Rhetan TMT Limited shareholders approved the re-appointment of M/s. GMCA & Co., Chartered Accountants (FRN: 109850W) as statutory auditors for a second term of five consecutive years. The appointment is effective from the conclusion of the 42nd Annual General Meeting held on September 16, 2026, and will remain in force until the conclusion of the 47th AGM in 2031.

The decision was taken pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, following recommendations from the Audit Committee and approval by the Board of Directors.

Auditor Profile and Tenure

M/s. GMCA & Co. is based in Ahmedabad and holds FRN 109850W. The firm has over 38 years of experience in business management consultancy, audit and assurance, legal consultancy, and advisory services. It serves a diverse client base across various economic sectors.

The firm’s execution team comprises more than 20 members, including qualified Chartered Accountants, full-time employees, and articulated assistants. The re-appointment covers the period from the conclusion of the 42nd AGM to the conclusion of the 47th AGM, subject to member approval at each subsequent annual meeting.

AGM Voting Results Overview

The scrutinizer report for the 42nd AGM confirmed that all 12 resolutions were passed with requisite majorities. The meeting, conducted via video conference from 3:30 pm to 3:47 pm, saw participation from 56 shareholders (5 promoters and 51 public). Out of 84,748 shareholders on the record date, votes were polled on 539,874,979 shares.

Chintan K. Patel reported that all ordinary and special resolutions were approved. Key governance matters, including the adoption of financial statements for FY26 and the re-appointment of directors and auditors, received near-unanimous support.

Related-Party Transaction Abstentions

A notable feature of the voting was the promoter group's abstention from voting on the five special resolutions concerning material related-party transactions. These deals involve Ashoka Metcast Limited, Ashnisha Industries Limited, Lesha Industries Limited, Gujarat Natural Resources Limited, and Lesha Ventures Private Limited.

While promoters held 495,000,000 shares, they cast zero votes on these specific resolutions. The approvals were secured solely through public shareholder votes:

• Public Institutions: Voted 36,482,029 shares in favor.
• Public Non-Institutions: Voted 8,392,948 shares in favor (with 2 votes against).

This resulted in a total of 44,874,977 votes in favor out of 44,874,979 polled for these related-party deals, achieving a 100% approval rate among participating non-promoter shareholders.

Governance and Operational Approvals

Shareholders also approved the following key operational and governance measures:

• Re-appointment of Mr. Ashok C. Shah as a director liable to retire by rotation.
• Re-appointment of statutory auditors and fixation of their remuneration.
• Re-appointment of Mr. Shalin Ashok Shah as Managing Director.
• Regularization of Mrs. Jhanvi Vikas Sethi’s appointment as a Non-Executive Independent Director.
• Increase in borrowing limits under Section 180(1)(C) of the Companies Act, 2013.
• Increase in limits for loans, investments, or guarantees under Section 186 of the Companies Act, 2013.

All these resolutions received overwhelming support, with over 539 million votes cast in favor by both promoter and public shareholders.

Rhetan TMT is exploring entry into the Corrosion Resistant Steel (CRS) TMT bars market as part of its strategy to diversify its product portfolio. The company is currently evaluating the feasibility of manufacturing these specialized bars, which offer enhanced durability for coastal and marine infrastructure projects.

The Ahmedabad-based steel manufacturer has already strengthened its existing product lineup by obtaining Bureau of Indian Standards (BIS) licenses for Fe500D, Fe550, and Fe550D grade Thermo Mechanically Treated (TMT) bars. This regulatory approval positions the company to expand its addressable market beyond standard Fe500 grade bars.

Strategic Expansion into CRS Segment

CRS TMT bars are designed to provide superior resistance to corrosion in harsh environments. Rhetan TMT identifies this segment as a significant growth opportunity, aiming to tap into specialized infrastructure projects such as bridges, ports, and coastal structures where longer service life and reduced maintenance are critical requirements.

The company has initiated preliminary steps toward this expansion, including:

• Exploring suitable technology tie-ups
• Undertaking requisite statutory and regulatory registrations
• Conducting technical and commercial feasibility assessments

Future steps will depend on the outcome of these evaluations and applicable government approvals.

Product Portfolio Update

Rhetan TMT’s current operations focus on manufacturing Thermo Mechanically Treated (TMT) bars. The addition of CRS bars would represent a move into value-added products, potentially broadening its customer base and enhancing competitive positioning in the construction materials sector.

Regulatory filings submitted on September 5, 2026, disclose that the company is pursuing this initiative under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.