Zuari Agro Chemicals Limited has successfully completed its postal ballot process and submitted comprehensive regulatory disclosures to BSE Limited and National Stock Exchange of India Limited. The company received overwhelming shareholder support for the special resolution regarding alteration of the object clause and adoption of amended Memorandum of Association, with the voting process concluding on March 20, 2026.

Regulatory Submission and Compliance

Company Secretary Asheeba Pereira formally submitted the voting results and detailed disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 to both stock exchanges on March 20, 2026. The submission included comprehensive documentation of the postal ballot process and specific amendments to the Memorandum of Association, fulfilling regulatory requirements.

Voting Results and Shareholder Participation

The postal ballot demonstrated exceptional shareholder support, with 99.84% of votes cast in favor of the resolution. The voting process recorded significant participation across different shareholder categories, with promoter group showing complete engagement.

Key Amendments to Memorandum of Association

The approved amendments enable significant expansion of the company's business scope, particularly in the mining sector. The alterations include structural changes to the object clause and addition of new business activities.

Mining Business Expansion Authorization

The most significant amendment involves adding comprehensive mining operations as a new main object under Clause III (A). This enables the company to carry on business of mining, excavation, extraction, production, processing, beneficiation, grading, washing, transportation, storage, sale, purchase, import, export and dealing in minerals, ores and mineral substances of all kinds including coal, iron ore, bauxite, limestone, manganese, chromite and other metallic and non-metallic minerals.

Additional Operational Capabilities

The amendments also authorize the company to participate in mining lease auctions, acquire prospecting licences, composite licences and other mineral concessions through auction or any other mode as permitted by Central Government or State Governments. Five new sub-clauses were added under Clause III (B) covering reconnaissance, prospecting, exploration, regulatory compliance, land acquisition, infrastructure development, and mine closure obligations.

Corporate Governance and Strategic Positioning

The successful completion of this postal ballot represents a significant milestone in the company's strategic expansion framework. The process was conducted in strict accordance with SEBI regulations and MCA circulars, ensuring complete transparency and regulatory compliance. The alteration of object clause positions the company for diversification into the mining sector while maintaining its existing agricultural chemicals business, demonstrating shareholder confidence in the company's growth strategy through transparent decision-making processes.

Zuari agro chemicals Limited has entered into a settlement agreement with the Securities and Exchange Board of India (SEBI) to resolve allegations of regulatory violations. The company disclosed the settlement through an official intimation to stock exchanges on March 06, 2026.

Settlement Details and Financial Impact

SEBI issued Settlement Order No. SO/AK/GN/2025-26/8384-8388 dated March 05, 2026, following settlement applications filed by both the company and Director Mr. Nitin M. Kantak. The settlement covers multiple alleged violations spanning various SEBI regulations.

Alleged Violations by the Company

The settlement addresses multiple regulatory breaches by Zuari Agro Chemicals Limited across different SEBI frameworks:

SEBI Listing Obligations Violations:

• Regulations 4(1)(a), (b), (c), (d), (e), (g), (h), (i), (j)
• Regulations 4(2)(e)(i), 23(2), 23(4), and 48
• Violations read with Indian Accounting Standard – 8

Fraudulent Trade Practices Violations:

• Section 12A (a), (b), (c) of SEBI Act 1992
• Regulations 3(b), (c), (d), 4(1), 4(2)(f), (k) of SEBI Prohibition of Fraudulent and Unfair Trade Practices Regulations, 2003

Director's Regulatory Breaches

Mr. Nitin M. Kantak, Director of the company, faced separate allegations under:

• Regulations 23(2) and 23(4) of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015
• Section 27 of SEBI Act, 1992

The Director filed a separate settlement application (No. 8387/2025) under the SEBI Settlement Proceedings Regulations, 2018.

Operational and Financial Consequences

The settlement carries significant financial and operational implications for the company. Zuari Agro Chemicals has paid the settlement amount of ₹1,19,92,500 and voluntarily accepted a 3-month debarment from buying, selling, or trading in the securities market.

The company received the settlement order via email on March 05, 2026, and promptly disclosed the information to BSE Limited and National Stock Exchange of India Limited under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.