UTL Industries Limited concluded its 37th Annual General Meeting (AGM) on September 25, 2026, with all proposed resolutions passed by a substantial majority. The virtual meeting, held via video conferencing, saw shareholders approve the adoption of audited financial statements for FY26 and the re-appointment of directors.

Voting results and scrutiny

The scrutinizer’s report, submitted to BSE Limited, confirmed that all three ordinary business items were approved with 96.66% of valid votes cast in favor. The voting process was conducted through remote e-voting via National Securities Depositories Limited (NSDL), with live e-voting also available during the meeting.

The remote e-voting period ran from September 22, 2026, at 9:00 am to September 24, 2026, at 5:00 pm. The scrutinizer, CS Mohd Daraz Khan of MD Khan & Associates, unblocked the votes on September 25, 2026, at 4:20 pm, following the conclusion of the AGM.

Key proceedings and attendance

The meeting was chaired by Paras Jain, Managing Director of the company. A total of 52 members joined the session via video conferencing. The quorum was present, and the meeting proceeded with the introduction of directors and the secretarial auditor.

The following individuals were present during the AGM:

Resolutions considered

The notice convening the AGM, along with financial statements and reports, was taken as read. The members considered the following ordinary business items:

1. Adoption of audited financial statements for the financial year ended March 31, 2026.
2. Re-appointment of Hitesh Shah as a director, who retired by rotation.
3. Appointment of the statutory auditor for the company.

Administrative details

One member had registered as a speaker but was not present when called upon. The Chairman announced the formal closure of the meeting at 4:07 pm after the e-voting facility remained open for 15 minutes to allow final votes. The company provided facilities for remote e-voting through NSDL, ensuring compliance with regulatory guidelines for virtual meetings.

UTL Industries received an appeal order from the Gujarat Goods and Services Tax (GST) Department on September 16, 2026, leaving an outstanding demand of ₹11.85 lakh. The order also levies interest of ₹11.66 lakh and a penalty of ₹1.18 lakh, despite granting partial relief. The company intends to pursue further appeals against the decision.

The Appellate Authority issued the revised demand notice following an appeal filed by the company for ₹30.06 lakh. The authority allowed a demand of ₹5.37 lakh, reducing the initial claim. However, the remaining disputed amount includes the principal GST demand, accrued interest, and the specified penalty.

Details of the Order

The violation cited in the order relates to Input Tax Credit (ITC) claimed by the company that was not reflected in GSTR 2B. This discrepancy formed the basis for the tax department's assessment.

What the Numbers Show

The interest component (₹11.66 lakh) nearly matches the principal GST demand (₹11.85 lakh), indicating significant accrual over time. This suggests the underlying tax dispute has been pending for a considerable period before this appellate stage.

Company Response

UTL Industries stated that the order has no material impact on its financial or operational activities. Managing Director Paras Jain confirmed the receipt of the order and affirmed the company's plan to challenge the decision before the appropriate authority.