Gujarat Apollo Industries Limited held its 39th Annual General Meeting on September 28, 2026, where shareholders approved the standalone and consolidated financial statements for the fiscal year ended March 31, 2026. The meeting also ratified the declaration of a dividend of ₹2 per share.

The proceedings took place at the company’s registered office in Mehsana, Gujarat. Asit A. Patel, Managing Director, chaired the session, with Anand A. Patel providing an overview of the business performance. A total of 40 members attended the meeting in person, ensuring the required quorum was present throughout the proceedings.

Key resolutions passed

The agenda included both ordinary and special resolutions, covering financial approvals, director reappointments, and strategic disinvestments. The following key items were addressed:

Voting results and shareholder participation

Detailed voting results disclosed on September 29, 2026, indicate that all five resolutions were passed with significant majority support. Out of 9,328 shareholders on record, 40 attended in person or via proxy, while no shareholders participated through video conferencing. The total number of votes polled across all categories was 67,96,336.

For the ordinary resolutions regarding financial statements, dividend declaration, and director reappointment, 95.11% of the total valid votes cast were in favour, with only 4.89% against. Promoter and promoter group members voted unanimously in favour of all resolutions.

Scrutiny of special resolution on Credo Advanced Chemicals

The special resolution approving the sale or disinvestment in Credo Advanced Chemicals Limited also passed with 95.11% overall support. However, a closer look at public shareholder voting reveals notable dissent. Under Regulation 37A of SEBI (LODR) Regulations, 2015, the resolution was contingent on public shareholder support exceeding opposition.

Among public shareholders, 73.83% voted in favour, while 26.17% voted against the disinvestment proposal. This indicates that more than one-quarter of participating public investors opposed the strategic move, despite the overall passage due to promoter backing.

Meeting details and governance

The Company Secretary, Neha Chikani Shah, confirmed that remote e-voting facilities were provided for all resolutions, consistent with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Members who did not vote electronically cast their votes via ballot paper during the meeting.

Ashish Shah, a practicing company secretary, served as the scrutinizer to oversee the voting process. The results of the voting were submitted to the stock exchanges within two working days of the meeting's conclusion. The AGM concluded at 11:40 am following a vote of thanks.

Gujarat Apollo Industries has approved the sale of its 17.96% stake in Credo Advanced Chemicals for ₹37.63 crore to Mr. Naman Madhav Patel. The transaction is subject to shareholder approval at the upcoming annual general meeting.

Transaction details

The divestment involves Gujarat Apollo Industries offloading its minority shareholding in Credo Advanced Chemicals. The following table summarises the key parameters of the transaction:

The board approved the sale in principle on September 3, 2026. The transaction is outside any scheme of arrangement and does not fall under related-party transactions. The company will ensure compliance with Regulation 37A of the SEBI LODR Regulations at the ensuing general meeting.

AGM and corporate actions

The board also approved the notice for the 39th Annual General Meeting of the company. Key dates and appointments include:

• AGM Date: Monday, September 28, 2026 at 11:00 am in physical mode at the registered office.
• Record Date: Monday, September 21, 2026 for dividend payment and AGM eligibility.
• Scrutinizer: Mr. Ashish Shah, Practicing Company Secretary, appointed to oversee remote e-voting and ballot paper voting.

Credo Advanced Chemicals contributed 7.92% to Gujarat Apollo Industries' overall turnover and net worth during the last financial year.