Prakash Steelage Limited adopted its audited financial statements for the financial year ended March 31, 2026, during the 35th Annual General Meeting (AGM) held on September 28, 2026. The meeting also approved the re-appointment of key directors and ratification of auditor remuneration.

The AGM was conducted through Video Conferencing and Other Audio Visual Means, adhering to Ministry of Corporate Affairs and Securities and Exchange Board of India guidelines. A total of 76 members participated in the virtual meeting, which commenced at 3:00 pm and concluded at 3:16 pm.

Key resolutions passed

The shareholders considered both ordinary and special business items as outlined in the meeting notice:

• Adoption of Financial Statements: Members received, considered, and adopted the Audited Financial Statements for FY26, along with the Reports of the Board of Directors and Auditors.
• Director Re-appointment: Hemant P. Kanugo was re-appointed as a Director in place of himself, who retired by rotation and offered himself for re-election.
• Auditor Remuneration: The remuneration payable to Cost Auditors for the financial year 2026-27 was ratified.
• Independent Director Continuation: A special resolution was passed to allow Sharad Chandra Bohra to continue his directorship as an Independent Director upon attaining the age of 75 years.

Meeting proceedings and governance

Prakash C. Kanugo, Chairman and Managing Director, provided an overview of the company's operational performance and key developments during FY26. Ashok M. Seth, Director and Chief Financial Officer, addressed member queries and read out the proposed resolutions. The Statutory Auditors' Report contained no qualifications, reservations, adverse remarks, or disclaimers requiring further comments from the Board.

Remote e-voting facilities were available from September 25, 2026, to September 27, 2026. S. K. Jain & Co., Practising Company Secretaries, served as the Scrutinizer for the voting process. The consolidated voting results and the Scrutinizer's report are scheduled to be submitted on or before September 30, 2026.

Prakash Steelage promoter Dhelibin Mafatlal Seth has completed the acquisition of a 5.50% stake in the company through a gift from her brother, promoter Prakash C. Kanugo. The transfer of 96,25,000 equity shares was finalized on September 8, 2026, as disclosed in the Regulation 29 filing submitted to stock exchanges on September 9, 2026.

The share transfer is structured as a gift between immediate relatives within the promoter group, involving no monetary consideration. Consequently, the transaction is exempt from making an open offer under Regulation 10(1)(a)(i) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Shareholding Impact

The completed acquisition alters the individual shareholding patterns within the promoter group while keeping the overall promoter group stake unchanged.

Dheliben Mafatlal Seth’s holding has risen from 0.29% to 5.79%. Conversely, Prakash C. Kanugo’s stake has decreased from 13.81% to 8.31%.

Regulatory Compliance

The acquirer filed the disclosure under Regulation 29(1) read with Regulation 29(3) of the SEBI SAST Regulations with both the Bombay Stock Exchange and the National Stock Exchange of India Limited on September 9, 2026. The filing confirms that all conditions specified under Regulation 10(1)(a) regarding exemptions have been duly complied with.

Both the transferor and transferee have declared their intent to comply with the applicable disclosure requirements in Chapter V of the Takeover Regulations, 2011. The rationale for the transfer is cited as an inter-se transfer among immediate relatives and promoters through a gift deed.

SEBI Report Filing

In compliance with Regulation 10(7) of the Takeover Regulations, Dhelibin Mafatlal Seth filed a report with the Securities and Exchange Board of India on September 11, 2026. This filing confirms that the report was submitted within the mandated 21 working days from the date of acquisition.

The acquirer paid a non-refundable fee of ₹1,50,000 plus GST of ₹27,000, aggregating to ₹1,77,000, on September 10, 2026. The prior intimation under Regulation 10(5) had been filed with the stock exchanges on September 2, 2026, at least four working days before the proposed acquisition date.