Umiya Tubes Limited held its 13th Annual General Meeting on September 30, 2026 via Video Conferencing, with all three ordinary resolutions passing successfully. A total of 3,428,410 votes were cast in favour across each resolution, representing 26.46% of total outstanding shares.

AGM overview

The meeting was convened on Wednesday, September 30, 2026 at 3:00 pm and concluded at 3:09 pm. The AGM notice was dated September 7, 2026, and was dispatched electronically to members whose email addresses were registered with the company, depositories, or the Registrar and Share Transfer Agent. The cut-off date for determining eligible voters was Friday, September 25, 2026. Remote e-voting was open from Sunday, September 27, 2026 at 9:00 am and closed on Tuesday, September 29, 2026 at 5:00 pm.

Resolutions considered and voting outcome

Three ordinary resolutions were placed before shareholders. The promoter and promoter group held 431,124 shares but cast zero votes across all resolutions. Public institutional shareholders held zero shares. The public non-institutional category held 12,525,543 shares and accounted for all votes polled.

The following table summarises the aggregate voting outcome for each resolution:

Resolution details

The three resolutions considered at the AGM were:

• Resolution 1: To receive, consider and adopt the audited financial statements of the company for the financial year ended March 31, 2026, including the audited balance sheet as at March 31, 2026, the statement of profit and loss, the cash flow statement, and the reports of the Board of Directors and auditors.
• Resolution 2: To appoint a director in place of Viral Deepak Bhai Ranpura, who retires by rotation and, being eligible, offers himself for re-appointment.
• Resolution 3: To appoint the statutory auditor of the company.

Scrutinizer's findings

Malay Desai, Proprietor of Malay Desai & Associates, Practicing Company Secretaries, Ahmedabad, was appointed as scrutinizer by the Board of Directors vide resolution passed on September 7, 2026. The scrutinizer confirmed that for each of the three resolutions, 19 members voted in favour casting 3,428,410 votes, while 1 member voted against casting 1 vote. No votes were abstained. The consolidated scrutinizer's report was submitted on September 30, 2026, and the voting results were filed with BSE Limited on October 1, 2026 by Viral Ranpura, Whole Time Director.

Umiya Tubes Limited has approved a proposal to change its name to either Kronmet Industries Limited or Somet Industries Limited, reflecting a strategic pivot from steel tubes to tungsten-based products. The Board also authorized an increase in the company's authorized share capital from ₹30 crore to ₹80 crore.

The decisions were taken during a board meeting held on September 24, 2026. The name change is necessitated by the fact that the company's revenue from its original line of business (steel tubes) has dropped to zero, while 100% of current revenue is derived from tungsten-based products, parts, and tools.

Capital structure expansion

The proposed increase in authorized share capital involves raising the limit from ₹30 crore divided into 3 crore equity shares of ₹10 each, to ₹80 crore divided into 8 crore equity shares of ₹10 each. This alteration requires a change in Clause V of the Memorandum of Association and will be presented as an ordinary resolution at the upcoming Annual General Meeting (AGM).

The company stated that the additional capital is required for the expansion of its business operations in the near future. The revised notice for the 13th AGM, scheduled for September 30, 2026, has been issued to include these new agenda items.

Strategic shift in operations

The explanatory statement highlights that the previous name indicated a focus on stainless steel, iron, and alloy steel tubes. However, following a general meeting on August 8, 2025, the object clause was altered to engage in tungsten-based products. Since the revenue from the legacy tube business is nil, the board deemed a name change essential for accurate market representation.

Applications for the reservation of the new names have been submitted to the Registrar of Companies but are currently under process. The final name will be subject to regulatory approval.

What the Numbers Show

The divergence between the historical brand identity and current financial reality is stark. With zero revenue from the original tube manufacturing segment and 100% revenue concentration in tungsten products, the corporate restructuring is not merely cosmetic but a necessary alignment with actual operational cash flows. The significant jump in authorized capital to ₹80 crore suggests preparedness for substantial equity issuance or debt structuring to support this concentrated product line.