Zuari Agro Chemicals Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 23, 2025
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Zuari Agro Chemicals held its 16th AGM on September 23, 2025 via video conferencing, chaired by Mr. Saroj Kumar Poddar. The meeting lasted about 38 minutes (2:30 PM to 3:08 PM) and 7 resolutions were put to vote. Key items included adoption of FY25 audited financial statements, re-appointment of Mr. Athar Shahab as director, ratification of cost auditor remuneration, and appointment of Mr. Shivaram Bhat as Secretarial Auditor for 5 years (FY26–FY30). Shareholders also approved an enhancement in the company's borrowing/investment/guarantee limits under Section 186. The most notable business item was the approval for a slump sale of the company's granulated single super phosphate (GSSP) plant and related business to Mangalore Chemicals & Fertilizers Limited (a group/related party company), requiring both Section 188 and Section 180(1)(a) approvals along with SEBI Regulation 37A. Voting results will be declared within 2 working days.
The AGM was largely procedural, but the approved slump sale of the GSSP plant to related party Mangalore Chemicals & Fertilizers is a material business restructuring move that could affect the company's future revenue mix. Shareholders should watch the detailed voting results and subsequent disclosures on completion of the GSSP divestiture.