Sadhana Nitrochem , a prominent player in the chemical industry, held its 52nd Annual General Meeting (AGM) on September 29, 2025, through video conferencing. The meeting, which saw participation from shareholders, resulted in the approval of seven out of eight resolutions, with one notable exception.

Dividend Proposal Rejected

In a surprising turn of events, shareholders voted against Resolution No. 2, which proposed a final dividend of 10% (Rs. 0.10 per equity share) for the financial year ended March 31, 2025. This resolution was the only one that failed to secure the required majority, with 98.63% of the votes cast against it.

Approved Resolutions

The AGM saw the passage of several key resolutions, including:

1. Adoption of financial statements for the year ended March 31, 2025
2. Re-appointment of Mr. Asit D. Javeri as a director
3. Ratification of cost auditor remuneration
4. Appointment of a secretarial auditor
5. Increase in authorized share capital and consequent alteration of the Memorandum of Association
6. Enhancement of existing borrowing limits under Section 180(1)(c) of the Companies Act, 2013
7. Creation of charges on company assets under Section 180(1)(a) of the Act

Voting Details

The scrutinizer's report, prepared by Ms. Hetal Doshi of M/s. Hetal Doshi & Associates, confirmed that the voting process was conducted fairly. Key voting statistics include:

Financial Decisions

While shareholders approved the enhancement of borrowing limits and the creation of charges on company assets, the rejection of the dividend proposal suggests a preference for reinvestment of profits or concerns about the company's cash flow.

Corporate Governance

The appointment of a secretarial auditor and the ratification of the cost auditor's remuneration demonstrate the company's commitment to maintaining strong corporate governance practices.

Sadhana Nitrochem's management will need to address shareholder concerns regarding the dividend policy while moving forward with the approved resolutions to guide the company's future growth and financial strategies.

Sadhana Nitrochem , a prominent player in the chemical industry, has found itself at the center of a legal dispute involving its promoters and several broking firms. The company recently disclosed significant developments that could have implications for its shareholders and market position.

Court Injunction Halts Share Sales

The promoters of Sadhana Nitrochem, Manekchand Panachand Trading Investment Company Private Limited, secured an ad-interim injunction from the Bombay High Court. This legal action restrains three entities - Badjate Stock Broking Private Limited, Badjate Stocks and Shares Private Limited, and Bonanza Portfolio Limited - from further selling the company's shares that were previously pledged with them.

Legal Action Against Broking Firms

In a bold move, the promoters have filed a lawsuit seeking damages against the aforementioned three entities. The suit alleges illegal invocation and subsequent sale of Sadhana Nitrochem's shares, which the promoters claim has resulted in losses and damages. Notably, Sadhana Nitrochem itself is listed as Defendant No. 6 in this legal proceeding.

Company's Response and Next Steps

Sadhana Nitrochem, in its filing to the stock exchanges, stated that it is "urgently obtaining independent legal advice on the matter." The company aims to evaluate available legal measures to protect shareholder interests in light of these developments.

Abhishek A. Javeri, the Managing Director of Sadhana Nitrochem, assured stakeholders that the company will disclose any material developments as per applicable regulations. This commitment to transparency underscores the seriousness with which the company is approaching the situation.

Implications for Shareholders

While the full impact of these legal proceedings remains to be seen, shareholders of Sadhana Nitrochem should stay alert to further announcements. The outcome of this case could potentially affect the company's share price and overall market perception.

As this legal battle unfolds, market participants will be keenly watching for any shifts in the company's ownership structure or any potential impact on its operations. Sadhana Nitrochem's proactive approach in seeking legal advice and its commitment to protecting shareholder interests may provide some reassurance to investors during this period of uncertainty.