Midwest Limited approved the establishment of a wholly owned subsidiary in Singapore to serve as an intermediate holding and investment entity for its overseas operations. The board decision was taken during a meeting held on October 15, 2026.

The new entity will focus on the mining of heavy mineral sands and rare earth materials, along with mineral trading and processing activities. This strategic move aims to consolidate the company's international footprint in the resources sector.

Regulatory and operational framework

The incorporation will be registered with the Accounting and Corporate Regulatory Authority (ACRA) in Singapore. The company stated that the investment will be made under the automatic route as per the Foreign Exchange Management Act, 1999, and the Foreign Exchange Management (Overseas Investment) Rules and Regulations, 2022.

Compliance requirements include filing Form ODI/FC and other prescribed reporting through an Authorised Dealer Bank. The consideration for the subsidiary will be cash, structured through subscription to equity share capital or other permissible instruments.

Subsidiary structure details

The following table outlines the key parameters of the proposed subsidiary as disclosed in the regulatory filing:

The company noted that the name and date of incorporation are not yet applicable as the entity is yet to be incorporated. Investments will be made from time to time as required for the execution and implementation of projects.

Midwest Limited shareholders approved all seven resolutions proposed at the 45th Annual General Meeting held on September 28, 2026. The meeting ratified the continuation of Chairman Rana Som as an Independent Director notwithstanding his age exceeding 75 years and confirmed the change in designation of Soumya Kukreti from Whole-Time Director to Non-Executive Director.

The Annual General Meeting, conducted via video conferencing, was presided over by Rana Som. Company Secretary K. Achyutanand Reddy confirmed that statutory registers were accessible electronically and detailed the remote e-voting facilities provided by NSDL. A total of 50 members attended the session, which concluded at 12:15 pm. The scrutinizer’s report, issued on September 29, 2026, confirmed that all resolutions were passed with requisite majorities.

Governance and appointment resolutions

Shareholders passed several ordinary and special resolutions regarding board composition and auditor appointments. The Whole Time Director and CEO, Ramachandra Kollareddy, delivered a speech covering industry highlights and company performance for FY26. The voting results indicate strong support from both promoter and public shareholders across all items.

Details on director changes

The approval for Rana Som (DIN: 00352904) allows him to continue serving as Chairman and Independent Director without any change in existing terms. He brings extensive leadership experience from previous roles at Hindustan Copper Limited, NMDC Limited, ArcelorMittal Nippon Steel India, and SR Steel Minnesota LLC. This resolution required a special majority due to his age exceeding the standard limit for independent directors.

Soumya Kukreti (DIN: 01760289), who is the sister of Kollareddy Ramchandra and sister-in-law of Uma Priyadarshini Kollareddy, will transition to Non-Executive Director effective September 1, 2026. She has over 18 years of experience across mining, clean energy, advanced materials, hydrogen technologies, powder metallurgy, and e-mobility. Her re-designation was approved with 99.63% votes in favour.

Secretarial auditor appointment

Shareholders appointed M/s B S S & Associates, a peer-reviewed firm of company secretaries, as the secretarial auditors for a period of five years from FY27 to FY31. The firm, founded by CS S. Srikanth, has 17 years of existence and offers services in corporate law, SEBI, FEMA/RBI, Insolvency & Bankruptcy, and Valuation. The same firm served as the scrutinizer for the AGM voting process.

Financial statements adoption

The Board sought shareholder approval to adopt the audited standalone and consolidated financial statements for FY26. The statutory audit report on standalone accounts contained no qualifications. For consolidated accounts, auditors noted one observation which management stated was self-explanatory and required no further board comment. Secretarial audit reports also contained no adverse remarks. The cost auditor remuneration for FY27 was also ratified during the meeting.

Voting and conclusion

E-voting remained open for 15 minutes after the formal business concluded. Results were scheduled for announcement on September 28, 2026, and have been uploaded to stock exchanges and NSDL websites. The meeting ended with a vote of thanks from the Chairman. The scrutinizer’s report highlighted that while promoters voted unanimously in favour, public institutional shareholders recorded dissenting votes primarily against the special resolution for Rana Som’s continuation and the ordinary resolution for Soumya Kukreti’s designation change.