Nilachal Refractories Limited has announced the voting results for its Extra-Ordinary General Meeting (EGM) held on May 18, 2026. The meeting, conducted at the company's registered office in Kolkata, sought shareholder approval for the sale, transfer, or disposal of the company's undertaking and material related party transactions.

EGM Resolutions

The shareholders considered two key resolutions during the meeting. The first item, seeking approval for the sale of the undertaking under Section 180(1)(a) of the Companies Act, 2013, was passed as a Special Resolution. The second item, approving material Related Party Transactions pursuant to Regulation 23 of SEBI (LODR) Regulations, 2015, was passed as an Ordinary Resolution.

Voting Results

The company provided a remote e-voting facility through the National Securities Depository Limited (NSDL). Remote e-voting commenced on May 15, 2026, and concluded on May 17, 2026. The scrutinizer, Mr. Rajan Singh, reported that all resolutions were passed with the requisite majority. A total of 24 members participated, casting 19,690,232 votes in favor of both resolutions, representing 100% of the valid votes cast.

Meeting Proceedings

The Chairman confirmed that the requisite quorum was present and that statutory registers were available for inspection. The consolidated results of the remote e-voting and poll, along with the Scrutinizer's Report, have been submitted to the Stock Exchanges. The voting results are also available on the company's website.

An extensive divestment by multiple promoter group entities has taken place in Nilachal Refractories Limited , with various family members and corporate entities completely exiting their positions through coordinated off-market transactions.

Major Stakeholder Exits

The disposal involved complete exits from multiple promoter group entities, with transactions executed through off-market sales on April 22, 2026. The comprehensive divestment includes both individual promoters from the Jalan family and several corporate entities.

Additional Promoter Group Disposals

Further regulatory filings revealed additional promoter group entities that participated in the coordinated divestment strategy. These entities also completed their full exits on the same date through off-market transactions.

Family Members' Divestment

Several members of the Jalan family participated in the coordinated exit strategy. The family members who disposed their entire holdings include Aditi Jalan (240,000 shares, 1.18%), Nidhi Jalan (165,000 shares, 0.81%), and Parwati Devi Jalan (140,000 shares, 0.69%).

HUF and Corporate Entities

Multiple Hindu Undivided Family (HUF) entities also participated in the mass divestment. Bhagwati Prasad Jalan and Sons HUF disposed 150,000 shares (0.37% stake), while Niraj Jalan and Others HUF sold 50,000 shares (0.25% stake), and Pankaj Jalan and Others HUF divested 75,000 shares (0.37% stake).

Corporate entities including Seasons Trading And Investments Pvt Ltd (1,500,000 shares, 7.37%), Pushpak Dealcom Private Limited (300,000 shares, 1.47%), and Likewise Properties LLP (275,000 shares, 1.35%) also completed their exits.

Transaction Details

All transactions were executed through off-market sales, with the majority completed on April 22, 2026. The regulatory disclosures were filed under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, with filings dated April 24, 2026. All disposing entities belonged to the promoter/promoter group category and maintained no residual holdings after the transactions.

Market Context

Nilachal Refractories Limited is listed on the BSE (Bombay Stock Exchange). The coordinated divestment represents a significant restructuring of the promoter group's holdings, with all disposing entities representing complete exits across the board. The transactions indicate a comprehensive reorganization of the ownership structure within the promoter group.