IMEC Services Limited held its 38th Annual General Meeting (AGM) on September 25, 2026, via video conferencing. The meeting focused on adopting the audited standalone financial statements for the financial year ended March 31, 2026, and approving key leadership changes.

The statutory auditor's report for FY26 contained no qualifications or adverse remarks impacting the company's financial health. However, the secretarial auditor's report included certain observations, for which the Board provided explanations in its report and is undertaking corrective measures.

Leadership Appointments and Re-appointments

Members approved several resolutions regarding the composition of the Board and executive management. The appointments are effective from August 14, 2026.

Rajesh Soni retired by rotation and was re-appointed as a Non-Executive Director. Anjali Jain was appointed as an Independent Woman Director for a five-year term. Girdhari Sagarvanshi was appointed as Whole-Time Director and Chief Executive Officer for a five-year period, with terms and remuneration as outlined in the explanatory statement.

Meeting Proceedings and Voting

The meeting commenced at 3:00 pm and concluded at 3:22 pm. Negendra Singh, Independent Director and Chairperson of the Audit, Nomination & Remuneration, and Stakeholders Relationship Committees, chaired the session. The requisite quorum was present.

Remote e-voting facilities were available from September 22 to September 24, 2026. M/s B. Maksi Wala & Associates served as the scrutinizer. The voting results and scrutinizer's report will be submitted to the stock exchange separately.

IMEC Services has scheduled its 38th Annual General Meeting for September 25, 2026, at 3:00 pm (IST). The meeting will address key board appointments and the adoption of financial results for FY26.

The company will hold the meeting through video conferencing or other audio-visual means. Remote e-voting will open on September 22, 2026, and close on September 24, 2026. The record date for voting eligibility is September 18, 2026. Electronic copies of the notice and annual report will be sent only to members with registered email addresses.

Board Appointments

Shareholders will vote on two special resolutions regarding board composition:

• Girdhari Sagarvanshi as Whole-time Director and Chief Executive Officer. He holds a Bachelor's Degree and has over 20 years of management experience. His five-year term begins on August 14, 2026.
• Anjali Jain as Independent Woman Director. She is an Associate Member of the Institute of Company Secretaries of India with over nine years of compliance experience. Her five-year term also starts on August 14, 2026.

Additionally, Rajesh Soni, a Non-Executive Director with over 26 years of steel industry experience, retires by rotation and offers himself for re-appointment.

Financial Performance FY26

The company reported a sharp contraction in operating revenue for FY26 compared to the prior year.

The company incurred a pre-tax loss of ₹213.86 lakh in FY26, driven by lower operating income. Service-related business initiatives had not yet reached anticipated revenue levels. Despite the operational loss, the company reported a net profit of ₹621.05 lakh, aided by other income and tax adjustments.

What the Numbers Show

A significant divergence exists between the company's operational performance and its bottom-line result. While revenue from operations collapsed by 99.2% to just ₹23.01 lakh, the company still posted a net profit of ₹621.05 lakh. This indicates that the reported profitability is not driven by core business operations but likely stems from non-operating items or tax benefits, as the pre-tax position was negative at (₹213.86 lakh). The net worth increased by 23.1% to ₹3,318.76 lakh, reflecting the retention of these profits despite the operational downturn.

Remuneration Details

The proposed remuneration for Mr. Sagarvanshi includes a basic salary of ₹5,77,50 per month. Perquisites, allowances, and variable pay will be determined by the Nomination and Remuneration Committee. The appointment is subject to Schedule V of the Companies Act, 2013, due to inadequate profits for managerial remuneration under Section 197.