Global Defence Industries Limited held its 41st Annual General Meeting on September 29, 2026, via video conferencing. The meeting focused on approving key governance changes and financial authorizations for the company, formerly known as Nibe Ordnance and Maritime Limited.

Governance and Leadership Updates

The shareholders approved several critical resolutions during the meeting. The most notable was the appointment of Ravi Kant as the Whole-time Director of the company. This appointment was passed as a special resolution. Additionally, Mr. Ganesh Ramesh Nibe was re-appointed as a director in place of himself, having retired by rotation.

The board composition and key managerial personnel present included:

Financial Authorizations

Shareholders granted the Board of Directors significant financial flexibility through multiple special resolutions. These authorizations are crucial for the company’s operational expansion and capital requirements.

• Authorization to borrow funds in excess of limits specified under Section 180 (1) (c) of the Companies Act, 2013.
• Authorization to create securities on company properties under Section 180 (1) (a).
• Approval to grant loans, guarantees, and security under Section 185.
• Authorization to give loans, provide guarantees, or make investments in excess of limits under Section 186.

Related Party Transactions

The AGM also saw the approval of material related party transactions with various subsidiaries and promoter group companies. These transactions were approved as ordinary resolutions, indicating their routine nature within the corporate structure.

Meeting Proceedings

The meeting commenced at 11:00 am and concluded at 11:20 am. Mr. Mukesh Ranga, Company Secretary, welcomed members and briefed them on e-voting instructions. Remote e-voting was conducted through National Securities Depository Limited (NSDL) from September 26 to September 28, 2026.

Mr. Ravi Kant, who chaired the meeting, briefed members on recent business developments, specifically highlighting the setup of a manufacturing facility in Shirdi, Maharashtra. The Chief Financial Officer, Mr. Rajendra Apte, presented the financial performance for FY26. The notice of the AGM, along with annual reports, was circulated electronically in compliance with Ministry of Corporate Affairs and SEBI circulars.

Global Defence Industries Limited has secured government approval to lease approximately 1,500 acres of land in Maharashtra for setting up a new project. The lease agreement covers land situated at Mouje Haregaon, Taluka Shirampur, District Ahilyanagar, marking a significant step in the company's expansion plans.

The Maharashtra State Farming Corporation Limited, under the Government of Maharashtra Revenue Department, issued a Government Resolution dated September 23, 2026, approving the grant. The disclosure was made to BSE on September 24, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Lease terms and financial structure

The proposed lease arrangement is between Global Defence Industries Limited (GDIL) and the Maharashtra State Farming Corporation. The transaction does not involve any shareholding interest or related party transactions, as the counterparty is a government entity.

Key financial and operational terms of the lease include:

• Lease Area: Approximately 1,500 acres.
• Base Rent: ₹50,000 per acre per annum.
• Escalation Clause: Annual rent escalation of 3%.
• Tenure: Initial lease period of 49 years, renewable for another 49 years subject to prescribed conditions.
• Right of Refusal: GDIL holds a First Right of Refusal for approximately 900 acres within the subject land parcel.

Project scope and compliance

The land is designated for the purpose of setting up and developing the proposed project. Utilisation of the land is restricted to the approved project only. The company must comply with conditions prescribed under the applicable Government Resolution, including provisions relating to sub-lease, transfer, sale, and consequences of breach or non-utilisation.

The company stated that the transaction does not involve the issuance of shares or other securities, nor does it constitute a loan agreement. The details were disclosed in Annexure A of the filing, which outlines the significant terms as required by SEBI circulars updated in January 2026.