Inter State Oil Carrier Limited promoter Shanti Lal Jain disposed of 54,409 equity shares, representing 1.0899% of the total paid-up capital, by way of gift to his son and Managing Director Sanjay Jain on September 23, 2026. Consequently, Shanti Lal Jain's shareholding in the company has become Nil.

This transaction is part of a broader internal consolidation within the promoter group. Earlier disclosures confirmed that Sanjay Jain acquired a total of 1,66,454 equity shares (3.33% of paid-up capital) via off-market gifts from family members acting in concert. The acquisition raised Sanjay Jain's total holding to 10,47,936 equity shares, constituting approximately 20.99% of the company's paid-up share capital.

Details of the Acquisition

The shares were transferred from two individuals acting in concert with the promoter group. Mrs. Gunmala Devi Jain gifted her entire holding to her son, while Mr. Shanti Lal Jain transferred a portion of his holding to his son. The breakdown of the gift transfer is as follows:

The total equity share capital of Inter State Oil Carrier remains unchanged at ₹4,99,23,000, comprising 49,92,300 equity shares of ₹10 each. The acquisition did not involve any cash consideration as it was a transfer by way of gift for NIL consideration.

Shareholding Pattern Shift

Prior to these transactions, Sanjay Jain held 8,81,482 equity shares, accounting for 17.66% of the paid-up capital. The receipt of gifted shares has consolidated his position within the promoter group, which also includes Sunita Jain, Siddhant Jain, and Amann Jain.

Notably, following the disposal of shares by way of gift, both Gunmala Devi Jain and Shanti Lal Jain have exited direct ownership. Gunmala Devi Jain gifted 1,12,045 shares, and Shanti Lal Jain gifted 54,409 shares, reducing their respective holdings to Nil. This confirms the complete exit of two promoter family members from direct equity ownership, transferring their entire stakes to the Managing Director.

What the Numbers Show

The shift in ownership from Gunmala Devi Jain and Shanti Lal Jain to Sanjay Jain represents an internal consolidation of promoter holdings rather than an external market purchase. Since both donors are listed as Persons Acting in Concert (PAC) with the acquirer, this move centralizes voting power with the Managing Director without altering the overall promoter group's aggregate stake in the company.

The exit of both Gunmala Devi Jain and Shanti Lal Jain reduces the number of individual promoters holding direct equity, concentrating control further with Sanjay Jain. While the aggregate promoter holding remains stable, the structural change simplifies the promoter group's composition by removing two direct shareholders.

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.