Mangal Electrical Industries Limited concluded its 18th Annual General Meeting on August 26, 2026. Shareholders approved all eight resolutions with overwhelming support, including the adoption of FY26 financials and a new Employee Stock Option Plan.

The meeting was held via Video Conferencing or Other Audio Visual Means from 2:00 pm to 2:55 pm. Chairman & Managing Director Rahul Mangal presided over the proceedings, highlighting FY26 as the company’s first full fiscal year following its listing. Requisite quorum under Section 103 of the Companies Act, 2013 was present throughout. A total of 54,017 shareholders were on record as of August 17, 2026.

Voting Results

The Scrutinizer’s Report, issued by Neha Mathur & Associates on August 27, 2026, confirmed that remote e-voting accounted for all valid votes cast. The e-voting period ran from August 22 to August 25, 2026. No votes were cast during the AGM session itself via poll or postal ballot.

Shareholder Participation Breakdown

Detailed voting data reveals distinct participation patterns across shareholder categories. The promoter and promoter group held 20,664,685 shares and voted 100% in favor on all resolutions. Public institutions held 1,416,714 shares and also voted unanimously in favor.

Public non-institutional shareholders held 5,548,725 shares but showed significantly lower participation rates, polling only 0.23% of their outstanding shares. Within this category, votes against ranged between 35.89% and 40.81%, reflecting dissent among the small subset of retail investors who participated in e-voting.

Key Resolutions Approved

Shareholders voted on several ordinary and special resolutions. The board proposed the re-appointment of directors retiring by rotation and the ratification of auditor remuneration. A significant special resolution involved the approval of the Mangal Electrical Industries Limited – Employee Stock Option Plan 2025.

The ESOP 2025 allows for options convertible into up to 15,00,000 equity shares. Shareholders also approved extending these benefits to eligible employees and directors of holding, subsidiary, associate, and group companies. Additionally, Ms. Neha Rathi was appointed as an independent director for a five-year term commencing July 29, 2026.

Governance and Compliance

Ms. Neha Mathur served as the Scrutinizer for the e-voting process. The company confirmed that results would be submitted to stock exchanges in compliance with Regulation 44 of the SEBI Listing Regulations. No qualifications or adverse remarks were noted in the auditors’ reports presented during the meeting.

Key managerial personnel, including CFO Pawan Mendiratta and Company Secretary Naresh Kumar Sharma, were present alongside statutory auditors Bafna & Co. and secretarial auditors SKMG & Co., who were appointed for a five-year term commencing FY27.

Mangal Electrical Industries has issued a corrigendum to the notice for its 18th Annual General Meeting (AGM), scheduled for August 26, 2026, to rectify inadvertent errors in the appointment of its secretarial auditor and a director’s profile. The correction extends the tenure of M/s SKMG & Co. from a single year to five consecutive financial years, aligning with SEBI regulations, and clarifies the current employment status of proposed independent director Ms. Neha Rathi. This update ensures accurate governance disclosures before shareholders vote on key resolutions via remote e-voting.

The corrigendum, filed with BSE Limited and National Stock Exchange of India Limited on August 7, 2026, addresses two specific items in the AGM notice and Annual Report for FY25. The primary change relates to Item No. 5 of the notice, which concerns the appointment of the Secretarial Auditor. Originally, the resolution sought approval for M/s SKMG & Co., Practicing Company Secretaries, for the Financial Year 2026-27 alone. The revised resolution now proposes their appointment for a term of five consecutive financial years, commencing from FY26-27 and ending with FY30-31. This extension complies with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which permit longer tenures for secretarial auditors under specific conditions.

Auditor Appointment Correction

The revision impacts the remuneration structure and oversight continuity for the company. While the original notice specified a fee of ₹2,31,000 plus taxes for FY27, the new resolution leaves the exact remuneration for the five-year term to be determined by the Board of Directors. The appointment remains subject to shareholder approval at the AGM. The company also retains M/s Maharwal & Associates as Cost Auditors for FY27 at a fee of ₹50,000 plus applicable taxes, a detail that remains unchanged from the initial notice.

Director Profile Rectification

The second correction addresses a typographical error in the "Board of Directors" section of the Annual Report for FY25. The initial document incorrectly stated that Ms. Neha Rathi, who is up for appointment as an Independent Director, was the Company Secretary & Compliance Officer of Mangal Electrical Industries Limited. The corrigendum clarifies that she currently serves as the Company Secretary & Compliance Officer at Raghav Productivity Enhancers Limited. This distinction is material for assessing her independence and potential conflicts of interest, as required under corporate governance norms.

Ms. Rathi’s appointment, if approved, will be for a five-year term commencing July 29, 2026. She brings over 10 years of experience in corporate governance and SEBI regulations. The correction ensures that shareholders have accurate information regarding her professional background before voting on her reappointment.

AGM Logistics and Voting

The 18th AGM will be held on Wednesday, August 26, 2026, via Video Conferencing or Other Audio-Visual Means (VC/OAVM). Shareholders holding shares as of the record date, Monday, August 17, 2026, are eligible to participate. Remote e-voting is facilitated by Bigshare Services Private Limited, with the voting window open from August 22, 2026, at 10:00 A.M. IST to August 25, 2026, at 5:00 P.M. IST. The company published the initial notice in Financial Express and Nafa Nuksan on July 30, 2026, adhering to Regulation 30 and Regulation 47 of the SEBI (LODR) Regulations, 2015.

The meeting also includes resolutions for the adoption of the Employee Stock Option Plan 2025 (MEIL-ESOP 2025), which allows for the issuance of up to 15,00,000 equity shares, and the re-appointment of directors Mr. Ashish Mangal and Mr. Sumer Singh Punia by rotation. All other contents of the AGM Notice and Annual Report remain unchanged except for the corrections specified in this corrigendum.