Saurashtra Cement submits revised scrutinizer report for 68th AGM
- Saurashtra Cement submitted a revised Scrutinizer's Report for its 68th AGM held on September 23, 2026
- The revision adds a footnote on Page 3 for clarity but does not alter the voting results
- All six resolutions passed with high majority, including MD re-appointment and FY26 financials
- Voting results were submitted to BSE and NSE under Regulation 44 of SEBI LODR Regulations, 2015
*this image is generated using AI for illustrative purposes only.
Saurashtra Cement Limited shareholders approved all six proposed resolutions at the 68th Annual General Meeting held on September 23, 2026. The meeting, conducted via Video Conferencing, saw overwhelming support for key governance items, including the re-appointment of Managing Director M.S. Gilotra and the adoption of FY26 financial statements.
On September 24, 2026, the company submitted a revised Scrutinizer's Report to stock exchanges. This revision incorporates an additional clarification note or footnote on Page 3 for better clarity, as per Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The voting outcomes themselves remain unchanged from the initial submission.
Key resolutions and voting outcomes
The following table summarizes the voting results for the major resolutions transacted during the meeting:
| Item | Resolution | Type | Votes in Favour (%) | Status |
|---|---|---|---|---|
| 1 | Adoption of Audited Standalone and Consolidated Financial Statements for FY26 | Ordinary | 99.9997% | Passed |
| 2 | Re-appointment of Hemang Dhirendra Mehta as Non-Executive Director | Ordinary | 99.9978% | Passed |
| 3 | Appointment and remuneration of Cost Auditors for FY27 | Ordinary | 99.9983% | Passed |
| 4 | Modification of Statutory Auditors' term (Manubhai & Shah LLP) | Ordinary | 99.9983% | Passed |
| 5 | Re-appointment of M.S. Gilotra as Managing Director (Jan-Dec 2027) | Special | 99.9981% | Passed |
| 6 | Approval for payment of commission to Chairman Jay Mehta | Special | 99.5089% | Passed |
Note: For Item 2, 10,712,624 votes cast by related parties were excluded from the valid vote count.
Governance and attendance details
Mr. Jay Mehta, Non-Executive Chairman, chaired the proceedings after confirming the requisite quorum. The meeting was attended by 89 members via video conferencing, comprising 14 from the promoter group and 75 public shareholders. Key directors present included Managing Director M.S. Gilotra and Independent Directors Viren Merchant, Ashwani Kumar, M.N. Sarma, Aman Khanna, and Radhika Samarjitsinh Gaekwad.
Mr. Hemang Mehta and Mr. Hemnabh Khatau were absent due to leave of absence. The Chairman provided an overview of the business environment and the company's performance during FY26 compared to the previous year, highlighting strategic priorities and sustainability efforts.
Director re-appointments and profiles
The AGM formally approved the re-appointment of Mr. Hemang Dhirendra Mehta (DIN: 00146580) as a Non-Executive, Non-Independent Director liable to retire by rotation. Mr. Mehta brings expertise in corporate and operational management within the cement, plastics, and packaging industries, with professional experience across India, Kenya, Canada, and the USA.
Additionally, shareholders approved the re-appointment of Mr. M.S. Gilotra (DIN: 00152190) as Managing Director for the period commencing January 1, 2027, to December 31, 2027. Mr. Gilotra, aged 76 years, is a Mechanical Engineering graduate from BITS Pilani with over four decades of experience in the cement industry. He previously spent 21 years with Associated Cement Companies Ltd. (ACC) in senior leadership roles. He has been associated with the company's board since June 1995.
Voting mechanics and audit compliance
The record date for determining entitlements was September 16, 2026, with 54,684 shareholders on the register. The scrutinizer's report confirmed that votes cast were unblocked on September 23, 2026, in the presence of witnesses Mr. Umesh Rambade and Mr. Rohit Sawant. The company confirmed that the Reports of the Statutory Auditor and Secretarial Auditor contained no qualifications or observations requiring board explanation.
Voting results have been submitted to stock exchanges in compliance with SEBI Listing Regulations. The detailed scrutinizer's report is available on the company's website.
Historical Stock Returns for Saurashtra Cement
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.32% | -3.12% | -10.11% | -24.73% | -51.58% | -58.94% |
How will the re-appointment of 76-year-old MD M.S. Gilotra for only a one-year term impact Saurashtra Cement's long-term leadership succession planning?
What specific strategic priorities and sustainability initiatives did the Chairman highlight that could drive FY27 performance given the stable governance structure?
Will the modification of the statutory auditor's term signal any upcoming changes in audit strategy or compliance focus for the company?
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