Inter State Oil Carrier Limited shareholders approved the reappointment of Siddhant Jain as Whole-time Director for a three-year term commencing on May 2, 2027. However, the company failed to secure approval for the revision of Managing Director Sanjay Jain’s remuneration or related-party transactions at its 42nd Annual General Meeting held on September 14, 2026.

The virtual meeting, chaired by Managing Director Sanjay Jain, concluded at 1:40 pm after voting on five resolutions. While the adoption of FY26 audited financial statements and Sanjay Jain’s reappointment by rotation were passed, the special resolution regarding his pay revision received only 53.28% support, falling short of the requisite majority. Similarly, the ordinary resolution for related-party transactions was rejected with only 13.23% in favor.

Voting Results Breakdown

The scrutinizer’s report from M/s. Rantu Das & Associates details the voting outcomes across promoter and public shareholders. Promoter group participation varied significantly across resolutions, with high engagement for financial statements but low turnout for the remuneration revision.

Board and Management Presence

The following directors and key managerial personnel attended the meeting:

Statutory auditors from Patni and Co., internal auditor Sudhir Kumar Jha, and secretarial auditor Prasenjit Basak also participated. Aditya Rajgaria represented the statutory auditors.

Operational Updates

Sanjay Jain addressed members on the company’s performance for FY26, highlighting the commencement of multimodal transportation services as a key business development. The management outlined future growth prospects and strategic initiatives during the address.

The statutory audit report for FY26 contained no qualifications or adverse remarks. However, the secretarial audit report noted two observations, with explanations provided by the Board in the Directors’ Report. Voting results have been submitted to BSE Limited under Regulation 44 of SEBI Listing Regulations.

Promoter and Managing Director Sanjay Jain has filed a revised disclosure with the BSE to correct a typographical error in his shareholding position in Inter State Oil Carrier Limited . The revision clarifies that his total holding stands at 8,81,482 equity shares, not the previously reported 8,89,482 shares.

The correction relates to an inadvertent error in Annexure A of the earlier disclosure dated September 5, 2026, regarding the acquisition of 550 equity shares in the open market on September 4, 2026. The revised filing, submitted on September 11, 2026, under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011, confirms that the acquisition details remain unchanged.

Shareholding Details

Following the purchase, Mr. Jain’s total holding in the company is 8,81,482 equity shares, comprising 17.6568% of the total voting capital. Prior to this transaction, his holding was 8,80,932 shares, or 17.6458%.

The mode of acquisition was specified as open market purchase. The company’s total equity share capital remains at ₹4,99,23,000, comprising 49,92,300 equity shares of ₹10 each.