Race Eco Chain Limited invested ₹1.02 crore in its material subsidiary, Ganesha Recycling Chain Private Limited, through subscription to a rights issue. The transaction, approved on September 29, 2026, maintains the parent company's 51% ownership stake in the recycling entity.

The allotment comprised 1,02,000 equity shares at a total consideration of ₹1.02 crore, paid entirely in cash. As Ganesha Recycling Chain is a subsidiary, the transaction qualifies as a related party transaction. The company confirmed that the investment was made on an arm's length basis and that no promoter or promoter group entities hold an interest in the target entity beyond the parent's stake.

Subsidiary financial performance

Ganesha Recycling Chain Private Limited was incorporated on September 10, 2024, and operates within the recycling industry in India. The subsidiary has demonstrated significant revenue growth in its initial operational years, moving from negligible turnover to over ₹21 lakh.

The paid-up capital of the subsidiary stands at ₹7.93 crore, with an authorised capital of ₹10 crore. Preference shares account for ₹9.33 lakh of the capital structure.

What the numbers show

The subsidiary's turnover expanded from ₹0.01 lakh in FY25 to ₹21.19 lakh in FY26, indicating a substantial scale-up in operations during its first full year of activity. Despite this rapid top-line growth, the parent company's investment of ₹1.02 crore represents a strategic capital infusion into a nascent business unit. The maintenance of the 51% stake suggests continued control and consolidation of the subsidiary's results into Race Eco Chain's financial statements.

Race Eco Chain Limited passed all four resolutions at its 26th Annual General Meeting held on September 26, 2026, with 99.99% of valid votes cast in favour across every agenda item.

Meeting overview

The AGM was conducted via video conferencing and ran from 1:00 pm to 1:57 pm. Of the 6,938 shareholders on record as of the cut-off date of September 19, 2026, a total of 41 members attended through video conferencing, comprising 1 from the promoter and promoter group and 40 from the public. Remote e-voting was open from September 23, 2026 at 9:00 am to September 25, 2026 at 5:00 pm on the NSDL platform.

Resolutions passed

Shareholders approved four resolutions covering the adoption of financial statements, director re-appointment, statutory auditor appointment, and the re-appointment of the Managing Director. All four resolutions were carried with the requisite majority.

• Resolution 1 (Ordinary): Adoption of audited standalone and consolidated financial statements for the financial year ended March 31, 2026, along with the reports of the Board of Directors and auditors.
• Resolution 2 (Ordinary): Re-appointment of Mr. Lalit Kumar Malik, who retires by rotation and offered himself for re-election as a Director.
• Resolution 3 (Ordinary): Appointment of Akshay Singhla & Associates, Chartered Accountants (Firm Registration No. 039880N), as Statutory Auditors for a term of five consecutive years, from the conclusion of this AGM until the conclusion of the 31st Annual General Meeting.
• Resolution 4 (Special): Re-appointment of Mr. Sunil Kumar Malik (DIN: 00143453) as Managing Director for a period of three years, commencing October 2, 2026 and ending October 1, 2029, on the same remuneration terms.

Voting results summary

All four resolutions recorded identical voting outcomes. The consolidated results across all resolutions are presented below.

Across all four resolutions, 8,034,054 votes were cast in favour, representing 99.9999% of total valid votes polled, while only 6 votes were cast against. No invalid votes were recorded in any category for any resolution. The promoter and promoter group voted entirely in favour, with 100% of their held shares polled via e-voting.

Scrutinizer and e-voting process

Amit Saxena of Amit Saxena and Associates, Practicing Company Secretaries (Membership No. A29918, CP No. 11519), was appointed as Scrutinizer by the Board at its meeting on August 12, 2026. The scrutinizer's report was issued on September 26, 2026. Voting was facilitated through the NSDL e-voting platform. The company had published an advertisement on August 26, 2026 regarding the dispatch of the AGM notice dated August 12, 2026 in Financial Express (English) and Jansatta (Hindi) newspapers. After the closure of remote e-voting at the AGM, votes were unblocked at 3:22 pm and counted in the presence of two witnesses.