Onida Electronics Limited secured shareholder approval for the issuance of convertible warrants on a preferential basis during its Extra-Ordinary General Meeting (EGM) held on June 08, 2026. The special resolution received 99.99% of the valid votes cast, with 228,525,983 shares voting in favour and only 2,106 against. This approval authorizes the company to raise capital through the allotment of warrants to identified investors on a preferential basis.

The meeting was conducted via video conferencing, chaired by Mr. Vijay Mansukhani, Chairman and Managing Director. Mr. Mahesh Darji, Practising Company Secretary of M/s. Nilesh Shah & Associates, served as the Scrutinizer to oversee the voting process. The proceedings adhered to regulations from the Ministry of Corporate Affairs (MCA) and the Securities and Exchange Board of India (SEBI).

Remote e-voting was facilitated by National Securities Depository Limited (NSDL) for members holding shares as of the cut-off date of June 01, 2026. The remote e-voting period was open from June 05, 2026, to June 07, 2026. Members attending the EGM who had not voted remotely were permitted to cast their votes electronically during the meeting.

Voting Details

Resolution Outcome

The detailed Scrutinizer's Report and consolidated voting results have been submitted to the BSE and NSE and are available on the company's website.

MIRC Electronics Limited has reported its audited financial results for the fourth quarter and financial year ended March 31, 2026. The company recorded a net loss of ₹7,474 lakh for the full year, significantly wider than the net loss of ₹230 lakh in the previous year. Revenue from operations declined to ₹66,001 lakh for the year ended March 31, 2026, from ₹74,669 lakh in the corresponding period last year.

For the quarter ended March 31, 2026, the company posted a net loss of ₹4,736 lakh, compared to a net loss of ₹12 lakh in the same quarter of the previous year. Revenue from operations for the quarter stood at ₹14,381 lakh, a decrease from ₹20,072 lakh in the year-ago quarter. Total income for Q4 was ₹14,871 lakh, while total expenses amounted to ₹16,428 lakh. Loss before tax for Q4 stood at ₹1,557 lakh, compared to a loss of ₹105 lakh in the same quarter of the previous year.

Financial Performance

The financial results include exceptional items for the quarter ended March 31, 2026, amounting to an exceptional loss of ₹3,179 lakh, compared to an exceptional gain of ₹223 lakh in the same quarter of the previous year. For the full year, exceptional items totalled ₹1,372 lakh, comprising restructuring costs of ₹240 lakh, an inventory write-down of ₹2,939 lakh, and a gain on the sale of non-core assets of ₹2,056 lakh. The company stated that these initiatives were part of its ongoing restructuring and business transformation exercise aimed at rationalizing operations and improving liquidity.

The following table summarises the full-year financial performance:

The following table summarises key Q4 metrics:

Strategic Developments

During the year, the company undertook several fund-raising initiatives to strengthen its liquidity position. This included the issue of 12% Non-Convertible Debentures aggregating ₹6,000 lakh, a Rights Issue of equity shares aggregating ₹4,948 lakh, and a Preferential Allotment of equity shares aggregating ₹14,952 lakh. Consequently, the paid-up equity share capital increased to ₹3,696 lakh as of March 31, 2026, from ₹2,311 lakh in the previous year.

Board Decisions

The Board of Directors, at its meeting held on May 20, 2026, approved the audited financial statements. Additionally, the board approved the appointment of M/s. M M Nissim & Co LLP as statutory auditors for a first term of five consecutive years, subject to shareholder approval. The auditors have issued an unmodified opinion on the financial results.

The extract of the audited financial results was published in the Financial Express (English) and Navshakti (Marathi) on May 22, 2026.