Responsive Industries has decided not to proceed with its proposed share buy-back. The Board of Directors dropped the plan after reviewing the proposal during its meeting held on September 17, 2026.

Decision details

The company had scheduled the board meeting on September 17, 2026, specifically to consider the buy-back of equity shares. This followed earlier indications that the firm was exploring mechanisms to return capital to shareholders. However, the board ultimately determined that moving forward with the buy-back was not in the company's best interest at this time.

After due deliberations and taking into consideration the prevailing market conditions, global economic uncertainties and their impact on the Company's export business, the Board decided not to proceed with the proposed Buy-back at this stage. The Board may reconsider the proposal for buy-back at an appropriate time in the future, having regard to the prevailing market conditions, business environment and subject to compliance with applicable laws and regulatory requirements.

Trading window status

The trading window for designated persons, which was closed prior to the meeting in accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, has now reopened. It was set to reopen 48 hours after the conclusion of the board deliberations.

Key details

No financial specifics regarding a potential future buy-back size, price band, or timeline have been disclosed. The decision marks a reversal of the capital return strategy previously under consideration.

Responsive Industries shareholders approved all eight resolutions at its 44th Annual General Meeting held on August 24, 2026. The vote covered the declaration of a final dividend, board appointments, and strategic amendments to governing documents.

The company disclosed voting results and the scrutinizer’s report on August 26, 2026, confirming that all resolutions passed with the requisite majority. A total of 162,791,749 votes were polled across the various agenda items, representing approximately 61.06% of the total outstanding shares.

Key Resolutions Passed

Shareholders approved ordinary resolutions for the adoption of audited financial statements for FY25-26 and the declaration of a ₹0.10 final dividend for the financial year ended March 31, 2026. The Board also sought approval to ratify the remuneration of Cost Auditors for FY26-27.

Special resolutions included the appointment of Mr. Bajrang Lal Bajaj as a Non-Executive Independent Director and alterations to both the Memorandum of Association (MoA) and Articles of Association (AoA). The MoA amendment allows the company to explore opportunities in infrastructure and real estate sectors, complementary to its core PVC manufacturing business.

Voting Participation

Promoter and Promoter Group participation was high, with votes cast on 154,039,476 shares, representing 97.70% of their holdings. Public institutions voted on 8,748,718 shares (30.68%), while public non-institutions participated minimally, casting votes on roughly 3,555 shares (0.00%).

Leadership Changes

The AGM regularized leadership transitions following the resignation of Mr. Rishabh Agarwal as Chairperson earlier in the year. Shareholders approved the appointment of Mr. Aayush Agarwal as Non-Executive Non-Independent Director and Chairperson. This resolution was an interested resolution for the promoter group, who abstained from voting; it passed with 99.60% support from public shareholders.

Additionally, the Board appointed Mr. Sadanand Morab as a director liable to retire by rotation. The meeting also noted the departure of Dr. Anita Shantaram and Ms. Mita Jha from their positions as Independent Directors.

What the Numbers Show

The near-unanimous support for the dividend and financial statement adoption—99.99% in favor across all categories—signals strong alignment between management and shareholders on capital allocation. The high promoter participation rate of 97.70% underscores concentrated ownership control, while the minimal dissent (only 4 votes against the financials) indicates broad consensus on the company’s strategic direction and governance updates.