Mahan Industries declares voting results for 32nd AGM resolutions
- All five AGM resolutions passed with over 99.99% votes in favour
- Audited financial statements for FY26 adopted without auditor qualifications
- Yogendrakumar Gupta Prabhudayal reappointed; Riddhi Hardishkumar Shah regularized as Independent Director
- 31 shareholders attended in person out of 8,039 on record date
*this image is generated using AI for illustrative purposes only.
Mahan Industries Limited has submitted the voting results and scrutinizer's report for its 32nd Annual General Meeting (AGM) held on September 28, 2026. All five agenda items were passed by shareholders with overwhelming support, exceeding the requisite majority thresholds.
The meeting, conducted at the company's registered office in Ahmedabad from 3:00 pm to 4:00 pm, saw the adoption of audited financial statements for the financial year ended March 31, 2026. The Statutory Auditors' Report contained no qualifications or adverse remarks. However, the Secretarial Audit Report included an adverse remark, with the management's reply referenced on page 17 of the annual report.
Voting outcomes and resolution details
Voting was conducted via electronic means through the National Securities Depository Limited (NSDL) and by poll at the meeting. Out of 8,039 shareholders on record as of September 21, 2026, 31 attended in person or through proxy. No shareholders participated via video conferencing.
The following table summarizes the voting results for the key resolutions:
| Resolution | Type | Votes In Favour | Votes Against | % In Favour | Result |
|---|---|---|---|---|---|
| Adoption of FY26 financial statements | Ordinary | 11,46,902 | 1 | 99.9999% | Passed |
| Reappointment of Yogendrakumar Gupta Prabhudayal | Ordinary | 11,46,902 | 1 | 99.9999% | Passed |
| Approval of limits under Section 180(1)(c) | Special | 11,46,902 | 1 | 99.9999% | Passed |
| Approval of limits under Section 180(1)(a) | Special | 11,46,902 | 1 | 99.9999% | Passed |
| Regularization of Riddhi Hardishkumar Shah | Special | 11,46,902 | 1 | 99.9999% | Passed |
Director reappointment and regularization
Yogendrakumar Gupta Prabhudayal (DIN: 01726701), who retired by rotation, was reappointed as a director. He was eligible and offered himself for reappointment. Additionally, members approved the regularization of Riddhi Hardishkumar Shah (DIN: 11904921) as a Non-Executive Independent Director. This required a special resolution under the Companies Act, 2013.
Attendance and scrutiny process
The meeting was chaired by Nishil Shah, Chairman and Executive Director. Other directors present included Yogendrakumar Gupta Prabhudayal (Managing Director), Niranjankumar Navratanmal Jain (Executive Director), Amita Chhaganbhai Pragada (Non-Executive Independent Director), Sushilkumar Goel (Non-Executive Independent Director), and Riddhi Hardishkumar Shah.
Gaurang Radheshyam Shah, proprietor of G R Shah & Associates, served as the scrutinizer. His report, dated September 29, 2026, confirmed that all resolutions carried with the requisite majority. The results have been disclosed to the stock exchanges and are available on the company's website.
Historical Stock Returns for Mahan Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +4.97% | +33.85% | 0.0% | +177.14% | 0.0% | +12,572.73% |
What specific governance issues triggered the adverse remark in the Secretarial Audit Report, and what corrective actions has management outlined to address them?
How will the regularization of Riddhi Hardishkumar Shah as a Non-Executive Independent Director influence the board's strategic oversight and compliance posture in upcoming quarters?
Given the extremely low shareholder attendance (31 out of 8,039), what measures is Mahan Industries planning to implement to improve retail investor engagement and voting participation in future AGMs?
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