Enclosed 35th AGM Proceedings.
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Magna Electro Castings held its 35th AGM on 4th September 2025 via video conference from 4:00 PM to 5:15 PM, with 64 members participating (representing 22,17,063 shares). The Chairman, Sri. Sudarsan Varadaraj (Independent Director), confirmed that both the Statutory Auditor's Report and Secretarial Auditor's Report were clean, with no qualifications or adverse remarks. The Managing Director briefed shareholders on industry conditions, FY2024-25 performance, Q1 FY2026 results, and the impact of US tariffs on the business. Shareholders approved a dividend of Rs.6 per equity share for FY ended 31st March 2025, adoption of audited financial statements, and re-appointment of Sri. J. Vijayakumar as Director retiring by rotation. They also approved related-party transactions with M/s. Samrajyaa and Company, ratification of cost auditor remuneration, appointment of MDS & Associates LLP as Secretarial Auditors for a 5-year term, and alteration of the Articles of Association.
The Rs.6 per share dividend rewards shareholders, and the clean (unqualified) audit reports signal good governance and financial discipline. The mention of US tariffs in the MD's address suggests the company is flagging potential headwinds, which investors should track closely in upcoming quarters.