Shareholder Meeting on 29/09/2025.
Price
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Awaiting price reaction for this filing.
Oceanic Foods Limited will hold its 32nd AGM on Monday, September 29, 2025 at 11:30 AM via video conferencing. Ordinary business includes adoption of FY25 audited financial statements and re-appointment of Mr. Ajesh Vinodrai Patel (CMD) who retires by rotation. Key special business items include: (1) appointment of Mr. Nayan Prafulbhai Pitroda as Secretarial Auditor for 5 years (fees of ₹2.70 lakh for FY26), (2) a material related party transaction to acquire a cold storage unit (~1,891 sq. mtr, 2,500–5,000 ton capacity) from Julyys Foods—a proprietorship owned by the CMD's wife—via slump sale valued at ₹12 crore (11.43% of turnover), payable across FY26–FY31, (3) additional perquisites for the CMD, and (4) revised remuneration for his daughter (Business Development Manager, up to ₹3 lakh/month) and wife (CEO, ₹10 lakh/month) effective October 1, 2025. Promoter Mr. Ajesh Vinodrai Patel holds 83,32,500 shares (74.07%), indicating highly concentrated ownership.
The resolutions on related party transactions and increased remuneration for the promoter family's relatives may draw scrutiny from minority shareholders, though the cold storage acquisition is positioned as supporting operational efficiency. Stock reaction is likely muted since these are pre-AGM disclosures, but the voting outcome—particularly on related party resolutions where related parties cannot vote—will be a near-term sentiment signal.