Modern Dairies Limited shareholders approved the appointment of Sanjeev Sharma & Associates as statutory auditors and the re-appointment of Ashwani Kumar Aggarwal as Executive Director during the company's Annual General Meeting held on September 26, 2026.

The meeting, conducted via video conferencing, also ratified the audited financial statements for the fiscal year ended March 31, 2026. Voting was conducted through remote e-voting from September 23 to September 25, 2026. Mr. Rajeev Kumar Sanger, a practicing company secretary, served as the scrutinizer for the voting process.

Key Resolutions Approved

Shareholders passed several ordinary and special business items outlined in the notice of the meeting:

• Adoption of Financial Statements: Approval of the audited financial statements for FY26 along with the Directors' and Auditors' reports.
• Director Reappointment: Appointment of Ashwani Kumar Aggarwal (DIN: 00486430) as a director in place of himself, who retired by rotation and offered himself for reappointment.
• Auditor Appointment: Appointment of Sanjeev Sharma & Associates, Chartered Accountants (Firm Registration No. 12326N), as statutory auditors for a period of one year.
• Cost Auditor Remuneration: Ratification of the remuneration for cost auditors for the financial year ending March 31, 2027.
• Related Party Transactions: Approval of material related party transactions with Nabha Commerce Private Limited.
• Executive Director Reappointment: Reappointment of Ashwani Kumar Aggarwal as Executive Director (Whole-Time Director) for a period of three years.

Leadership and Auditor Details

The re-appointment of Ashwani Kumar Aggarwal extends his tenure as Executive and Whole-Time Director for three years starting September 26, 2026. Mr. Aggarwal is a Dairy Technologist with over three decades of technical and commercial experience. He has been associated with the company since its inception and possesses in-depth knowledge of international dairy business.

The newly appointed statutory auditors, M/s. Sanjeev Sharma & Associates, will hold office from the conclusion of this AGM until the conclusion of the AGM to be held in 2027. The firm, established in 1993, is registered with the ICAI, C&AG, and RBI. It specializes in statutory, concurrent, revenue, stock, and internal audits, along with GST consultancy and income tax advisory. The firm has previously served prominent entities including State Bank of India, Punjab National Bank, UCO Bank, Punjab & Sind Bank, Union Bank of India, Central Bank of India, Canara Bank, India Optel Limited, Haryana Tourism Corporation Limited, HSSIDC, NIELIT, CITCO, and Haryana State Warehousing Corporation.

Meeting Proceedings

The meeting commenced at 11:00 am with 68 shareholders present through video conferencing. Krishan Kumar Goyal, Chairman and Managing Director, chaired the proceedings. Other attendees included Directors Prof. Sanjay Kaushik, Prof. Meena Sharma, and Dr. Surinder Kumar. Shruti Joshi served as the Company Secretary and Compliance Officer.

The results of the e-voting are expected to be announced within two working days of the meeting's conclusion. These results will be intimated to stock exchanges and displayed on the company's website and NSDL's website. The meeting concluded at 11:38 am.

Modern Dairies Limited promoter group raised its stake in the company to 22.36% following the acquisition of 19,00,000 shares. The acquisition was executed on September 10, 2026, through the conversion of warrants allotted via preferential allotment. Each share was acquired at a price of ₹50, comprising a face value of ₹10 and a premium of ₹40.

The disclosure was made under Regulation 7(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015, and Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The acquirers include Krishan Goyal HUF, Mr. Aditya Goyal, and Chandigarh Finance Private Limited.

Stake Acquisition Details

The promoter group increased its total shareholding from 52,35,764 shares (17.44%) to 71,35,764 shares (22.36%). No shares were encumbered or pledged post-acquisition.

Mr. Aditya Goyal accounted for the largest portion of the acquisition, adding 12,00,000 shares to his holding for a total consideration of ₹6 crore. Chandigarh Finance Private Limited remains the largest single entity within the promoter group with a post-acquisition stake of 8.68%.

Capital Structure Impact

The conversion of warrants into equity shares increased the company’s total voting capital. The equity share capital rose from ₹30,01,98,610 to ₹31,91,98,610. The total diluted share/voting capital stands at ₹31,91,98,610 after the transaction.

What the Numbers Show

The acquisition method—conversion of previously allotted warrants—indicates a pre-planned capital structure adjustment rather than an open-market accumulation. This mechanism allows the promoter group to increase its voting control without immediate cash outflow at the time of conversion, as the warrants were already allotted via preferential allotment. The total value of the transaction was ₹9.5 crore.