West Coast Paper Mills passes all 8 resolutions at 71st AGM
West Coast Paper Mills held its 71st AGM on August 17, 2026 via video conferencing, with 46,929 shareholders on record as of August 10, 2026. All 8 resolutions were passed, including adoption of standalone and consolidated financial statements for FY26, declaration of equity dividend, and re-appointments of key directors. The re-appointment of Virendraa Bangur as Joint Managing Director received 90.2065% votes in favour, with 9.7935% against. Statutory auditor Singhi & Co. and secretarial auditor NGJ & Co. issued unqualified opinions for FY26.
*this image is generated using AI for illustrative purposes only.
West Coast Paper Mills conducted its 71st Annual General Meeting on August 17, 2026 at 11:30 am through Video Conferencing and Other Audio Visual Means, in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting commenced at 11:30 am and concluded at 1:35 pm, with S.K. Bangur, Chairman and Managing Director, presiding over the proceedings. A total of 46,929 shareholders were on record as of the record date of August 10, 2026, with 14 promoter and promoter group members and 137 public shareholders attending through video conferencing.
Resolutions passed at the AGM
Shareholders voted on 8 resolutions spanning ordinary and special business. Remote e-voting was available from August 14, 2026 (9:00 am) to August 16, 2026 (5:00 pm), with e-voting at the AGM also made available to attending members who had not cast their vote remotely. All 8 resolutions were passed. The table below summarises the voting outcome for each resolution.
| Resolution: | Description: | Type: | Total votes polled: | Votes in favour (%): | Votes against (%): | Result: |
|---|---|---|---|---|---|---|
| 1 | Adoption of standalone audited financial statements for FY26 | Ordinary | 47346014 | 99.9999% | 0.0001% | Passed |
| 2 | Adoption of consolidated audited financial statements for FY26 | Ordinary | 47346014 | 99.9999% | 0.0001% | Passed |
| 3 | Declaration of dividend on equity shares for FY26 | Ordinary | 47384639 | 99.9999% | 0.0001% | Passed |
| 4 | Re-appointment of Saurabh Bangur (DIN: 00236894) as Director retiring by rotation | Ordinary | 47384639 | 99.6139% | 0.3861% | Passed |
| 5 | Appointment of Umesh Kini (M.No. 29159) as Cost Auditor and ratification of remuneration for FY27 | Ordinary | 47384639 | 99.9999% | 0.0001% | Passed |
| 6 | Re-appointment of Prakash Kacholia (DIN: 00002626) as Non-Executive Independent Director | Special | 47384639 | 99.9213% | 0.0787% | Passed |
| 7 | Re-appointment of Virendraa Bangur (DIN: 00237043) as Joint Managing Director | Special | 47384639 | 90.2065% | 9.7935% | Passed |
| 8 | Re-appointment of Rajendra Jain (DIN: 07250797) as Executive Director | Special | 47384639 | 97.5069% | 2.4931% | Passed |
Shareholder participation and voting details
The total number of shares held across all categories stood at 66,048,908. Promoter and promoter group shareholders held 37,369,202 shares and cast 100.0000% of their votes in favour of all resolutions. Public institutional shareholders held 10,766,179 shares, while public non-institutional shareholders held 17,913,527 shares. Overall voter participation across all resolutions ranged between 71.6833% and 71.7417% of outstanding shares.
Resolution 7, concerning the re-appointment of Virendraa Bangur as Joint Managing Director, drew the highest level of dissent among institutional investors, with 4,640,470 votes cast against out of 9,967,098 institutional votes polled, representing 46.5579% of institutional votes polled. The resolution was nonetheless passed as a special resolution on the strength of promoter group support.
Audit and governance
Statutory auditor Singhi & Co. and secretarial auditor NGJ & Co. both expressed unqualified opinions in their respective audit reports for FY26, with no qualifications, observations, or adverse comments on financial statements. The scrutinizer for the e-voting process was Naman G. Joshi, Proprietor of N G Joshi & Co., Company Secretaries, Bangalore, appointed by the Board of Directors. Electronic voting data and all related records are under the scrutinizer's custody and will be handed over to the Company Secretary following the Chairman's approval and signing of the AGM minutes. The proceedings, voting results, and scrutinizer's report are to be made available on the West Coast Paper Mills website and on the MUFG Intime India Pvt. Ltd. website.
Historical Stock Returns for West Coast Paper Mills
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.96% | +1.07% | +14.57% | +42.54% | +24.37% | +138.39% |
How might the significant 46.5% institutional dissent against Virendraa Bangur's reappointment impact future board dynamics and strategic decision-making?
What specific operational or financial initiatives will West Coast Paper Mills prioritize in FY27 to address the concerns raised by institutional investors?
Will the company consider revising its dividend policy or capital allocation strategy in light of the strong promoter support versus institutional hesitation?
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