Saurashtra Cement shareholders approve all AGM resolutions with high majority
- All six AGM resolutions passed with votes in favour exceeding 99%
- M.S. Gilotra re-appointed as Managing Director for Jan-Dec 2027
- Hemang Dhirendra Mehta re-appointed as Non-Executive Director
- Meeting held via Video Conferencing on September 23, 2026
*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.
The voting results, scrutinized by Sachin Ahuja of M/s. Sachin Ahuja & Associates, confirmed that all ordinary and special business items passed with requisite majorities. Remote e-voting facilities were available from September 20 to September 22, 2026, prior to the live e-voting during the meeting.
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 | 99.9981% | 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 |
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 |
|---|---|---|---|---|---|
| +1.34% | +1.57% | -7.49% | -9.31% | -50.38% | -54.02% |
How will the continuation of M.S. Gilotra's leadership into 2027 influence Saurashtra Cement's strategic direction regarding capacity expansion or debt reduction?
What specific capital expenditure plans are outlined in the adopted FY26 financial statements that could impact the company's cash flow in FY27?
How might the modification of the statutory auditor's term affect the transparency or frequency of future financial disclosures for investors?
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