Madhav Marbles and Granites Limited received shareholder approval for three material related party transactions during its 1st Extra-Ordinary General Meeting (EGM) held on July 06, 2026. The resolutions authorized transactions with Madhav Ashok Ventures Private Limited, Madhav Surfaces (FZC) LLC, and Madhav Natural Stone Surfaces Private Limited. All three proposals were passed with the requisite majority, receiving 100% of the valid votes cast in favour.

The meeting was conducted through Video Conferencing and Other Audio-Visual Means (OAVM) in compliance with circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India (SEBI). Mr. Devendra Manchanda, Chairman of the Board and Independent Director, chaired the proceedings, which commenced at 11:35 A.M. and concluded at 11:50 A.M.

Voting Results

A total of 56 members attended the meeting via video conferencing. The remote e-voting facility was available from July 03, 2026, to July 05, 2026. Dr. CS Ronak Jhuthawat, Partner of Ronak Jhuthawat & Co., served as the Scrutinizer for the voting process.

The table below summarizes the voting outcomes for the resolutions:

Meeting Proceedings

The notice for the EGM was sent to shareholders on June 12, 2026. The statutory record date for determining eligibility was June 29, 2026, at which point there were 8648 shareholders on record. The consolidated scrutinizer's report confirmed that all resolutions were passed with the required majority. The results will be submitted to the stock exchanges and uploaded to the company's website within the stipulated time.

Madhav Marbles and Granites Limited has scheduled an Extra-Ordinary General Meeting (EGM) on July 6, 2026, to seek shareholder approval for material related party transactions aggregating up to ₹100 crore. The meeting, to be held via video conferencing, will address three ordinary resolutions concerning transactions with its subsidiaries and an associate entity. The proposed limits include ₹50 crore for Madhav Ashok Ventures Private Limited, ₹40 crore for Madhav Surfaces (FZC) LLC, and ₹10 crore for Madhav Natural Stone Surfaces Private Limited.

The Board of Directors approved the notice for the EGM during its meeting held on June 12, 2026. The proposed transactions encompass a range of financial activities, including the sale and purchase of goods, reimbursement of expenses, inter-corporate deposits, loans, advances, investments, and corporate guarantees. These activities are intended to support the operational efficiency and business expansion of the related parties, which are involved in trading, manufacturing, and realty.

Transaction Details and Limits

The company has outlined specific financial limits for each related party to ensure transactions remain within approved boundaries. The table below summarizes the proposed transaction limits and the nature of the relationship with each entity.

Financial Performance and Audit Status

The explanatory statement details the financial performance of the related parties for the preceding financial year. Madhav Ashok Ventures Private Limited reported a turnover of ₹24.88 lakh and a net loss of ₹248.06 lakh. Madhav Surfaces (FZC) LLC recorded a turnover of ₹6737.18 lakh with a net loss of ₹685.26 lakh, while Madhav Natural Stone Surfaces Private Limited had nil turnover and a net loss of ₹42.10 lakh.

The audit reports for these entities have drawn attention to specific areas of concern. For the financial year 2025-2026, auditors issued a qualified opinion regarding the impairment of investments and loans for Madhav Ashok Ventures Private Limited and Madhav Natural Stone Surfaces Private Limited. Additionally, auditors highlighted material uncertainty related to the going concern status of Madhav Surfaces (FZC) LLC and Madhav Natural Stone Surfaces Private Limited in their respective financial statements for the recent periods.

EGM Logistics and Voting

Shareholders eligible to vote as of the cut-off date, June 29, 2026, can participate in the EGM through remote e-voting or e-voting during the meeting. The remote e-voting period commences on July 3, 2026, at 9:00 A.M. IST and concludes on July 5, 2026, at 5:00 P.M. IST. The company has appointed M/s Ronak Jhuthawat & Co. as the scrutinizer to oversee the voting process. The results will be declared immediately after the conclusion of the meeting and communicated to the stock exchanges.