Shree Refrigerations has confirmed that all 13 resolutions proposed at its 20th Annual General Meeting were passed unanimously. The scrutinizer’s report, dated September 2, 2026, shows 100% assent across every agenda item.

The meeting, held on August 31, 2026, saw participation from 19 members who cast votes through remote e-voting and ballot papers. A total of 16,312,825 votes were polled out of a paid-up capital base represented by the voting pool. Two ballot votes were rejected as invalid due to eligibility discrepancies.

Voting Breakdown

The voting process was overseen by Mohit Singhal & Associates, appointed as the scrutinizer. The final results reflect unanimous support from both promoter and public shareholders for all ordinary and special businesses.

Promoter and Promoter Group shareholders held 15,889,650 shares and cast 15,889,650 votes in favour of all resolutions. Public Non-Institutional shareholders held 17,385,162 shares, with 423,175 votes polled, all in favour. No votes were recorded from Public Institutions.

Key Approvals

The resolutions covered critical corporate governance and compensation matters:

• Adoption of standalone and consolidated financial statements for FY26.
• Re-appointment of Sunil Kaushik as Whole-Time Director upon retirement by rotation.
• Ratification of cost auditor remuneration for FY27.
• Appointment and remuneration revisions for Whole-Time Directors Rajashri Ravalnath Shende and Devashree Vishwesh Nampurkar.
• Regularization of Rucha Ravalnath Shende’s appointment as Whole-Time Director.

Special resolutions focused on executive compensation and equity incentives. Shareholders approved payments to executive directors exceeding limits specified under Section 197 of the Companies Act, 2013 for FY25-26. Additionally, remuneration for Chairman Ravalnath Gopinath Shende and Director Sunil Kaushik was authorized in the event of inadequate or absent profits for FY26-27.

A significant strategic approval was the adoption of the “Shree Refrigerations Limited Employees Stock Option Scheme 2026.” This includes provisions for granting stock options to employees and directors of subsidiary companies under the same framework.

Scrutinizer Observations

The scrutinizer noted that remote e-voting was conducted via MUFG Intime India Private Limited between August 28 and August 30, 2026. During the physical meeting, two ballot votes were excluded from the final count:

• One vote from Mr. Atul Mansing Kadam was invalid as he was not a member as on the cut-off date of August 24, 2026.
• Another vote from Mr. Madhav Balkrishna Bhagwat was invalid as the number of votes cast exceeded his shareholding.

The Company Secretary confirmed that the voting results and scrutinizer’s report have been filed with the exchanges in compliance with Regulation 44 of the SEBI Listing Regulations.

Shree Refrigerations board approved the incorporation of a wholly owned subsidiary, Aquilon Deep Chill Limited, during its meeting on August 31, 2026. The company plans to invest up to ₹5 crore in cash to fund the initial paid-up share capital of the new entity.

The proposed subsidiary will focus on the design, manufacturing, and supply of chillers, heat pumps, and HVAC systems. Its registered office will be located in Karad, Satara, Maharashtra. The board confirmed that no governmental or regulatory approvals are required for this incorporation.

Subsidiary Details

The new entity will operate within the manufacturing sector. Shree Refrigerations will hold 100% stake in the company through a cash subscription.

The scope of business includes importing, exporting, and servicing air-cooled chillers, water-cooled chillers, industrial chillers, and allied automation systems. The incorporation process is currently underway, subject to name approval by the Ministry of Corporate Affairs.