Onida Electronics held its 45th Annual General Meeting on September 23, 2026, through video conferencing. The meeting saw the re-appointment of Vijay Mansukhani as Chairman and Managing Director, alongside several key governance changes.

The company, formerly known as MIRC Electronics, transacted both ordinary and special business items outlined in the notice dated August 7, 2026. Remote e-voting was conducted from September 20 to September 22, 2026, ensuring member participation prior to the live session.

Key governance resolutions passed

The shareholders approved the adoption of audited financial statements for the fiscal year ended March 31, 2026. A significant portion of the agenda focused on board composition and leadership roles.

Vijay Mansukhani (DIN: 01041809), who retired by rotation, was re-appointed as a director. Additionally, Kaval Mirchandani (DIN: 01179978) was re-designated from Managing Director to Whole Time Director, with his remuneration package also approved by the members.

New appointments and directorial changes

The meeting approved the appointment of two new directors to strengthen the board's expertise. Manish Desai (DIN: 09740266) was appointed as a Director and subsequently as a Whole-time Director and Key Managerial Personnel. Gunjan Srivastava (DIN: 06396248) was appointed as a Director and Managing Director, serving as Key Managerial Personnel.

Furthermore, Jayesh Gandhi (DIN: 00221855) was appointed as an Independent Director. The remuneration of Cost Auditors for the fiscal year ending March 31, 2027, was also ratified during the proceedings.

Meeting details and voting process

Mr. Mahesh Darji, a Practising Company Secretary, served as the Scrutinizer for the e-voting process. The meeting commenced at 3:30 pm and concluded at 4:03 pm IST. Four shareholders raised questions, which were addressed by the management before the Chairman thanked the members for their continued support.

Onida Electronics Limited has allotted 73,86,362 warrants on a preferential basis to three public investors. The Finance Committee approved the allotment on September 17, 2026, following shareholder approval at an Extra-Ordinary General Meeting held on June 8, 2026.

The warrants were issued at a price of ₹35.20 per warrant. The company has received the initial subscription amount of ₹6,49,99,985.60, representing 25% of the total issue value. This initial payment secures the allotment for the investors.

Investor Details

The warrants were allotted to three entities categorized under the public investor class. Nexta Enterprises LLP received the largest share of the allotment.

Conversion Terms and Capital Structure

Each warrant is convertible into one fully paid-up equity share with a face value of ₹1. The conversion right can be exercised within 18 months from the date of allotment. If the warrants are not exercised within this period, they will lapse, and the subscription amount paid will be forfeited by the company.

The allotment of warrants does not currently alter the issued, subscribed, and paid-up equity share capital. However, on a fully diluted basis assuming full conversion, the public holding would increase from 21,98,76,075 shares to 22,72,62,437 shares. The promoter holding remains unchanged at 14,96,51,769 shares.

What the Numbers Show

The total potential capital infusion from this issue stands at ₹25,99,99,942.40 upon full conversion. The current receipt of ₹6.5 crore represents only the initial tranche, indicating that the majority of the funds (approximately 75%) remain contingent on the investors exercising their conversion rights within the stipulated 18-month window.