Harig Crankshafts Limited has disclosed the voting results and scrutinizer's report for its third Annual General Meeting (AGM) post-Corporate Insolvency Resolution Process (CIRP), held on September 29, 2026. All four resolutions proposed in the meeting notice were passed by shareholders.

Voting outcomes and attendance

The meeting was conducted via Video Conferencing, adhering to Ministry of Corporate Affairs and SEBI guidelines. Chairman and Managing Director Manoj Agarwal welcomed members, while Company Secretary Ayushi Gupta managed procedural aspects. Non-executive director Pragya Agarwal was absent due to unavoidable circumstances. Statutory auditors, secretarial auditors, and the scrutinizer were present to oversee the process.

The notice convening the AGM, along with the Board Report, Auditors Report, and Financials for FY26, was taken as read. The Company Secretary highlighted the qualified opinion contained in the Auditor's Report and observations from the Secretarial Audit Report, alongside the company's respective responses.

Resolution details

Members voted on both ordinary and special business items using remote e-voting from September 26 to September 28, 2026, and electronic voting during the meeting via NSDL. The scrutinizer, Debabrata Deb Nath of R & D Company Secretaries, submitted the consolidated report on October 1, 2026.

Ordinary business

• Adoption of audited financial statements for FY26: Passed with 99.97% votes in favour.
• Re-appointment of Manoj Agarwal as director retiring by rotation: Passed with 99.97% votes in favour.
• Re-appointment of M/s M.B. Gupta & Co. as statutory auditors: Passed with 99.94% votes in favour.

Special business

• Approval of material related party transactions with Chemester Food Industry Private Limited for FY27: Passed with 57.48% votes in favour.

Voting results summary

What the Numbers Show

The voting data reveals a significant divergence in shareholder sentiment between routine governance matters and specific commercial approvals. While the adoption of financial statements and auditor re-appointments saw near-unanimous support (over 99.9% in favour), the approval for material related party transactions with Chemester Food Industry Private Limited received only 57.48% support among participating non-institutional public shareholders. Notably, the promoter group abstained from voting on this specific resolution, leaving the outcome entirely dependent on public shareholder participation, which constituted just 1.29% of their total holding.

Harig Crankshafts has dispatched the notice for its third annual general meeting (post-CIRP) to shareholders via electronic media on September 5, 2026. The meeting is scheduled for Tuesday, September 29, 2026, to approve key board resolutions including a material related-party transaction and auditor reappointment.

The board, in its meeting on September 1, 2026, recommended the reappointment of Manoj Agarwal as managing director and M.B. Gupta & Co. as statutory auditors for FY2030-31. Shareholders will also vote on an unsecured loan facility of up to ₹6 crore from Chemester Food Industry Private Limited for FY26-27.

Financial Performance Turnaround

The company reported a significant turnaround in FY26, logging a net profit of ₹10.33 crore (₹10,32,847.17 hundred), compared to a net loss of ₹54.33 crore (₹54,33,408.95 hundred) in FY25. This shift was driven by revenue from operations of ₹20.86 crore (₹20,85,880.39 hundred) in FY26, whereas the previous year recorded nil operational revenue. Total income stood at ₹20.86 crore in FY26 against ₹11.39 lakh in FY25.

Profit before depreciation, finance charges, and tax rose to ₹16.01 crore (₹16,00,661.82 hundred) from a negative figure of ₹19.77 lakh (₹1,97,748.42 hundred) in the prior year. Finance costs decreased to ₹5.62 crore (₹5,61,862.59 hundred) from ₹7.03 crore (₹7,02,711.47 hundred). Depreciation and amortization expense fell sharply to ₹59.52 thousand (₹5,952.06 hundred) from ₹2.66 lakh (₹26,579.69 hundred).

Key Board Decisions

The board approved several critical matters during its session at the registered office in Greater Noida:

• Reappointment of Manoj Agarwal (DIN: 00093633) as managing director following his retirement by rotation.
• Approval of the board report for FY25.
• Reappointment of M.B. Gupta & Co. (FRN: 006928N) as statutory auditors for a second term of five consecutive years, from the conclusion of the 3rd AGM (post-CIRP) until the conclusion of the 8th AGM (post-CIRP) for FY2030-31.
• Approval of a material related-party transaction with Chemester Food Industry Private Limited for FY26-27.

Related-Party Transaction Details

The company seeks shareholder approval to avail inter-corporate deposits or unsecured loans from Chemester Food Industry Private Limited, a related party where a director’s relative is a member. The proposed transaction is structured as follows:

The transaction value represents 28.76% of Harig Crankshafts’ annual consolidated turnover for FY25-26. The debt-to-equity ratio is expected to move from -1.28 to -1.38 post-transaction, while the debt service coverage ratio will adjust from 0.91 to 0.88. Directors Manoj Agarwal, Pragya Agarwal, and CFO Payas Agarwal have disclosed interest in this transaction and will abstain from voting.

Annual General Meeting Logistics

The AGM will be conducted through Video Conferencing or Other Audio Visual Means (VC/OAVM) starting at 12:00 pm on September 29, 2026. The register of members and share transfer books will remain closed from September 23 to September 29, 2026.

Shareholders holding shares as on the cut-off date of Tuesday, September 22, 2026, are eligible to vote. Remote e-voting via National Securities Depository Limited (NSDL) will be available from Saturday, September 26, 2026, at 9:00 am to Monday, September 28, 2026, at 5:00 pm. CS Debabrata Deb Nath has been appointed as the scrutinizer for the voting process.