Sahara Maritime Limited held a comprehensive board meeting on February 16, 2026, addressing multiple strategic and operational matters that require shareholder approval. The meeting, conducted at the company's registered office, resulted in several key decisions that will shape the organization's future direction and leadership structure.

MOA Amendment and Business Expansion

The board approved a significant amendment to the Main Object Clause of the company's Memorandum of Association. The amendment involves adding Clause 4 after the existing Clause 3, substantially expanding the company's business scope. The new clause enables the company to engage in comprehensive trading activities across diverse sectors including agricultural products, industrial goods, petroleum products, engineering equipment, pharmaceuticals, textiles, electronics, and precious metals. This expansion also covers modern business areas such as e-commerce, tele-marketing, and internet portals, positioning the company for broader market participation both domestically and internationally.

Leadership Changes and Remuneration Revisions

The board implemented several important leadership adjustments during the meeting. Key changes include revisions in managerial remuneration for two senior executives and a significant designation change for one director.

Executive Director Appointment Details

Khalid Sohrab Sayed's transition from Non-Executive Director to Executive Director represents a significant organizational development. His appointment as Executive Director is effective for a five-year term from April 1, 2026, to March 31, 2031, with liability to retire by rotation. Sayed brings approximately five years of experience in freight forwarding and operations management, having played a crucial role in handling the company's operation department and implementing strategies to optimize sales performance. Notably, he is the son of Sohrab Rustom Sayed, the company's Promoter, Chairman, and Managing Director.

Extraordinary General Meeting and Governance

To formalize these decisions, the board approved convening an Extraordinary General Meeting on Wednesday, March 11, 2026, at 11:00 AM. The meeting will be held at the company's registered office located at Office No. 105, 106 and 108, Plaza Shopping Centre, 1st Floor, Plot No. 142, Sheriff Devji Street, Chakla Market, Mandvi, Mumbai – 400 003.

The board appointed M/s K Pratik & Associates, Practicing Company Secretary, as scrutinizer to conduct ballot voting and ensure a fair and transparent voting process during the EGM. The notice for the EGM will be distributed to stock exchanges and company members, and will be available on the company's website at www.saharamaritime.com as well as on stock exchange websites.

Meeting Conclusion and Next Steps

The board meeting commenced at 03:00 PM and concluded at 04:15 PM on February 16, 2026. All proposed matters are subject to approval by shareholders through the upcoming EGM and relevant regulatory or statutory authorities as applicable. The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, ensuring transparency in corporate governance and stakeholder communication.

Sahara Maritime Limited announced the resignation of Stallone Gonsalves from his position as Company Secretary and Compliance Officer. The departure, effective October 11, 2025, comes as Gonsalves pursues new career opportunities outside the organization.

Resignation Details

According to the company's filing with the BSE, Gonsalves submitted his resignation on September 30, 2025. The Board of Directors acknowledged his decision during a meeting held on the same day. As per the official communication, Gonsalves will be relieved from his duties at the close of business hours on October 11, 2025.

Company's Response

Sahara Maritime's Managing Director, Sohrab Rustom Sayed, signed the regulatory filing, which stated that the company is actively seeking a suitable replacement for the position. The maritime logistics firm has committed to informing the stock exchanges once the vacancy is filled.

Regulatory Compliance

The company's announcement adheres to Regulation 30 and Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Sahara Maritime has provided the necessary details as required under these regulations, including the reason for the change and the effective date of cessation.

Recent Corporate Events

Coincidentally, Sahara Maritime Limited held its 16th Annual General Meeting (AGM) on September 30, 2025, the same day Gonsalves submitted his resignation. The AGM, which took place at the company's registered office in Mumbai, covered various ordinary and special business matters, including the adoption of financial statements and the appointment of auditors.

As Sahara Maritime navigates this transition in its key managerial personnel, stakeholders will be watching closely for announcements regarding Gonsalves' successor in the crucial role of Company Secretary and Compliance Officer.