Rajesh Power Services AGM approves FY26 dividend and CMD change
- Approved final dividend on equity shares for FY26
- Kurang Panchal designated as Chairman and Managing Director
- Utsav Nehal Panchal reappointed as Executive Director
- Borrowing powers expanded beyond paid-up capital limits
*this image is generated using AI for illustrative purposes only.
Rajesh Power Services Limited concluded its 17th Annual General Meeting on September 24, 2026, approving the final dividend for FY26 and several critical corporate resolutions. The virtual meeting saw shareholders adopt the audited financial statements and ratify the reappointment of executive leadership.
The proceedings, conducted via video conferencing under SEBI (LODR) Regulations, 2015, commenced at 11:00 am and concluded at 11:22 am. A total of 30 members attended the meeting, with the requisite quorum confirmed by Big Share Services Private Limited. Mr. Kurang Panchal, Managing Director, served as the Chairperson for the session.
Key shareholder approvals
The agenda covered standard statutory requirements alongside specific strategic adjustments. The adoption of both standalone and consolidated financial statements for the fiscal year ended March 31, 2026, formed the core of the first two resolutions. Following this, the declaration of the final dividend on equity shares was approved by the members.
Management continuity was addressed through the reappointment of Mr. Utsav Nehal Panchal as Executive Director, who retired by rotation and offered himself for reappointment. Additionally, the board sought and received approval to regularize Mr. Chetash Mehta’s status from Additional Independent Director to Independent Director.
Leadership and operational changes
A significant structural change was approved regarding the designation of Mr. Kurang Ramchandra Panchal. The resolution passed authorized his change in designation from Managing Director to Chairman and Managing Director. This shift reflects a consolidation of leadership roles within the promoter group.
The meeting also addressed borrowing powers and related party transactions. Shareholders approved borrowing money in excess of paid-up share capital and free reserves under Section 180(1)(c) of the Companies Act, 2013. Further approvals were granted for loans, investments, guarantees, or securities exceeding limits specified under Section 186, as well as related party transactions pursuant to Section 188.
Governance and audit compliance
The company maintained strict adherence to e-voting norms mandated by the Ministry of Corporate Affairs and SEBI circulars. Ms. Aanal Satyawadi, Practicing Company Secretary, served as the scrutinizer for the remote and e-voting processes. The remuneration of the Cost Auditor, M/s Shivangi Bhavin Shah & Co, for FY27 was also ratified during the proceedings.
| Resolution | Particulars |
|---|---|
| Reso. no. 1-2 | Adoption of audited standalone and consolidated financial statements for FY26 |
| Reso. no. 3 | Declaration of final dividend on equity shares for FY26 |
| Reso. no. 4 | Reappointment of Mr. Utsav Nehal Panchal as Executive Director |
| Reso. no. 9 | Change in designation of Mr. Kurang Panchal to Chairman and Managing Director |
| Reso. no. 10 | Regularization of Mr. Chetash Mehta as Independent Director |
| Reso. no. 6-8 | Approval for borrowings and investments exceeding statutory limits |
Board composition and attendance
The board panel present included Mr. Rajendra Patel (Whole Time Director), Mr. Kaxil Patel (Director and CFO), and Mr. Utsav Panchal (Director and CEO). Independent directors IAS Sujit Gulati, Mr. Chetash Mehta, and Mrs. Pankti Shah were also part of the governance structure overseeing the meeting. Mrs. Jyoti Mochi, Company Secretary and Compliance Officer, managed the procedural aspects and welcomed attendees.
Historical Stock Returns for Rajesh Power Services
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.06% | -0.88% | -9.20% | -8.45% | -52.59% | +12.85% |
How will the consolidation of the Chairman and Managing Director roles for Mr. Kurang Panchal impact Rajesh Power Services' long-term strategic decision-making and corporate governance ratings?
What specific capital expenditure projects or expansion initiatives are driving the shareholders' approval for borrowings exceeding paid-up share capital and free reserves?
How does the regularization of Mr. Chetash Mehta as an Independent Director align with SEBI's evolving independence criteria, and what implications does this have for future related party transaction oversight?
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