Gujarat State Fertilizers & Chemicals Limited has successfully completed its postal ballot process for three critical director appointments, with shareholders demonstrating overwhelming support across all resolutions. The remote e-voting period concluded on March 22, 2026, marking a significant milestone in the company's governance structure.

Voting Results Overview

The postal ballot addressed three key appointments, all requiring ordinary resolutions. The voting process was conducted exclusively through remote e-voting via CDSL's platform, with the cut-off date set as February 13, 2026.

Key Appointments Approved

Shareholders approved the appointment of Dr. Rajender Kumar, IAS (DIN: 07161855) in dual roles - first as a Director of the Company and subsequently as Managing Director. The resolutions received strong support with approval rates of 93.40% and 93.92% respectively.

Additionally, the appointment of Mr. Ashwani Kumar, IAS (DIN: 06581753) as Director received exceptional support, with 99.40% of votes cast in favour of the resolution.

Board Approves UPSI Code Amendment

Following the director appointments, the Board of Directors approved amendments to the Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information on March 24, 2026. The amendments align the code with recent changes in SEBI (Prohibition of Insider Trading) Regulations, 2015.

The updated code establishes comprehensive principles for fair disclosure of events that could impact price discovery, determination of legitimate purposes for UPSI sharing, and enhanced compliance frameworks. Key provisions include prompt disclosure requirements, uniform dissemination protocols, and strict need-to-know basis handling of sensitive information.

Voting Participation Analysis

The voting process demonstrated significant participation across different shareholder categories:

The Promoter and Promoter Group category showed complete participation with 100% voting, while Public Institutions demonstrated strong engagement at 89.23% participation.

Regulatory Compliance

The postal ballot process was conducted in strict compliance with regulatory requirements under Sections 108 and 110 of the Companies Act, 2013, and Regulation 44 of SEBI Listing Regulations. Mr. Niraj Trivedi (FCS No.: 3844, COP: 3123), appointed as Scrutinizer, oversaw the entire process to ensure transparency and fairness.

The company has fulfilled its disclosure obligations by submitting results to BSE Limited (Scrip Code: 500690) and National Stock Exchange of India Ltd. Both the voting results and the amended UPSI code are available on the company's website, ensuring transparency for all stakeholders.

Gujarat State Fertilizers & Chemicals has announced the opening of a special window for transfer and dematerialization of physical shares, following SEBI's regulatory directive. This development comes as the company continues its strategic initiatives in the fertiliser sector, including its significant stake in the Canadian Karnalyte Potash Project.

SEBI Regulatory Compliance Initiative

Following SEBI Circular No. SEBI/HO/38/13/11/2/2026-MIRSD-PoD/13750/2026 dated January 30, 2026, Gujarat State Fertilizers & Chemicals has opened a special window for shareholders to transfer and dematerialize physical shares that were sold or purchased prior to April 1, 2019. The special window will remain operational until February 4, 2027.

Eligibility and Process Requirements

The company has outlined specific eligibility criteria for shareholders seeking to utilize this special window. Only requests accompanied by original certificates, transfer deeds, and relevant supporting documents will be considered. The transferred securities will be mandatorily credited to the transferee in demat mode and will be subject to a one-year lock-in period from the date of registration.

Strategic Context and Operations

This regulatory compliance initiative comes as Gujarat State Fertilizers & Chemicals maintains its strategic positioning in the fertiliser sector. The company holds a commanding 47.73% stake in the Karnalyte Potash Project located in Saskatchewan, Canada, through which India seeks to secure 44% of the project's output to strengthen its fertiliser supply chain.

Contact Information for Shareholders

Shareholders requiring assistance with the transfer process can contact the company directly at its Fertilizernagar facility in Vadodara or reach out to the Registrar and Transfer Agent, MUFG Intime India Pvt. Ltd. The company has emphasized that cases involving disputes between transferor and transferee will not be considered under this window and must be resolved through court or NCLT processes.