Maharashtra Seamless Limited has initiated a postal ballot process to seek shareholder approval for shifting its registered office from the State of Maharashtra to the State of Haryana. The company aims to enhance operational efficiency and reduce costs by aligning its registered office with its corporate operations in Gurugram. The Board of Directors approved the proposal at its meeting held on May 22, 2026, subject to necessary approvals.

Postal Ballot Notice

The postal ballot notice was issued on May 22, 2026, under Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The special resolution seeks to alter Clause II of the Memorandum of Association to reflect the change in the registered office location. The company has engaged the services of the National Securities Depository Limited (NSDL) to facilitate the remote e-voting process. The notice was dispatched electronically to members on May 25, 2026, whose email IDs are registered with the company or depositories.

E-Voting Schedule

The company has provided a specific window for shareholders to exercise their voting rights. The remote e-voting facility is available to all members whose names appear in the register of members or beneficial owners as on the cut-off date of May 15, 2026.

The results of the postal ballot will be announced within two working days from the conclusion of the remote e-voting process. The outcome will be declared on the company's website and communicated to the stock exchanges.

Rationale for the Shift

The explanatory statement accompanying the notice outlines that the current registered office is located in Pipe Nagar, Village- Sukeli, Taluka Roha, Distt. Raigad, Maharashtra. However, the day-to-day operations are managed from the corporate office in Gurugram, Haryana. The company stated that shifting the registered office to Haryana would allow for better control, coordination, and cost reduction. Furthermore, since the majority of the directors are based in the Gurugram/NCR region, the move is expected to enhance operational efficiency.

Shareholder Instructions

Shareholders can vote electronically through the NSDL e-voting system. The facility is accessible via the NSDL website or mobile app. Individual shareholders holding securities in demat mode can log in using their IDeAS credentials or demat account details. Those holding shares in physical form or through other modes can use specific user IDs generated for the process. The company has advised shareholders to ensure their email IDs and mobile numbers are updated with their depositories to access the e-voting facility without interruption. Mr. Arunesh Kumar Dubey has been appointed as the scrutinizer for the process.

Maharashtra Seamless Limited has reported its audited standalone and consolidated financial results for the financial year ended March 31, 2026. The Board of Directors, which met on May 22, 2026, approved the results and recommended a dividend of ₹10.00 per equity share (200%) for the fiscal year 2025-26, subject to shareholder approval.

Financial Performance

For the financial year ended March 31, 2026, the company reported a standalone net profit of ₹718.16 crore, compared to ₹792.85 crore in the previous year. Revenue from operations stood at ₹4,671.41 crore, down from ₹5,265.90 crore in FY25. On a consolidated basis, net profit for the year was ₹701.02 crore, while total revenue was ₹5,061.90 crore.

The board also approved the appointment of M/s R. J. Goel & Co., Cost Accountants, as cost auditors for the financial year 2026-27.

Corporate Actions

During the meeting, the board approved a composite scheme of arrangement to demerge two business undertakings into separate wholly owned subsidiaries. The appointed date for the demerger is October 1, 2026. The scheme involves demerging the seamless pipe manufacturing business at Mangaon, Maharashtra, into MSL Seamless Tubes Limited, and the facility at Narketpally, Telangana, into United Seamless Limited. The share exchange ratio is 1 equity share of ₹5 each in each resulting company for every 5 equity shares of ₹5 each held in Maharashtra Seamless Limited.

Additionally, the board approved a proposal to shift the Registered Office of the company from Maharashtra to Haryana, subject to shareholder and regulatory approvals.