Narmada Agrobase Ltd approved the sub-division of its equity shares and the re-appointment of its statutory auditors at its 14th Annual General Meeting (AGM) held on July 18, 2026. The meeting, conducted via video conferencing, also sanctioned alterations to the capital clause of the company's Memorandum of Association. These decisions are aimed at enhancing liquidity in the company's shares and ensuring compliance with regulatory requirements.

The AGM commenced at 11:30 AM IST and was chaired by Neerajkumar Sureshchandra Agrawal, Chairman and Managing Director. The proceedings were conducted in compliance with the Companies Act, 2013 and relevant circulars issued by the Ministry of Corporate Affairs and SEBI. Punit Santoshkumar Lath served as the Scrutinizer for the voting process.

Resolutions Passed

The shareholders considered five resolutions, comprising ordinary and special business. The special business included the re-appointment of Jain Kedia and Sharma Chartered Accountants as Statutory Auditors for a term of 4 years. The ordinary business covered the adoption of financial statements for the year ended March 31, 2026, and the re-appointment of a director retiring by rotation.

Voting Results

The combined results of remote e-voting and e-voting during the AGM were declared on July 18, 2026. A total of 37,936,399 shares were held on the record date of July 10, 2026. Resolutions 1 and 4 were passed unanimously, while Resolutions 2, 3, and 5 were passed with the requisite majority.

The meeting was attended by six directors, including Neerajkumar Sureshchandra Agrawal and Suresh Chandra Gupta, along with key managerial personnel and representatives from statutory and secretarial auditors.

Narmada Agrobase Limited is seeking shareholder consent to alter the objects of its Rights Issue to facilitate the repayment of outstanding term loans. The board approved the proposal on 16 Jun 2026, aiming to reallocate ₹770 lakh originally earmarked for capital expenditure towards debt reduction. This strategic shift is intended to strengthen the company's balance sheet and reduce interest costs. The variation requires approval through a postal ballot process conducted exclusively via remote e-voting.

The company proposes to utilize the unspent proceeds from the Rights Issue, which raised a total of ₹3,458.15 lakh, to repay borrowings from State Bank of India. While ₹2,688.15 lakh has already been deployed for incremental working capital and general corporate purposes, the remaining balance of ₹770 lakh will now be directed towards loan repayment. The outstanding loan amount to be repaid is ₹908.33 lakh. Notwithstanding this repayment, the company will continue to avail its Cash Credit facility sanctioned by the bank.

Key Details of the Postal Ballot

The remote e-voting period commences on 30 Jun 2026 at 09:00 A.M. IST and concludes on 29 Jul 2026 at 05:00 P.M. IST. M/s. Punit Santosh Kumar Lath has been appointed as the Scrutinizer to ensure the fairness and transparency of the voting process. The results of the postal ballot will be declared within two working days after the closure of the e-voting period.

Revised Utilisation of Funds

The board has decided to defer the proposed capital expenditure for the acquisition of land, construction of an oil mill plant, and purchase of machinery. Instead, these funds will be used to reduce the company's debt obligations. The proposed varied object of repayment is expected to be achieved on or before 31 Aug 2026.