Hi-Tech Gears received an update from the National Company Law Appellate Tribunal (NCLAT) regarding its Corporate Insolvency Resolution Process (CIRP). The tribunal has directed the continuation of the interim stay on the CIRP proceedings, providing temporary relief from the insolvency resolution timeline.

NCLAT Order Details

On September 25, 2026, the NCLAT in New Delhi heard the matter concerning Company Appeal (AT) (Ins) No. 1734 of 2024. The appeal was filed by Naveen Jain, a shareholder and former company secretary of Hi-Tech Gears, against Happy Forgings Ltd. and others.

During the hearing, the senior counsel for the appellant sought an adjournment due to prior engagements. Although the respondents' counsel opposed this request, citing the pending application for vacating the stay, the tribunal accommodated the request. Consequently, the next date of hearing has been fixed for October 5, 2026, to consider the stay vacation application.

Status of Interim Stay

The tribunal explicitly directed that the interim order granted on September 3, 2024, remains in effect until the next listing date. This means the CIRP process against Hi-Tech Gears remains suspended, preventing any immediate operational or financial restructuring actions mandated by the insolvency code.

Key Proceedings Summary

The company informed stock exchanges that a copy of the NCLAT order was uploaded on September 29, 2026. This development follows an earlier intimation dated August 20, 2026, regarding the same subject matter.

The Hi-Tech Gears Ltd shareholders approved all seven resolutions at the 40th Annual General Meeting held on September 22, 2026. The meeting, conducted via video conferencing from Gurugram, saw the adoption of FY26 financial statements and the declaration of a ₹4.00 per share final dividend.

The company disclosed the voting results on September 24, 2026, confirming that every resolution received overwhelming support. Across all items, votes in favour constituted 99.98% of the total valid votes polled, with only a negligible number of dissenting votes recorded from public non-institutional shareholders.

Voting outcomes and shareholder participation

The scrutinizer’s report highlighted robust participation through remote e-voting and physical polls. Out of 9,633 shareholders on the record date, votes were cast by promoters, institutions, and public shareholders. The table below summarizes the voting pattern for key resolutions:

Promoter and promoter group members voted unanimously in favour of all resolutions, holding 10,558,602 shares. Public institutions also voted entirely in favour. The minor dissenting votes originated exclusively from the public non-institutional category.

Key agenda items approved

Shareholders ratified the audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026. The Board’s recommendation for a final dividend of ₹4.00 per equity share with a face value of ₹10 each was accepted, representing a 40% payout ratio.

The meeting addressed governance continuity by approving:

• Re-appointment of Mr. Bidadi Anjani Kumar (DIN: 00022417) retiring by rotation.
• Re-appointment of Mr. Kawal Jain (DIN: 00910924) retiring by rotation.
• Re-appointment of Mr. Rajiv Batra (DIN: 00082866) as an Independent Director.
• Continuation of Mr. Bidadi Anjani Kumar’s directorship beyond age 75.
• Approval of remuneration for the Cost Auditor for FY27.

Meeting proceedings and compliance

Mr. Vijay Mathur, Executive Director and CFO, commenced the meeting, while Mr. Pranav Kapuria served as Chairman. The company utilized National Securities Depository Limited (NSDL) for remote e-voting, which remained open from September 19 to September 21, 2026. Physical ballot papers were provided to members present who had not voted electronically.

The scrutinizer, Mr. Nirbhay Kumar, confirmed that all requisite registers were available for inspection and that queries raised by shareholders were clarified by executives. The final results were declared following the receipt of the scrutinizer's report, ensuring compliance with SEBI (LODR) Regulations, 2015.