Shah Foods Limited successfully conducted its separate meeting of Independent Directors on March 30, 2026, fulfilling mandatory regulatory requirements under corporate governance norms. The meeting took place at the company's registered office located at Sarthik Square, S. G. Highway, Bodakdev, Ahmedabad.

Regulatory Compliance Framework

The meeting was organized in strict compliance with Section 149(7) read with Schedule IV of the Companies Act, 2013 and Regulation 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These regulations mandate that Independent Directors hold separate meetings to ensure effective oversight and governance.

Meeting Agenda and Discussions

The Independent Directors addressed three critical governance areas during their deliberations:

Meeting Details

The session was conducted efficiently within a focused timeframe, reflecting the structured approach to governance discussions.

Corporate Governance Significance

The separate meeting of Independent Directors represents a crucial component of corporate governance, ensuring independent oversight of board performance and management effectiveness. The assessment of information flow between company management and the Board is particularly vital for enabling directors to perform their fiduciary duties effectively.

Company Secretary and Compliance Officer Namrata Vyas signed the official communication, confirming the completion of this mandatory governance exercise and the company's commitment to regulatory compliance.

Shah Foods Limited has successfully completed the acquisition of Tandhan Power Technologies Private Limited and raised capital through preferential share allotment, as announced in a regulatory filing dated March 27, 2026. The transactions represent a significant expansion move for the company into the power storage and backup solutions sector.

Acquisition of Tandhan Power Technologies

Shah Foods completed the acquisition of 100% equity stake in Tandhan Power Technologies Private Limited (TPTPL) through a share swap arrangement. The company acquired 1,67,00,000 equity shares of Rs. 10 each, representing complete ownership of the target entity.

Tandhan Power Technologies, incorporated on August 14, 2018, operates in the power storage and backup solutions business. The company functions as stockists, suppliers, repairers, and dealers in batteries, UPS systems, and allied products. Its product portfolio includes stationary batteries, solar power batteries, emergency lights, dry cells, and various electrical components and accessories.

Financial Performance of Acquired Entity

Tandhan Power Technologies reported a standalone turnover of Rs. 14,435.01 lakhs in FY 2024-25, showing growth from previous years.

Preferential Allotment for Cash Consideration

Simultaneously, Shah Foods raised Rs. 75,15,70,930 through preferential allotment of 68,32,463 equity shares to 69 investors from the non-promoter public category.

The largest individual allocations went to Jitendra Rasiklal Sanghavi and Roopal Hitesh Kawa, who each received 9,00,000 shares for Rs. 9.90 crores each. Other significant investors included Hitesh Natwarlal Kawa (3,33,000 shares), Kaushik Hasmukhlal Gandhi (3,16,500 shares), and Nimesh Sahadeo Singh (3,16,500 shares).

Share Swap Allottees and Promoter Changes

The acquisition involved allotment of 1,58,85,037 equity shares to nine key stakeholders of Tandhan Power Technologies. The major beneficiaries included Anuj Jalan (41,32,474 shares), Ankit Jalan (40,20,802 shares), and Jalan Sarees Private Limited (22,69,953 shares).

The transaction will trigger an open offer process, after which the acquirers and persons acting in concert will become the promoters of Shah Foods Limited, as per SEBI takeover regulations.

Strategic Rationale and Regulatory Compliance

The acquisition aims to expand Shah Foods' presence and strengthen business operations by gaining a foothold in power storage and backup solutions. The company expects the transaction to enhance operational synergies, broaden customer base, and improve market reach while supporting long-term growth objectives.

Both allotments were made in accordance with Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and provisions of the Companies Act, 2013. The transactions required no governmental or regulatory approvals beyond standard compliance requirements.

The board meeting for approving these transactions was held on March 27, 2026, from 10:00 AM to 11:00 AM IST, with Managing Director Hemakshi Manan Patel signing the regulatory disclosure.