Pipan Oils Limited shareholders unanimously approved the reclassification of M/s Raconteur Granite Limited from the "Promoter" category to the "Public" category at its 51st Annual General Meeting held on September 30, 2026.

The company submitted the scrutinizer's report and voting results to BSE on October 1, 2026. The resolution received 100% support from participating shareholders. Raconteur Granite Limited holds 5,00,000 equity shares, constituting 2.85% of the paid-up equity share capital. This reclassification is effective immediately and will reflect in future shareholding pattern filings under Regulation 31 of SEBI Listing Regulations.

Governance and leadership changes

Shareholders passed an ordinary resolution for the re-appointment of Purshottam Kumar Gupta as Executive Director, who was liable to retire by rotation. A special resolution was approved to alter the designation of Avnish Jindal from Whole-Time Director to Managing Director. The board composition saw attendance from all panelists except Independent Director Jyoti Gupta.

Capital structure adjustments

The AGM approved the sub-division of one preference share with a face value of ₹10 into five preference shares of ₹2 each. Consequently, an alteration to the capital clause of the Memorandum of Association was ratified. Additionally, prior approval was granted for raising funds through unsecured loans from directors, convertible into equity shares. The meeting also authorized the issuance of up to 26,29,416 Compulsorily Convertible Preference Shares (CCPS) on a preferential basis.

Voting participation details

A total of 20 shareholders participated in the meeting through video conferencing. This included four members from the promoter and promoter group and 16 public shareholders. The scrutinizer, Mayuri Sinha, oversaw the remote e-voting and live e-voting processes conducted via CDSL.

The voting data reveals that while promoters voted on 96.19% of their holding, public non-institutional shareholders voted on 43.65% of their holding. Despite the lower participation rate among public shareholders, there were zero dissenting votes across all resolutions.

What the numbers show

The unanimous passage of all resolutions, including those where promoters had an interest (such as the MD designation change), indicates strong alignment between management and participating shareholders. The high overall turnout of 82.99% is driven primarily by promoter participation, which accounted for 86.8% of total votes polled. Public shareholder engagement remains limited, with less than half of non-institutional public holdings being voted.

Pipan Oils Limited has fixed September 23, 2026 as the record date to determine shareholders eligible to vote at its 51st Annual General Meeting (AGM) scheduled for September 30, 2026. The company notified the BSE on September 7, 2026, pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements), 2015.

The AGM will be held via Video Conferencing or Other Audio-Visual Means (VC/OAVM) at 2:00 pm. Shareholders on record as of the specified date will be eligible to cast their votes electronically. The meeting seeks approval for several key corporate actions, including a capital infusion through Compulsorily Convertible Preference Shares.

Capital Infusion and Restructuring

The primary agenda item is the approval of a ₹239 crore preferential allotment of 26,29,416 non-cumulative, non-participating CCPS. These shares have a face value of ₹2 each and are issued at a premium of ₹89, resulting in an issue price of ₹91. The allotment targets 56 investors from both promoter and non-promoter categories. The securities must be mandatorily converted into equity shares within 18 months of allotment.

Additionally, the board approved the sub-division of preference shares in a 1:5 split. One preference share with a face value of ₹10 will be divided into five shares of ₹2 each. This restructuring aims to enhance liquidity and broaden the shareholder base, requiring an amendment to the Memorandum of Association to reflect an authorized share capital of ₹6,05,00,000.

Additional Board Approvals

The board also approved several other resolutions:

• Re-designation of Mr. Avnish Jindal from Whole-time Director to Managing Director, effective September 5, 2026.
• Authorization to raise up to ₹100 crore via unsecured loans from directors and promoters, with an option to convert into equity shares.
• Re-appointment of Mr. Purshottam Kumar Gupta as Director, who retires by rotation.
• Re-classification of M/s Raconteur Granite Limited from the ‘Promoter/Promoter Group’ category to the ‘Public’ category.

Trading Window and Book Closure

Pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, the trading window for Pipan Oils securities remains closed. It will reopen 48 hours after the conclusion of the board meeting. The Register of Members and Share Transfer Books will remain closed from September 27, 2026, to September 30, 2026, for the purpose of annual book closing. Remote e-voting is open from September 27, 2026, at 9:00 am to September 29, 2026, at 5:00 pm.