Mohite Industries Limited has approved the proposed sale of its Spinning Unit assets, a move that impacts the division responsible for 85.10% of the company's total revenue in FY26. The board also sanctioned the shifting of its registered office within Kolhapur district.

The Board of Directors met on October 21, 2026, and approved the disposal of land, buildings, structures, and plant machinery associated with the Spinning Unit. This transaction is contingent upon shareholder approval through a special resolution under Section 180(1)(a) of the Companies Act, 2013, and Regulation 37A of the SEBI Listing Regulations. No agreement has been entered into with any buyer as of the date of the disclosure.

Financial Impact of Asset Sale

The Spinning Unit is the primary revenue driver for Mohite Industries. According to audited financial statements for the year ended March 31, 2026, the unit generated significant income relative to the company's consolidated performance.

The disposal will be conducted in one or more tranches to potential unrelated buyers. The company stated that the consideration will not be less than the prevailing market price and will be in the best interest of the company. The transaction does not fall under related party transactions, and no slump sale disclosures are applicable.

Registered Office Shift and Voting Process

Concurrently, the board approved the proposal to shift the registered office from Ambapwadi Phata, Vadgaon, Kolhapur, to 'Parvati-Kunj', Nagala Park, Kolhapur. This relocation is outside the local limits of the existing city but remains within the jurisdiction of the same Registrar of Companies. Approval requires a special resolution and compliance with Section 12(5) of the Companies Act, 2013.

To facilitate these approvals, the board appointed Mr. Sachin Bidkar as the Scrutiniser for the postal ballot process. Central Depository Services India Limited (CDSL) has been engaged as the e-voting service provider. The cut-off date for determining eligible members for remote e-voting is fixed at October 23, 2026.

What the Numbers Show

A critical divergence exists between the unit's revenue contribution and its balance sheet health. While the Spinning Unit accounts for 85.10% of the company's revenue, it reports a negative net worth of ₹3,559.45 lakh. This indicates that the unit's liabilities exceed its assets, suggesting that the sale may be driven by the need to divest an asset-heavy, loss-making or debt-burdened division rather than simply monetizing a profitable business line. The high revenue dependency highlights the strategic risk the company assumes by disposing of its primary income source.

Mohite Industries Limited shareholders approved the audited financial statements for the fiscal year ended March 31, 2026, during the company's 35th Annual General Meeting (AGM). The meeting, held on September 30, 2026, also saw the reappointment of Director Abhay Bhide and the approval of the cost auditor's remuneration.

The AGM was conducted in a hybrid format, allowing members to vote via remote e-voting or physical polling. The meeting was attended by the requisite quorum, with voting results scrutinized by Practicing Company Secretary Sachin Gajanan Bidkar in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Voting outcomes and shareholder participation

The resolutions were passed with overwhelming support from both promoter and public shareholders. Notably, the reappointment of Mr. Bhide received a single dissenting vote out of over 16 crore votes polled, resulting in a 99.99% approval rate.

What the numbers show

A distinct pattern emerged in the voting behavior between promoters and public shareholders. Promoters and the promoter group, holding 13,83,26,630 shares, voted exclusively through physical polling papers rather than remote e-voting. In contrast, public non-institutional shareholders utilized both modes, with 85,822 votes cast via e-voting and 2,19,50,177 votes cast physically. This suggests a higher reliance on traditional attendance methods among the promoter group compared to the broader public base, which engaged more actively with digital voting facilities provided by CDSL.

Procedural details

The e-voting facility was active from September 27, 2026, to September 29, 2026. The cut-off date for determining voting rights was September 23, 2026. No invalid votes were recorded during the scrutiny process. The company confirmed that none of the directors were interested in any of the resolutions passed.