Triveni Engineering & Industries has completed the distribution of net proceeds from fractional shares to eligible shareholders under its Composite Scheme of Arrangement. The company’s Audit Committee and Independent Directors certified the process on September 16, 2026.

The scheme involved the merger of Sir Shadi Lal Enterprises Limited with Triveni Engineering & Industries Limited and Triveni Power Transmission Limited. The National Company Law Tribunal, Allahabad Bench, approved the arrangement in May 2026. The effective date for the merger was May 19, 2026.

Fractional Share Treatment

During the allotment of equity shares based on a 100:137 exchange ratio, 6,064 shareholders became entitled to fractional entitlements. The company consolidated these entitlements into 4,308 equity shares of face value ₹1 each. These shares were credited to a trustee demat account maintained by Mitcon Credentia Trusteeship Services Limited.

In compliance with SEBI Master Circular No. SEBI/HO/CFD/POD-2/P/CIR/2023/93 dated June 20, 2023, the trustee sold the consolidated fractional shares in the open market within 90 days. The distribution of net sale proceeds to eligible shareholders was completed on September 9, 2026.

The Audit Committee, chaired by Dr. Meena Hemchandra, and the Independent Directors, led by Mr. Jitendra Kumar Dadoo, confirmed that the compensation was distributed in proportion to shareholders' fractional entitlements after deducting applicable taxes and expenses.

Triveni Engineering & Industries shareholders approved all eight resolutions at its 90th Annual General Meeting on September 7, 2026. The company disclosed the final voting results on September 8, 2026, confirming unanimous promoter support across all agenda items.

The meeting was conducted via video conferencing with KFin Technologies Limited providing the e-voting platform. A total of 155 members attended, including nine promoter representatives and 146 public shareholders. The Board highlighted significant strategic milestones, including the successful amalgamation of Sir Shadi Lal Enterprises Limited and the demerger of the Power Transmission Business into Triveni Power Transmission Limited.

Key Resolutions Passed

Shareholders voted on eight resolutions covering ordinary and special business items. The audited financial statements for the year ended March 31, 2026, were adopted without any qualifications or adverse remarks from the statutory auditors.

Voting Results and Shareholder Sentiment

Promoter and Promoter Group shareholders, holding 13,34,91,162 shares, voted in favour of all eight resolutions. Public institutional investors showed dissent on specific governance matters. For Resolution 6, regarding the revision in remuneration for Vice Chairman & Managing Director Tarun Sawhney, public institutions voted against with 82,24,458 votes (36.45% of polled votes), though the resolution passed overall due to promoter backing.

Similarly, for Resolution 3, the re-appointment of Tarun Sawhney as a Director, public institutions voted against with 18,26,052 votes (8.09% of polled votes). All other resolutions received near-unanimous support from both promoter and public shareholders.

Board Appointments and Remuneration

The AGM approved the re-appointment of Tarun Sawhney, who retires by rotation. Shareholders passed a special resolution to revise his remuneration effective August 1, 2026, for the remainder of his tenure ending September 30, 2028.

Additionally, Vivek Viswanathan was appointed as a Director liable to retire by rotation and as a Whole-time Director for a five-year term starting August 1, 2026. The remuneration payable to him was approved via an ordinary resolution. The cost auditor’s remuneration for FY27-28 was also ratified.

What the Numbers Show

The total dividend payout for FY26 stands at ₹2.75 per share, combining the interim dividend of ₹1.50 and the final dividend of ₹1.25. This distribution reflects the company’s commitment to shareholder returns amidst significant structural changes, including the recent demerger of its power transmission business. The voting pattern indicates strong alignment between promoters and retail/non-institutional public shareholders, while institutional investors exercised scrutiny on executive compensation revisions.