Neelkanth Rockminerals Ltd shareholders approved the reappointment of Noratmal Kawar as Managing Director for a three-year term during the company's 38th Annual General Meeting (AGM) held on September 30, 2026.

The meeting, conducted at the company's registered office in Jodhpur, Rajasthan, commenced at 10:00 am and concluded at 10:55 am. The agenda included the adoption of audited financial statements for FY26 and the retirement by rotation of director Anil Sayarchand Kawar.

Key resolutions passed

Shareholders transacted both ordinary and special business items. The special resolution focused on the continuity of leadership under the current Managing Director.

Managing Director tenure details

The board recommended the reappointment of Noratmal Kawar effective from March 26, 2026, to March 25, 2029. The resolution was passed pursuant to sections 196, 197, and 203 of the Companies Act, 2013.

Key terms of the appointment include:

• Increased remuneration as per the Managing Director Agreement.
• Provision for minimum remuneration via salary and allowances if the company earns inadequate or no profits.
• Exclusion of profit-based commission during loss-making or low-profit years.

Voting and compliance

The company utilized remote e-voting facilities provided by Central Depository Services (India) Ltd (CDSL). Voting commenced on September 27, 2026, and ended on September 29, 2026. Physical ballot voting was also available for members present at the meeting.

Ms. Kusum Vyas, proprietor of G. Kusum & Co., served as the scrutinizer for the voting process. The results will be submitted as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Mr. Sesha Sai Nikhil Chintalapati completed his open offer for Neelkanth Rockminerals equity shares, acquiring a total of 68,327 shares. The transaction was executed at the offer price of ₹19.40 per share.

The post-offer advertisement, dated September 15, 2026, confirms that the acquirer’s total holding in the company now stands at 31,98,278 shares, representing 63.41% of the voting share capital. This figure includes 31,29,951 shares (62.06%) previously acquired through a Share Purchase Agreement and the 68,327 shares accepted in the current open offer.

Offer Statistics

The open offer, which opened on August 18, 2026, and closed on September 1, 2026, sought to acquire up to 13,11,362 equity shares representing 26.00% of the voting share capital. The actual acceptance was significantly lower than the maximum proposed quantity.

Payment of consideration and communication of acceptance or rejection were completed on September 10, 2026. Mark Corporate Advisors Private Limited served as the Manager to the Offer, while Purva Sharegistry (India) Private Limited acted as the Registrar to the Offer.

What the Numbers Show

The divergence between the proposed offer size and actual uptake highlights limited participation from public shareholders. While the acquirer intended to increase its stake to 88.06% through the open offer, the final holding is 63.41%. Consequently, the public shareholding decreased from 37.94% pre-offer to 36.59% post-offer, remaining well above the minimum public holding requirement under SEBI regulations.