Scan Steels Ltd passed all four ordinary resolutions proposed at its 33rd Annual General Meeting (AGM), held on September 30, 2026. The meeting was conducted through two-way Video Conferencing and Other Audio-Visual Means, with members voting remotely and during the session.

The approvals covered the adoption of audited standalone and consolidated financial statements for FY26, the re-appointment of director Praveen Patro, an increase in authorized share capital, and the ratification of cost auditor remuneration for FY27.

Voting participation and turnout

A total of 119 shareholders participated in the voting process, comprising 149 members who cast votes in favor and 1 member who voted against across the resolutions. The total valid votes cast amounted to 37,972,234, representing approximately 62.51% of the company's outstanding shares.

Promoters and promoter group members voted 29,737,040 shares in favor, accounting for 98.61% of their holding. Public non-institutional shareholders voted 8,235,194 shares, with 8,234,441 in favor and 753 against. Institutional shareholders did not cast any votes.

Resolution details

The following table summarizes the voting outcomes for each resolution passed:

What the numbers show

The voting pattern reveals a high degree of alignment between management and the broader shareholder base, with promoters casting 78.3% of the total votes polled. The dissent was minimal, limited to 753 votes from public non-institutional holders, representing less than 0.01% of the total votes cast. This suggests strong consensus on the board's agenda, particularly regarding the strategic decision to alter authorized share capital, which often precedes capital raising or restructuring activities.

Scan Steels Limited has dispatched the notice for its 33rd Annual General Meeting (AGM) scheduled for September 30, 2026. The company confirmed compliance with SEBI Listing Regulations by circulating the notice and Annual Report for FY26 electronically to registered shareholders.

The Board of Directors approved the proposal on September 1, 2026. Shareholders without registered email addresses received a physical letter containing a web link and QR code to access the documents, as per Regulation 36(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Capital Restructuring Details

The primary agenda item is the reclassification of the entire authorised optionally convertible redeemable preference shares (OCRPS) into equity shares. This move simplifies the capital structure without altering the total capital ceiling of ₹86.50 crore.

The existing authorised share capital comprises 7,15,00,000 equity shares and 1,50,00,000 non-cumulative OCRPS, each with a face value of ₹10. The proposed alteration converts the 1,50,00,000 authorised OCRPS into an equal number of authorised equity shares.

Consequently, the revised authorised share capital will comprise 8,65,00,000 equity shares of ₹10 each. This change requires shareholder approval via an Ordinary Resolution and subsequent statutory formalities, including amendments to Clause V of the Memorandum of Association.

Other Agenda Items

The AGM will also address ordinary business items, including the adoption of audited standalone and consolidated financial statements for the financial year ended March 31, 2026.

Additionally, shareholders will vote on the reappointment of Praveen Patro (DIN: 02469361), Executive Director, who retires by rotation. He has over 25 years of experience in the steel industry and has been with the company since May 30, 2018.

A special resolution will seek ratification of remuneration payable to M/s. Ray, Nayak & Associates, appointed as Cost Auditors for FY27. The approved fee is ₹60,000 plus applicable taxes and reimbursement of out-of-pocket expenses.

AGM and E-Voting Schedule

The 33rd AGM is scheduled for September 30, 2026, at 10:30 am via Video Conferencing or Other Audio-Visual Means (VC/OAVM). Remote e-voting through Central Depository Services (India) Limited (CDSL) will be available from September 27, 2026, at 9:00 am until September 29, 2026, at 5:00 pm.

The cut-off date for determining voting eligibility is September 23, 2026. The register of members will remain closed from September 24, 2026, to September 30, 2026. CS Abhijeet Jain has been appointed as the scrutinizer for the e-voting process.