointed M/s. R. R. Tibrewala & Co., Chartered Accountants, as Statutory Auditors for a five-year term. KJB & CO. LLP was appointed as Secretarial Auditor for a similar period following the resignation of the previous auditor.

Strategic and financial resolutions

Beyond governance, shareholders passed special resolutions to enhance borrowing limits under Section 180(1)(c) of the Companies Act, 2013. The board is now authorized to create charges or mortgages over company undertakings and increase limits for granting loans, investments, guarantees, and securities under Section 186.

A material related party transaction between the company and its promoters was also approved. No related party voted on this specific resolution in compliance with SEBI Listing Regulations.

Summary of approved resolutions

What the numbers show

The simultaneous approval of a name change, registered office shift, and enhanced borrowing powers indicates a comprehensive corporate overhaul. The transition from "Glittek Granites" to "Rawmin Neo Elements" suggests a potential pivot in business focus or brand identity, moving away from traditional granite branding toward a broader "elements" or materials scope. The move to Mumbai, a major financial hub, alongside increased debt capacity, signals preparations for expanded operational or capital-intensive activities.

Glittek Granites has published newspaper advertisements confirming its 36th Annual General Meeting on September 22, 2026. The notice, released on August 29, 2026, appears in Business Standard and Vartha Bharati, detailing the agenda for the name change to Rawmin Neo Elements Limited.

The disclosure complies with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Section 108 of the Companies Act, 2013. The meeting will be held via video conferencing at 11:30 am.

Corporate Restructuring

The proposals follow a change in control completed in June 2026, when the Rawmin group acquired a 70.59% stake. The new management intends to diversify into battery energy storage systems (BESS), solar photovoltaic cells, and rare earth elements.

Shareholders will vote on several special resolutions to align the company’s identity with its new operational focus:

• Alter the Main Object Clause of the Memorandum of Association to permit business in BESS, solar PV, and critical minerals.
• Change the company name from Glittek Granites Limited to Rawmin Neo Elements Limited.
• Shift the registered office from Hoskote, Karnataka, to Nariman Point, Mumbai.
• Enhance borrowing limits up to ₹200 crore or the aggregate of paid-up capital and free reserves, whichever is higher.
• Authorize related-party transactions for unsecured loans up to ₹100 crore from promoters.

Board Reconstitution

The meeting will regularize the appointments of the new board members effective June 25, 2026:

Each executive director is eligible for a salary of up to ₹84 lakh per annum. The independent directors will receive sitting fees as determined by the board.

Financial Position

For FY26, revenue from operations fell 97.7% to ₹4.68 lakh from ₹203.63 lakh in FY25, reflecting minimal legacy activity. Other income dropped 95.6% to ₹135.90 lakh, primarily due to the absence of significant fixed asset disposals seen in the prior year.

The company reported a net loss of ₹39.45 lakh for FY26 compared to a profit of ₹685.86 lakh in FY25. Despite the loss, the balance sheet remains strong with cash and cash equivalents of ₹658.73 lakh and no outstanding borrowings as of March 31, 2026.

Auditor Appointments

Members will appoint M/s R R Tibrewala & Co as statutory auditors for five years, with proposed fees of ₹4 lakh for FY27. KJB & Co LLP will be appointed as secretarial auditors for five years, with fees of ₹1 lakh for FY27.

What the Numbers Show

The divergence between the negligible operating revenue (₹4.68 lakh) and substantial cash reserves (₹658.73 lakh) indicates the company has effectively wound down its legacy operations while preserving liquidity for the proposed capital-intensive entry into energy storage and minerals.