Gravita India has approved the incorporation of a wholly owned subsidiary in the United States, named Gravita Recyclers USA Inc. The entity will engage in the trading of scrap and scrap materials.

Subsidiary formation details

The Board of Directors approved the formation during its meeting held on October 5, 2026. The new venture will operate as a fully owned subsidiary with an initial capital subscription of $50,000 in cash. The company will be incorporated under the laws of the United States of America.

This development marks Gravita India's entry into the United States market through a dedicated subsidiary structure, underlining its intent to establish a direct operational presence in the country. The board meeting commenced at 1:00 pm and concluded at 3:00 pm.

Gravita India Limited shareholders overwhelmingly approved key resolutions at the 34th Annual General Meeting held on September 28, 2026. The scrutinizer's report confirms 99.99% of valid votes supported the adoption of standalone and consolidated financial statements for FY26.

The meeting also ratified the re-appointment of Sunil Kansal as Whole-Time Director and CFO. Special resolutions regarding borrowing powers and remuneration revisions for CEO Yogesh Malhotra and CFO Sunil Kansal received strong backing, with approval rates ranging from 97.08% to 99.65%.

Voting Breakdown by Resolution

The scrutinizer, Akshit Kumar Jangid, detailed the voting patterns across remote e-voting and live e-voting during the AGM. The table below summarizes the total votes cast in favour and against each resolution.

Key Resolutions Passed

Shareholders voted on six agenda items, comprising ordinary and special business. The audited standalone and consolidated financial statements for the financial year ended March 31, 2026, were received and adopted. Mr. Sunil Kansal, Whole-Time Director and Chief Financial Officer, was re-appointed following his retirement by rotation.

The meeting also ratified the remuneration of cost auditors for FY27. Significant special resolutions included approval to borrow money in excess of paid-up share capital, free reserves, and securities premium. Additionally, revisions in remuneration were approved for Yogesh Malhotra, Whole-Time Director and CEO, and Sunil Kansal, Whole-Time Director and CFO.

Governance and Proceedings

The company provided a remote e-voting facility through Central Depository Services (India) Limited from September 25 to September 27, 2026. Members present at the meeting who had not voted remotely utilized e-voting during the session. Akshit Kumar Jangid, Practicing Company Secretary, served as the scrutinizer for the voting process.

Rajat Agrawal, Chairman cum Managing Director, chaired the meeting. He confirmed that there were no qualifications or adverse remarks in the Statutory Auditors' report on the financial statements or the Secretarial Auditors' report on compliance. The company secretary informed members that requisite registers, documents, and reports were available for electronic inspection.

The meeting concluded at 2:05 pm after allowing 15 minutes for final e-voting. Results of the remote e-voting and e-voting during the AGM have been submitted to stock exchanges in accordance with SEBI regulations.

What the Numbers Show

While overall approval remained high, a divergence emerged between promoter and institutional voting behavior on executive compensation. For Resolution 5 (CEO remuneration), promoters voted 100% in favour, whereas public institutions cast 15.29% of their votes against. Similarly, for Resolution 6 (CFO remuneration), institutional opposition stood at 15.35%. This indicates that while the resolutions passed comfortably due to promoter support, a significant minority of institutional investors expressed dissatisfaction with the proposed pay revisions.