Morepen Laboratories Limited shareholders approved the elevation of Sanjay Suri from Whole-Time Director to Managing Director during the company's 41st Annual General Meeting held on September 26, 2026. The meeting also ratified the extension of the deadline for separating the Medical Devices business into a subsidiary.

The proceedings were conducted via Video Conferencing/Other Audio-Visual Means in compliance with Ministry of Corporate Affairs and SEBI regulations. Sushil Suri, Chairman and Managing Director, chaired the session except for specific agenda items handled by Independent Director Praveen Kumar Dutt. A quorum of 92 members was present through the virtual platform.

Key resolutions passed

The shareholders adopted several ordinary and special business items, including the audited financial statements for FY26 and the appointment of directors. The final dividend declaration and auditor remuneration ratifications were also approved.

Leadership changes and strategic shifts

A significant governance update involved the change in designation for Sanjay Suri. Having retired by rotation and offered himself for reappointment, he was elevated from his previous role as Whole-Time Director to Managing Director via a special resolution. Simultaneously, Sushil Suri was reappointed as Chairman and Managing Director.

The most material strategic development concerned the Medical Devices Business. Shareholders approved the extension of the approved timeline for hiving off this segment into Morepen Medipath Limited (formerly Morepen Medtech Limited), a wholly owned subsidiary. This transaction is structured as a going concern on a slump sale basis and is classified as a material related party transaction.

Voting outcomes and shareholder participation

The consolidated scrutinizer's report revealed distinct voting patterns across the resolutions. While routine items like financial statement adoption saw near-unanimous support with 99.99% votes in favour, the strategic decisions drew more scrutiny from institutional investors.

For Item 5, elevating Sanjay Suri to MD, 99.99% of total votes polled were in favour. However, institutional investors cast 0.26% against the resolution. Similarly, for Item 6, reappointing Sushil Suri as Chairman & MD, 99.95% voted in favour, but institutional opposition rose to 1.65%.

The most contested item was Item 7, regarding the extension of the medtech spin-off timeline. Promoters abstained from voting as they are interested parties in this related party transaction. Among public shareholders, institutions overwhelmingly opposed the extension, with 99.37% of their votes cast against it. In contrast, non-institutional public shareholders supported the move with 99.95% in favour. Overall, the resolution passed with 87.49% of total valid votes in favour.

Procedural details

The company provided electronic voting facilities both remotely and during the meeting. Remote e-voting was open from September 23 to September 25, 2026. Mr. Praveen Dua of M/s P D and Associates served as the scrutinizer to ensure fair transparency in the voting process. The meeting concluded at 2:15 pm IST.

Morepen Laboratories has completed the first phase of its manufacturing capacity expansion program ahead of the previously indicated timeline. The company announced the milestone on September 7, 2026, via a regulatory filing to stock exchanges.

The expansion increases the installed reactor capacity for active pharmaceutical ingredients (API) and contract development and manufacturing organization (CDMO) operations from 535 KL to 614 KL.

Capacity Expansion Details

The completion of this phase strengthens the company's manufacturing readiness for the ongoing scale-up of commercial CDMO supplies. It also supports existing API business operations and future customer programs.

This development aligns with Morepen's strategy to build a larger, scalable, and globally compliant manufacturing platform. The focus remains on long-duration customer partnerships and sustained growth across its API and CDMO businesses.

Regulatory Disclosure

The announcement was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Vipul Kumar Srivastava, Company Secretary, signed the disclosure.