WPIL 's board of directors has approved the sale of all shares in its Australian subsidiary Sterling Pumps Pty Limited for AUD 2.34 million. The transaction represents a strategic divestment move as the company optimizes its international operations through internal restructuring.

Transaction Details

The board meeting held on March 24, 2026, formally approved the complete divestment of Sterling Pumps Pty Limited. The key parameters of the approved sale are outlined below:

Financial Performance Metrics

Sterling Pumps Pty Limited contributed significantly to WPIL's consolidated operations. The subsidiary's financial contribution is detailed below:

Strategic Restructuring

The buyer, Aturia International Pte. Ltd., is WPIL's Singapore subsidiary and special purpose vehicle. This internal restructuring means Sterling Pumps will cease to be a direct subsidiary but will continue as a step-down subsidiary of WPIL. The transaction has been structured as a related party transaction conducted on an arm's length basis.

Regulatory Compliance

WPIL has made the disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015, in compliance with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123. The board meeting commenced at 11:00 AM and concluded at 11:45 AM on March 24, 2026, with Executive Director K.K. Ganeriwala signing the regulatory filings.

Timeline and Completion

The transaction is structured with completion expected by March 31, 2026, providing a tight timeline for the divestment process. The agreement was entered into on the same day as the board approval, indicating swift execution of the strategic decision.

WPIL Limited has successfully completed its postal ballot process for the re-appointment of two directors, with both special resolutions receiving overwhelming shareholder approval through remote e-voting.

Postal Ballot Process Details

The postal ballot was conducted in accordance with Section 110 read with Section 108 of the Companies Act, 2013, and Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company utilized the e-voting facility provided by National Securities Depository Limited (NSDL) for the remote voting process.

Resolution 1: Re-appointment of Executive Director

The first special resolution concerned the re-appointment of Mr. Brahma Prakash Khare (DIN: 02288814) as Whole-time Director designated as Executive Director (Operations). His re-appointment is for a period of 3 years, effective from March 1, 2026, through February 28, 2029.

The resolution includes provisions for remuneration payment and acknowledges that Mr. Khare has already attained the age of seventy years as of his appointment date.

Resolution 2: Re-appointment of Independent Director

The second special resolution addressed the re-appointment of Mrs. Samarpita Bose (DIN 09101808) as an Independent Director for a second consecutive term of five years, from March 12, 2026, through March 11, 2031.

Mrs. Bose's current five-year term as Independent Director was scheduled to complete on March 11, 2026, and she has submitted the required declaration of independence under Section 149(6) of the Companies Act, 2013.

Scrutinizer's Confirmation

P. V. Subramanian, Company Secretary in Whole-time Practice, served as the appointed scrutinizer for the postal ballot process. In his report dated March 07, 2026, he confirmed that both special resolutions were passed with the requisite majority. The scrutinizer conducted the process in compliance with the Companies (Management and Administration) Rules, 2014, and unblocked the votes in the presence of two witnesses as prescribed under the regulations.

Corporate Compliance

The company has filed the voting results in XBRL format and submitted the scrutinizer's report to BSE Limited in accordance with regulatory requirements. WPIL Limited, incorporated in 1952 and headquartered in Kolkata, maintains its corporate compliance through its General Manager (Finance) and Company Secretary, U. Chakravarty.