Katare Spinning shareholders approve MoA change to enter battery storage sector
- Shareholders unanimously approved entry into Battery Energy Storage Systems (BESS)
- 14,65,736 votes cast in favor of MoA amendment, representing 51.43% of shares
- Kishore T. Katare approved as CMD despite being over 70, with 57,287 public votes
- Hiremath Patil Udgiri and Associates appointed as Statutory Auditors for five years
- Promoter votes excluded from CMD continuation resolution due to conflict of interest
*this image is generated using AI for illustrative purposes only.
Katare Spinning Mills Limited shareholders unanimously approved a major strategic pivot during their 46th Annual General Meeting held on September 26, 2026. The members passed a special resolution to alter the Main Object Clause of the Memorandum of Association, enabling the company to diversify into Battery Energy Storage Systems (BESS) and allied energy storage solutions.
The meeting, chaired by Kishore T. Katare, transacted all businesses listed in the notice dated August 21, 2026. Members exercised their voting rights through remote e-voting and ballot papers at the registered office in Solapur. The decision marks a significant expansion beyond the company's traditional textile operations into the renewable energy sector.
Strategic diversification into energy storage
The approved alteration allows the company to manufacture, design, assemble, import, export, trade, install, commission, operate, and maintain Battery Energy Storage Systems. This includes lithium-ion and other advanced chemistry battery cells, battery packs, solar energy storage systems, grid-scale storage, micro-grid solutions, UPS, and inverter systems.
The new objects clause also permits the company to act as a system integrator and EPC contractor for setting up BESS-based captive power systems and industrial micro-grids. It facilitates research and development, testing, certification, and manufacturing of components such as Battery Management Systems (BMS) and Power Conversion Systems (PCS). The company stated that this change provides flexibility to undertake activities relating to assembling, manufacturing, system integration, and trading in energy storage solutions, subject to applicable laws and regulatory approvals.
Governance and audit updates
The following ordinary resolutions were adopted by the members:
- Adoption of the audited standalone financial statements for FY26 along with the Board's and Auditors' reports.
- Re-appointment of Umakant Mahindrakar as a Director liable to retire by rotation.
- Appointment of Hiremath Patil Udgiri and Associates as Statutory Auditors.
Additionally, two special resolutions were passed:
- Additions to the Main Objects Clause of the Memorandum of Association to include BESS activities.
- Continuation of Kishore T. Katare as Chairman and Managing Director after attaining the age of 70 years.
Auditor appointment details
The company confirmed that M/s. Hiremath Patil Udgiri and Associates (FR No. 129856W) were appointed as Statutory Auditors. This appointment addresses a casual vacancy caused by the resignation of M/s. G M Pawle and Associates. The new auditors will hold office from the date of appointment until the conclusion of the 46th AGM.
Furthermore, the members approved the appointment of M/s. Hiremath Patil Udgiri and Associates for a term of five consecutive years, commencing from the conclusion of the 46th AGM until the conclusion of the 51st AGM in 2031. The remuneration will be determined by the Board of Directors in consultation with the Statutory Auditors.
Management continuation
The shareholders approved the continuation of Kishore T. Katare (DIN: 00645013) as Chairman and Managing Director, notwithstanding his attainment of age 70. This approval is valid for the remaining tenure of his existing appointment, which extends up to June 30, 2028. Mr. Katare has been associated with the company for over 45 years and serves as the Promoter Director.
What the Numbers Show
Voting data disclosed in the scrutinizer report highlights distinct participation patterns across resolutions. For the pivotal MoA amendment regarding battery storage, 14,65,736 votes were cast in favor, representing 51.43% of total outstanding shares. This support was driven entirely by promoter group voting (14,08,449 votes) and a small fraction of public non-institutional investors (57,287 votes).
In contrast, the resolution for Kishore T. Katare’s continuation as CMD saw only 57,287 votes cast, all from public shareholders. Promoter and promoter group votes were excluded from this count due to interest, resulting in a lower overall turnout of 2.01% for this specific item. Notably, 14,08,449 votes from the promoter group were recorded as invalid for the CMD continuation resolution, reflecting regulatory requirements to exclude interested parties from such votes.
| Resolution | Total Votes Cast | % of Outstanding Shares | Votes in Favor | Votes Against |
|---|---|---|---|---|
| Adoption of Financial Statements | 14,65,736 | 51.43% | 14,65,736 | 0 |
| Re-appointment of Director | 14,65,736 | 51.43% | 14,65,736 | 0 |
| Appointment of Statutory Auditors | 14,65,736 | 51.43% | 14,65,736 | 0 |
| Fill Casual Vacancy (Auditor) | 14,65,736 | 51.43% | 14,65,736 | 0 |
| MoA Change (BESS Entry) | 14,65,736 | 51.43% | 14,65,736 | 0 |
| CMD Continuation | 57,287 | 2.01% | 57,287 | 0 |
Historical Stock Returns for Katare Spinning Mills
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | 0.0% | 0.0% | -4.75% | -21.30% | 0.0% |
What specific capital expenditure plans and funding sources will Katare Spinning Mills utilize to transition from textile manufacturing to Battery Energy Storage Systems production?
How does the company intend to secure the necessary technical expertise and supply chain partnerships for lithium-ion battery assembly given its lack of prior experience in the energy sector?
What regulatory approvals or government incentives is the company targeting to support its entry into grid-scale storage and EPC contracting in India?
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