Oswal Agro Mills Limited shareholders approved the appointment of four new independent directors through a postal ballot process. The resolutions passed on September 6, 2026, add Vimal Bhatnagar, Prerna Singh, Babu Ram Somani, and Rahul Khadriya to the board.

The company disclosed the voting results on September 8, 2026, pursuant to Regulation 44 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The remote e-voting period concluded on September 6, 2026, with scrutinizer Anuj Gupta confirming the outcomes.

Voting Participation

The record date for the voting was July 31, 2026, with 185,780 shareholders eligible to vote. A total of 74,848,295 votes were polled out of 134,234,776 shares held, representing a participation rate of 55.76%.

Promoter participation was notably high at nearly 99%, while non-institutional public shareholders accounted for the majority of the vote volume.

Resolution Outcomes

All four special resolutions received overwhelming support, with dissenting votes comprising less than 0.02% of the total polled votes for each appointment.

• Vimal Bhatnagar: 74,840,255 votes in favor (99.99%) against 8,040 dissenting votes.
• Prerna Singh: 74,840,155 votes in favor (99.99%) against 8,140 dissenting votes.
• Babu Ram Somani: 74,840,274 votes in favor (99.99%) against 8,021 dissenting votes.
• Rahul Khadriya: 74,840,174 votes in favor (99.99%) against 8,121 dissenting votes.

The promoters and promoter group declared no interest in any of the agenda items. The appointments are effective immediately upon approval.

Oswal Agro Mills has scheduled its 46th Annual General Meeting for September 29, 2026, to approve the appointment of Mr. Shael Oswal as Managing Director and adopt financial results for FY26. The company reported a sharp decline in revenue but maintained profitability through significant other income.

Leadership Appointment

Shareholders will vote on the appointment of Mr. Shael Oswal as Managing Director and Vice Chairperson via a Special Resolution. The role carries a monthly remuneration of ₹12,50,000, totaling ₹1.5 crore annually. This appointment requires Central Government consent due to residency requirements under the Companies Act, 2013, as Mr. Oswal is a Non-Resident Indian.

Mr. Oswal currently serves as a Non-Executive Director. The Board cites his over 25 years of experience in manufacturing and real estate as justification for the move. The proposed salary represents a reduction from his previous remuneration of ₹25,00,000 per month. The appointment is effective from October 1, 2026, for a term of three years.

Auditor Changes

The company seeks to regularize the appointment of M/s BGMG & Associates as Statutory Auditors following the resignation of M/s Mehta Chokshi & Shah LLP in August 2026. Members will approve a five-year term for BGMG & Associates, covering FY27 through FY31. The proposed fees are ₹10 lakh per annum for FY27, with no material change from the outgoing auditor's fees.

Additionally, M/s Anuj Gupta & Associates will be appointed as Secretarial Auditor for five years, replacing M/s Jay Mehta & Associates who resigned citing frequent board composition changes.

Financial Context

The AGM will adopt the financial statements for FY26. The following table outlines the company's recent financial performance as disclosed in the notice:

While standalone operations remained profitable, the consolidated results reflect a loss due to the associate company, Oswal Greentech Limited. Consolidated profit after tax stood at (₹2,203.15) lakh in FY26 compared to ₹11,283.61 lakh in FY25. This shift was driven by a share of net loss from the associate amounting to (₹3,065.13) lakh, contrasting with a share of profit of ₹401.17 lakh in the previous year.

What the Numbers Show

Revenue declined sharply in FY26 compared to FY25, falling from ₹16,176.69 lakh to ₹1,925.75 lakh. Despite this significant drop in topline activity, the company maintained standalone profitability, reporting a PAT of ₹861.98 lakh. This divergence suggests that FY25 may have included exceptional or one-off revenue items that did not recur in FY26, or that the business model relies heavily on high-margin, low-volume transactions in certain periods. Other income rose to ₹1,831.67 lakh from ₹1,191.69 lakh, indicating a growing reliance on non-operational income streams such as interest on inter-corporate deposits.

Meeting Details

The AGM will be held through Video Conferencing or Other Audio Visual Means. Remote e-voting begins on September 26, 2026, and ends on September 28, 2026. The record date for voting rights is September 22, 2026.