Shalimar Paints AGM 2026: 5 Resolutions Pass 99.9%

AGM filing: scrutinizer’s report, proceedings, and outcome

Shalimar Paints Limited informed the exchanges that it submitted the scrutinizer’s report for its Annual General Meeting held on September 9, 2026. The company also attached the AGM proceedings and the outcome for the same meeting. The disclosures are part of the company’s regulatory filings around shareholder voting and meeting conduct. The 124th AGM was conducted through video conference. The filing indicates strong shareholder participation and near-unanimous support across agenda items. The reported voting details provide resolution-wise split between votes in favour and against. The company’s communication also ties back to the AGM notice and annual report shared for FY26.

How shareholders voted: turnout and participation

The voting outcome showed a high level of participation relative to the company’s outstanding equity base. A total of 63,551,350 votes were polled out of 83,711,178 outstanding equity shares. This translates into a participation rate of 75.92% as per the disclosed numbers. Such participation matters because it indicates how widely the resolutions were tested among shareholders, not only among promoters. The filing also notes that promoters voted unanimously in favour across all agenda items. The voting patterns across the five items were consistently above 99.9% in favour. The split between votes in favour and against remained small in absolute terms for each resolution.

All five AGM resolutions passed with over 99.9% support

Shareholders approved all five resolutions proposed at the 124th AGM on September 9, 2026. Each resolution recorded support above 99.9% of the votes polled. The adoption of financial statements and director reappointment were cleared with 99.95% in favour. The authorised capital increase and the investment, loan and guarantee limit increase were passed with 99.91% in favour. The cost auditor remuneration item also received 99.95% support. Taken together, the results show broad agreement on both routine and enabling corporate actions. The approval set also aligns with the agenda described in the AGM notice issued alongside the FY26 annual report.

Resolution-wise results table

What was approved: capital, investment limits, and auditors

The AGM agenda covered five items, including the adoption of audited standalone and consolidated financial statements for FY26. Shareholders also approved the re-appointment of Mr. Aaditya Gajendra Sharda (DIN 07024283), who was retiring by rotation. A key corporate action cleared was an increase in authorised share capital from ₹20 crore to ₹600 crore in equity, plus an addition of ₹400 crore in Non-Cumulative Non-Participating Compulsory Convertible Preference Shares. This would take total authorised capital to ₹1,000 crore. Another enabling resolution increased the investment, loan and guarantee limits under Section 186 of the Companies Act, 2013 to ₹30,000 crore. The AGM also ratified remuneration of ₹2,00,000 plus taxes for M/s Sanjay Gupta & Associates, Cost Auditors, for FY27.

Key dates: AGM schedule and remote e-voting window

Shalimar Paints’ AGM notice stated the meeting would be held on Wednesday, September 9, 2026, at 12:30 p.m. IST through video conference. The company indicated that remote e-voting would be available from September 5, 2026 (9:00 a.m.) to September 8, 2026 (5:00 p.m.). The cut-off date for e-voting entitlement was set at September 2, 2026. These timelines provide the compliance frame around which the scrutinizer’s report and outcome were later filed. The company also referenced the release of its FY26 annual report in the same disclosure stream. Separately, the text also mentions “Purpose: Annual General Meeting” with an “Ex-Date: 20-Sep-2024,” as stated in the provided data. The exchange submissions focus on formal meeting documentation and voting outcomes.

EGM on September 11, 2026: acquisition and fund-raise proposals

Beyond the AGM outcomes, Shalimar Paints also published communications related to an Extraordinary General Meeting (EGM). The EGM is scheduled for Friday, September 11, 2026, at 12:30 p.m. via video conference. The company issued a corrigendum to the notice of EGM No. 01/2026-2027 to incorporate modifications in resolutions and the explanatory statement, following NSE observations, as per the provided text. The EGM agenda includes seeking shareholder approval for the proposed acquisition of Hella Infra Market Limited (HIML). The proposed transaction is described as valuing HIML at approximately ₹10,454 crore. The EGM will also consider approval for a ₹1,000 crore QIP for working capital and debt repayment.

EGM mechanics: record date, voting window, and scrutinizer

For the September 11, 2026 EGM, the record date is stated as September 4, 2026. The e-voting window is listed from September 7, 2026, to September 10, 2026. The scrutinizer for the EGM is named as Mr. Ankush Agarwal, Partner at M/s MAKS & CO., Company Secretaries. The documents also refer to a special resolution for issuance of up to 1,24,54,608 equity shares on a preferential basis for cash consideration. In addition, the materials describe preferential issues for non-cash consideration tied to the HIML acquisition, including equity shares and compulsory convertible preference shares (CCPS). The issue price referenced is ₹85 per security for equity and CCPS issuance in the proposed acquisition structure. These disclosures frame the upcoming shareholder decision points in close proximity to the AGM outcome.

Market impact: what these approvals enable, on disclosed numbers

The AGM vote confirms shareholder consent for changes that can materially expand the company’s capital headroom and statutory investment capacity. The authorised capital proposal, as described, takes total authorised capital to ₹1,000 crore by combining ₹600 crore equity and ₹400 crore in specific preference shares. The Section 186 limit increase to ₹30,000 crore increases the legal ceiling for investments, loans, and guarantees, based on the resolution text. The very high approval percentages, ranging from 99.91% to 99.95%, reduce execution friction for the company on these items. Separately, the scheduled September 11 EGM brings additional market-relevant proposals, including a transaction value of about ₹10,454 crore for HIML and a ₹1,000 crore QIP. Investors typically track these items because they can alter funding mix through equity and CCPS issuance and affect balance-sheet decisions such as debt repayment. The filings also show strong participation at the AGM, with 63,551,350 votes polled and 75.92% participation, which indicates meaningful shareholder engagement in governance decisions.

Why it matters: governance clarity ahead of a busy shareholder calendar

The AGM outcome provides a clean read-through on shareholder alignment on both routine and enabling resolutions. Promoter unanimity, combined with over 99.9% support on polled votes, indicates limited visible dissent within the voting base captured in the scrutinizer’s report. The timing is notable because the company is also seeking approvals at an EGM just two days later, on September 11, 2026. The EGM’s proposed acquisition of HIML at about ₹10,454 crore and the ₹1,000 crore QIP are large-ticket items compared with the AGM’s more standard annual approvals. The corrigendum to the EGM notice, stated to reflect NSE observations, signals that the company is aligning the meeting documentation with regulatory feedback. For shareholders, the near-term focus shifts from AGM closure to the EGM agenda and voting window described in the filings. The next concrete milestone, based on the disclosed schedule, is the EGM itself and the completion of the related voting process.