Outcome of Board meeting held on Wednesday, September 03, 2025 is attached herewith
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At its September 3, 2025 meeting, the board fixed the 18th AGM for September 30, 2025, to be held via video conferencing, with the share transfer books closed from September 24 to 30, 2025. The board recommended a final dividend of Rs. 1 per equity share (10% on face value of Rs. 10) for FY 2024-25, with September 23, 2025 set as the record date. Three independent directors (Mr. Babubhai Patel, Mr. Girish Desai, and Mr. Kalpesh Joshi) completed their tenure and ceased, while three new independent directors (Mr. Vikas Sharma, Mr. Pradeep Agarwal, and Mr. Sharad Vyas) were appointed for five-year terms. Mr. Alkesh Rameshchandra Patel was re-appointed as Managing Director for another five years, and Mrs. Hema Maheshkumar Patel's appointment as Whole-Time Director was regularized. The board also approved new internal auditor (M/s J.M. Patel & Bros) and secretarial auditor (M/s MSV & Associates, for five years), along with reconstitution of all key committees.
Shareholders will receive a Rs. 1 per share dividend pending AGM approval, while the broad board refresh with new independent directors strengthens governance oversight. The continuity at the top with the Managing Director's reappointment signals management stability for investors.