Rhetan TMT shareholders approved the reappointment of Shalin Ashok Shah as managing director for a five-year term. The decision was taken at the annual general meeting held on September 16, 2026.

The new term is effective from January 8, 2027, to January 7, 2032. The board recommended the appointment based on the Nomination and Remuneration Committee’s advice. The company confirmed that Mr. Shah has not been debarred from holding office by SEBI or other authorities.

Key Details

Mr. Shah, aged 53, is a promoter director with a civil engineering degree from L.D. Engineering College, Ahmedabad. He brings over three decades of experience in steel manufacturing, real estate, IT, and energy sectors.

The disclosure also noted a familial relationship between Mr. Shalin Shah and Mr. Ashok Shah, who are father and son. No other inter-se relationships among directors were disclosed.

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.