Proceeding of Annual General Meeting of the Company held on September 30, 2025
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IGC Industries Ltd (formerly IGC Foils Limited) held its 44th AGM on September 30, 2025 via video conferencing, with 56 members in attendance. The meeting, chaired by Mr. Ziauddin Mohammed, concluded in just 12 minutes (3:00 PM to 3:12 PM). Ordinary business included adoption of FY25 audited financial statements and re-appointment of Ms. Supriya Dilip Gaikwad as director retiring by rotation. Key special resolutions approved the acquisition of 40,40,443 equity shares of CNX Corporation Limited at Rs. 50 per share through a share swap, along with the issuance of 1,61,61,772 equity shares on a preferential share-swap basis, and an increase in authorised share capital. The AGM also approved the appointment of Mr. Ziauddin Mohammad as Managing Director, Mr. Omprakash Pyarelal Sonar as Independent Director, new statutory auditors, and raised the Board's borrowing limit to Rs. 150 crore and the limit for mortgaging/selling assets to Rs. 100 crore. Voting results are to be filed within 48 hours.
The large share-swap acquisition of CNX Corporation and the corresponding preferential issuance of 1.61 crore new shares will substantially dilute existing shareholders. The sharply higher borrowing and asset-disposal limits (Rs. 150 crore and Rs. 100 crore) also give the new Board significantly expanded financial and operational flexibility.