Shashijit Infraprojects Limited filed revised proceedings of its 19th Annual General Meeting with BSE on October 1, 2026. The correction addresses an inadvertent digital signature error in the initial submission.

The company clarified that the original covering letter was affixed with the Digital Signature Certificate (DSC) of Chairman and Managing Director Ajit Jain. This was replaced with the DSC of Neha Mewara, Company Secretary and Compliance Officer, to comply with regulatory norms. The substantive content of the meeting summary remains unchanged.

Meeting Details and Attendance

The 19th AGM was held on September 30, 2026, at 3:00 pm via Video Conferencing and Other Audio Visual Means. The meeting was chaired by Ajit Jain. Key managerial personnel and directors in attendance included:

The statutory auditors were represented by Vinayak Bafna, Partner at Kakaria and Associates LLP. Nitesh Shah, a practicing company secretary, served as the scrutinizer for the e-voting process.

Resolutions Considered

Members considered five business items, including ordinary and special business. The agenda covered the adoption of audited standalone financial statements for FY26 and director reappointments.

A significant point of discussion involved Item 5, a special notice received from a shareholder proposing the removal of Ajit Jain. The company stated that Jain’s written representation under Section 169(4) of the Companies Act, 2013, was made available to members along with the addendum to the notice. Jain was provided an opportunity to address the members regarding this resolution.

Voting and Conclusion

Voting was conducted through remote e-voting via Central Depository Services (India) Limited and e-voting during the meeting. The results were to be declared within two working days. No questions were raised during the Q&A session as registered speakers were unavailable. The meeting concluded at 3:46 pm.

Shashijit Infraprojects board has decided not to recommend the removal of Chairman and Managing Director Ajit Jain, despite a shareholder resolution proposing his ouster. The board cited Jain's long-standing association with the company and his strategic contributions to its business development.

The decision follows a special notice received on September 15, 2026, from member Rajesh Kumar Sodhani. Sodhani holds 90,00,000 equity shares, representing approximately 12.38% of the paid-up equity share capital. He invoked Section 115 read with Section 169(2) of the Companies Act, 2013, to propose the removal.

Shareholder Grounds for Removal

In the special notice, Sodhani argued that under the present chairmanship, the company had not performed to its full potential or met public shareholder expectations. He stated that no significant value had been created for shareholders during Jain's tenure, with growth and returns remaining stagnant. The proposing shareholder expressed a loss of confidence in Jain's ability to lead the company toward growth and profitability, advocating for professional leadership and better corporate governance to reorganize the board.

Board Response and Director Representation

At its meeting held on September 21, 2026, the board considered the special notice along with a written representation from Mr. Ajit Jain (DIN: 01846992) under Section 169(4) of the Companies Act, 2013. The directors approved the inclusion of the proposed resolution as Item No. 5 in the special business for the 19th Annual General Meeting scheduled for September 30, 2026.

The board noted that Mr. Ajit Jain has been associated with the company since its inception, providing leadership in construction and infrastructure operations. The board highlighted his role in identifying business opportunities, managing customer relationships, and guiding project evaluation. Consequently, the board is of the view that members should consider the matter based on complete information but explicitly stated that it does not recommend the ordinary resolution for approval.

Director's Defense

Mr. Ajit Jain submitted a written representation stating that the allegations were broad and should be viewed in the context of the company's overall financial position and business cycle. He emphasized his three decades of experience in the construction industry and his continuous involvement in business development and operational matters. Jain argued that continuity in management provides benefits such as existing industry knowledge and stakeholder relationships, while acknowledging the importance of professional governance.

What the Numbers Show

The concentration of voting power is notable in this corporate action. Rajesh Kumar Sodhani’s stake of 12.38% provides him with sufficient equity interest to trigger a special notice under the Companies Act, allowing a single shareholder to place a removal resolution on the ballot without requiring broader initial support from other members.