MRC Agrotech Ltd announced the demise of its Non-Executive Independent Director, Shri Jainendra Baxi, on July 1, 2026. The company received the information regarding his passing on the same day. This development was disclosed to the stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company described the event as a sudden and unexpected loss. In its filing, MRC Agrotech Ltd stated that Baxi's passing would be an irreparable loss to the organization. The directors and employees conveyed their deep sympathy, sorrow, and condolences to his family.

Regulatory Filing Details

The disclosure provided specific timelines regarding the event and the company's receipt of the information.

The company confirmed that it intends to fill the vacancy created by Baxi's demise. It stated that the appointment would be made within the stipulated time as permissible under the law. The filing was signed by Rahul Mathur, Company Secretary & Compliance Officer.

MRC Agrotech Ltd approved the acquisition of approximately 51.46 acres of land in District Nandurbar, Maharashtra, on a long-term lease basis to support its agricultural operations and business expansion. The Board of Directors, at its meeting held on June 22, 2026, sanctioned the lease which is subject to the execution of definitive agreements and completion of necessary formalities. The lease period involves yearly renewal up to a 10-year period.

The Board also approved the conversion of loans and advances aggregating approximately ₹3.88 Crores into equity investment in its 51% owned subsidiary, Agronica Seeds Spark Private Limited. This transaction involves converting existing loans and advances already reflected in the books of the company into equity investment, and does not involve any fresh disbursement of funds. The conversion is based on a valuation report issued by an IBBI Registered Valuer.

Related Party Transaction and Capitalisation

Agronica Seeds Spark Private Limited is a subsidiary of the company, and the conversion of loans into equity constitutes a Related Party Transaction under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The transaction was approved by the Audit Committee and the Board of Directors.

The Board further reviewed and approved the capitalisation of eligible completed Work-in-Progress into the appropriate Fixed Asset categories. This action was taken in accordance with the applicable provisions of the Companies Act, 2013 and relevant Accounting Standards or Indian Accounting Standards.

Transaction Details