Rites Limited held its 52nd Annual General Meeting on September 25, 2026, with all eight resolutions passed by requisite majority through e-voting, as confirmed by the consolidated scrutinizer's report.

The virtual meeting was conducted via Video Conferencing at 11:00 am and concluded at 12:30 pm. Voting was conducted through remote e-voting from September 22 to September 24, 2026, with additional e-voting facilities available during the meeting. As of the cut-off date on September 20, 2026, the company had 384,799 shareholders. A total of 180 members participated, including one nominee of the President of India, with 179 public shareholders attending via video conferencing.

Resolution-wise voting results

The following table summarises the consolidated e-voting outcome for all eight resolutions:

Governance and board appointments

Shareholders approved the adoption of audited standalone and consolidated financial statements for the financial year ended March 31, 2026, along with the Board's Report, Auditor's Report, and comments of the Comptroller and Auditor General of India. The dividend resolution, confirming the first, second, and third interim dividends declared in FY26 and the declaration of a final dividend on equity shares, received the highest approval at 99.91% votes in favour.

The reappointment of Rahul Mithal as Chairman and Managing Director, consequent to an extension of tenure, secured 98.41% votes in favour. Prem Singh Meena was appointed as Whole Time Director (Director Projects), while Jayant Kumar and Atul Singh were appointed as Government Nominee Directors. Dr. Deepak Tripathi was reappointed as Director (Technical) following his retirement by rotation. The Board was also authorised to fix remuneration for statutory auditors appointed by the Comptroller and Auditor General of India for FY27.

Audit observations

The statutory audit report contained no qualifications. The Comptroller and Auditor General of India provided 'Nil' comments on the audited financial statements for FY26. However, the Secretarial Audit Report noted observations regarding the appointment of the requisite number of Independent Directors, including a Women Independent Director, on the Board. The management reply to these observations was noted by the shareholders.

Scrutinizer and voting process

CS Sachin Agarwal, Partner at Agarwal S. & Associates, Company Secretaries, was appointed as scrutinizer by the Board of Directors to oversee the e-voting process. The scrutinizer confirmed that all resolutions were passed with requisite majority based on verification of data and reports generated from the voting system provided by National Securities Depository Limited (NSDL). The voting pattern was unlocked on September 25, 2026 in the presence of independent witnesses. The scrutinizer's report was issued to the company on September 25, 2026, pursuant to Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

RITES has begun the process of winding down its Botswana-based subsidiary, RITES (Afrika), citing limited business prospects.

Subsidiary closure details

The company has initiated steps to shut down RITES (Afrika), its wholly owned subsidiary incorporated in Botswana. The decision has been driven by limited business prospects in the region, prompting the parent entity to commence the formal closure process.

Background

RITES is a government-owned engineering and consultancy organisation operating across transport infrastructure and related sectors. The winding down of RITES (Afrika) reflects the company's assessment that the Botswana subsidiary no longer offers sufficient business opportunity to justify continued operations.