McNally Bharat Engineering Company Limited's board has approved the alteration of its Memorandum of Association to enable the company to undertake Information Technology and Information Technology Enabled Services (IT/ITES) business. The move aims to diversify operations and explore emerging opportunities in the technology sector.

The decision was taken at a board meeting held on October 5, 2026. The company will seek member approval through a postal ballot process, which includes remote e-voting. This regulatory step is required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key dates for shareholder voting

Shareholders eligible to vote are those whose names appear in the register of members as of the cut-off date. The voting window is scheduled as follows:

Strategic rationale for MoA change

The proposed alteration involves inserting a new sub-clause (23) into Clause III of the Memorandum of Association. Existing sub-clauses (23) and (24) will be renumbered as (24) and (25) respectively. The company stated that this change is intended to widen the scope of its business activities and facilitate future territorial expansion of offices.

The board meeting commenced at 3:00 pm and concluded at approximately 4:10 pm. The outcome has been disclosed to both the National Stock Exchange of India Limited and BSE Limited.

McNally Bharat Engineering Company Limited (NSE: MBECL) passed all five items of business at its 63rd Annual General Meeting (AGM), held on September 25, 2026. The meeting, conducted via Videoconferencing and Other Audio Visual Means (VC/OAVM), saw shareholders approve the appointment of new statutory auditors and the reappointment of a director by rotation.

The meeting commenced at 3:30 pm and concluded at 3:54 pm IST. A total of 33 members attended, with 13 represented by authorized representatives. The proceedings were chaired by Pradip Kumar Bishnoi, Non-Executive Chairman. Voting results were declared on September 28, 2026, following the submission of the Consolidated Scrutinizer's Report to stock exchanges.

Key resolutions approved

Shareholders adopted the audited standalone and consolidated financial statements for the financial year ended March 31, 2026. The meeting also addressed governance changes, including the appointment of Singhi & Co., Chartered Accountants, as the new Statutory Auditors. Poonam Singhania was reappointed as a director retiring by rotation.

Special business included approval for Meharchand Thakur to continue serving as a Non-Executive Independent Director despite attaining the age of 75 years. Additionally, the remuneration for Cost Auditors for FY27 was ratified.

Meeting logistics and attendance

The AGM was conducted in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Ministry of Corporate Affairs circulars. Remote e-voting was available from September 22 to September 24, 2026, with additional electronic voting provided during the meeting. Only one member registered as a speaker, indicating limited shareholder queries during the session.

Voting pattern analysis

The voting results highlight a significant concentration of power within the promoter group. Promoters and promoter group members voted through e-voting at the AGM, casting 30,000,000 votes in favour of every resolution. This block constituted approximately 91.57% of the total votes polled across all resolutions. Public non-institutional holders accounted for the minority dissenting votes, with against-votes ranging from 2,356 to 2,411 shares per resolution. Institutional holders did not cast any votes via remote e-voting or at the meeting.