Proceedings of 3rd Extra-Ordinary General Meeting of the Company
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Avax Apparels and Ornaments Limited held its 3rd EGM on March 13, 2026, via video conferencing, lasting about 17 minutes. Four key resolutions were put forward for shareholder approval. These include a stock split (sub-division of equity shares from face value of ₹10 each to ₹5 each), the issue and approval of bonus shares, and the redesignation of two senior directors — Mr. Harinderpal Singh Sodhi and Mr. Deepak Kumar — as Joint Managing Directors with revised remuneration. Remote e-voting was conducted from March 10 to March 12, 2026, and results were to be announced within two working days. The meeting was chaired by the Managing Director and attended by all board members, the CFO, Company Secretary, and the scrutinizer.
The stock split and bonus issue are typically shareholder-friendly actions that can improve liquidity and affordability of the stock. The redesignation of the top leadership could signal a transition in management structure. Short-term stock price reaction will depend on the announced ratio for the stock split and bonus issue once voting results are disclosed.