Prime Industries Limited has announced key resolutions passed during its 34th Annual General Meeting (AGM) held on October 19, 2026. Members approved the appointment of M/s. Akshay Singhla & Associates as statutory auditors and the re-appointment of Mr. Rajinder Kumar Singhania as Director. Significantly, the company also approved an increase in its authorized share capital from ₹35 crore to ₹40 crore and a preferential issuance of up to 27,30,000 equity shares.
Key Decisions from 34th AGM
During its 34th Annual General Meeting (AGM), held virtually on Monday, October 19, 2026, Prime Industries Limited’s members considered and approved several important business matters. These resolutions are expected to shape the company’s future financial structure and operational expansion.
Auditor Appointment and Director Re-appointment
The members approved the appointment of M/s. Akshay Singhla & Associates as the company’s statutory auditor for a term of five consecutive years, commencing from the conclusion of the 34th AGM until the conclusion of the 39th AGM. Additionally, Mr. Rajinder Kumar Singhania was re-appointed as a Director, having retired by rotation and being eligible for re-election. The company also approved the appointment of Mr. Sanjiv Malik as Executive Director and subsequently as Managing Director for a period of three years (September 8, 2026, to September 7, 2029). Mr. Deepak Handa was appointed as a Non-Executive Director for two years (September 20, 2026, to September 19, 2028).
Capital Restructuring and Share Issuance
A significant financial decision made by the members was the approval to increase the authorized share capital of the Company from ₹35,00,00,000/- to ₹40,00,00,000/-. This capital enhancement is subject to a consequential amendment in the company’s Memorandum of Association (MOA).
Furthermore, the company received approval for the issuance of up to 27,30,000 equity shares to the non-promoter category on a preferential basis. This move is intended to fuel future growth and diversification initiatives, as detailed in Annexure III, which includes expanding into automobile design, manufacturing, and metal processing industries.
Alteration of Memorandum of Association
In line with the proposed expansion into new sectors, members also approved an alteration to the main object clause of the Memorandum of Association (MOA). The new sub-clauses aim to comprehensively describe and support the company’s planned expansion, including activities related to the automotive sector, ferrous and non-ferrous metals, and research and development in precision engineered components for defense and nuclear industries.
Related Party Transactions
The members also considered and approved entering into contracts and/or agreements with Related Parties for Related Parties Transactions (RPT) for the Financial Year 2026-2027.
Source: BSE
