HCP Plastene Bulkpack Limited shareholders approved a proposal to increase the company's borrowing power up to a maximum of ₹500 crore during the 42nd Annual General Meeting (AGM) held on September 25, 2026.

The meeting was conducted via video conferencing in compliance with Ministry of Corporate Affairs and Securities and Exchange Board of India regulations. Prakash Hiralal Parekh, Managing Director, served as the Chairman of the meeting after the regular Chairman was unavailable. The proceedings concluded at 11:50 am with all resolutions passed by requisite majority.

Key resolutions passed

The shareholders voted on several ordinary and special business items, focusing on governance continuity and financial flexibility. The notable approvals included:

• Reappointment of Prakash Hiralal Parekh as Managing Director for three years effective November 1, 2026.
• Approval of material related party transactions for the company and its subsidiary, K. P. Woven Private Limited.
• Increase in borrowing power under Section 180(1)(c) of the Companies Act, 2013, capped at ₹500 crore.
• Authority to provide loans, guarantees, or security up to an aggregate sum of ₹500 crore under Section 186 of the Companies Act, 2013.
• Adoption of a new set of Articles of Association aligned with the Companies Act, 2013.

Governance and directorial changes

The AGM addressed directorial rotations and remuneration adjustments. Sandeep Motilal Shah was reappointed as a Non-Executive Independent Director. Additionally, the board sought approval for paying remuneration to Meenu Maheshwari, a Non-Executive Independent Director, exceeding the limits prescribed under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Prakash Parekh retired by rotation and was reappointed as a director following his eligibility offer. The meeting also saw the adoption of audited standalone and consolidated financial statements for the year ended March 31, 2026.

Attendance and voting details

A total of 37 members attended the virtual meeting. Remote e-voting facilities were provided through the NSDL platform, allowing members to cast votes electronically before and during the session. The scrutinizer for the e-voting process was Ketan Vyas, a practising company secretary.

The company reported that one shareholder registered to speak and raised queries regarding operations, which were addressed by the Chairman. The statutory auditor's representative from Ashok Dhariwal & Co. also attended the meeting.

HCP Plastene Bulkpack has confirmed the completion of physical dispatch for its 42nd Annual General Meeting notice and annual report web-links. The update applies to shareholders who have not registered email addresses with the depository or registrar.

The company scheduled its 42nd AGM for September 25, 2026. The meeting will approve a significant increase in borrowing powers up to ₹500 crore and re-appoint key directors. Shareholders on record as of September 18, 2026, are eligible to vote. Remote e-voting opens on September 19, 2026, at 9:00 am and closes on September 24, 2026, at 5:00 pm. The book closure period runs from September 19, 2026, to September 24, 2026.

Board Re-appointments

The agenda includes the re-appointment of Mr. Prakash Hiralal Parekh as Managing Director for three years, effective November 1, 2026. His monthly salary is capped at ₹3 lakh. Additionally, shareholders will vote on the re-appointment of Mr. Sandeep Motilal Shah as an Independent Director for a five-year term starting August 9, 2026.

Financial Powers and Transactions

The Board seeks special resolution approval to borrow up to ₹500 crore beyond paid-up capital and free reserves. This includes authority to create charges on movable and immovable assets to secure these loans. Similarly, the company proposes limits of ₹500 crore for loans, guarantees, and investments under Section 186 of the Companies Act, 2013.

Related Party Transactions

The notice discloses material related party transactions expected to exceed regulatory thresholds. These involve entities such as Plastene India Limited, HCP Enterprise Limited, and subsidiary K. P. Woven Private Limited. Transactions include purchase and sale of goods, job work, and financial assistance.

The consolidated annual turnover for FY26 was reported at ₹59,959.17 lakh. The transactions are described as being conducted at arm's length in the ordinary course of business.

Annual Report Dispatch

Pursuant to Regulation 36(1)(b) of the SEBI (LODR) Regulations, 2015, the company is dispatching physical letters with web-links to the 42nd Annual Report for FY25-26. This applies to members who have not registered their email address with the company, depository, or Registrar and Share Transfer Agent as of September 18, 2026. The web-link provides access to both the annual report and the AGM notice.