Details pertaining to re-appointment of Directors, Appointment of Secretarial Auditor.
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Sharat Industries' board on September 2, 2025 deferred plans to raise funds via preferential equity issue, convertible warrants, and a share swap with Katyayini Aquatech, citing need for further evaluation of funding and timing. The board approved forfeiture of 2,41,174 partly paid-up shares (face value ₹10, paid-up ₹2.50) due to unpaid call money. It re-appointed three directors — Independent Director Harihar Venkata Muthyam (second term of 5 years from Sept 28, 2025), Managing Director Prasad Reddy Sabbella, and Whole-Time Director Sharat Reddy Sabbella (both for 5 years from April 1, 2026). The authorized share capital was increased from ₹50 crore to ₹60 crore. BP & Associates was appointed as Secretarial Auditor for FY 2025-26 to FY 2029-30. The 35th AGM is set for September 27, 2025 via video conferencing, with September 19, 2025 as the record date for the final dividend.
The deferral of the preferential issue and Katyayini Aquatech share swap removes near-term dilution risk but also delays any funding boost or acquisition closure, which could weigh on sentiment. Director continuity at the top is a neutral-to-positive governance signal, while the share forfeiture reinforces that the previous rights issue call was underpaid by some holders.