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India Pre-Market Regulatory Roundup — May 24, 2026

India Before-Market Intelligence

By Gunpowder Editorial ·

2 high priority 37 medium priority 39 total filings analysed

Executive Summary

An overnight session dominated by a transformative M&A deal in the pharma space, with **Anupam Rasayan** acquiring a controlling 43.3-48.2% stake in **Bliss GVS Pharma** at ₹299/share, triggering a mandatory open offer. The deal is financed via a ₹300 Cr term loan and equity instruments, signaling a major push into branded formulations.

On earnings, **Universal Cables** posted a strong full-year PAT growth of +68.5% YoY, though Q4 PAT declined -19.5% YoY, while **Vindhya Telelinks** saw a steep -54.3% YoY PAT decline. **Advani Hotels** reported a massive ₹427 Cr land revaluation surplus, transforming its balance sheet. Most other filings were routine governance notices (board meetings for upcoming results), with limited insider trading activity. The key theme is a strategic pivot in pharma/chemicals towards integrated life sciences platforms, alongside mixed earnings signals in industrials where top-line growth is solid but Q4 profitability is under pressure from input costs. Capital allocation shows a preference for dividends (Dollar Industries, Studds Accessories, Universal Cables) over buybacks, and significant capex plans across cables (Universal Cables) and pharma (Bliss GVS Halol facility).

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: Open offer · Corporate action · Corporate governance · M&A · Company update

Tracking the trend? Catch up on the prior India Pre-Market Regulatory Roundup digest from May 23, 2026.

Investment Signals (10)

  • Anupam Rasayan ↓ (BULLISH)
    ▲

    Acquiring 43.3-48.2% of Bliss GVS Pharma at ₹299/share, funded by ₹300 Cr debt and equity; open offer for 26%. Creates an integrated life sciences platform from KSMs to finished dosages; leverages Bliss's 50+ USFDA approvals and 80+ scientists

  • Universal Cables ↓ (BULLISH)
    ▲

    FY26 standalone revenue grew +25.5% YoY to ₹3,022 Cr and PAT surged +68.5% YoY to ₹96.5 Cr. Board approved ₹73 Cr modernization and ₹550 Cr expansion; dividend ₹4.50/share. Strong industrial demand tailwind and capex-driven growth story

  • Aarti Drugs ↓ (BULLISH)
    ▲

    Q4FY26 consolidated revenue +6% YoY to ₹721 Cr and EBITDA +72% QoQ, though PAT -12% YoY. Formulation revenue surged +41% YoY to ₹91 Cr, driven by exports. Methylamine plant ramping (40% utilization, target 55-60% in Q1), offering volume growth catalyst

  • Advani Hotels ↓ (BULLISH)
    ▲

    Land revaluation surplus of ₹427 Cr (from ₹2.6 Cr cost to ₹430 Cr), boosting net worth. Prudent adoption of lower valuation report. Second interim dividend declared (₹0.80/share). Asset value unlock catalyst; potential M&A or development angle

  • Vindhya Telelinks ↓ (BEARISH)
    ▲

    FY26 standalone PAT declined -54.3% YoY to ₹52.8 Cr, revenue down -12% YoY. Q4 PAT -48% YoY. EPC segment revenue dropped -18% YoY. Weak cash position. Despite dividend recommendation (₹6/share), operational deterioration signals caution

  • Bata India ↓ (BULLISH)
    ▲

    Shareholders voted 99.48% in favor of re-appointing Independent Director Radha Rajappa; promoter voted 100% in favor. Strong board governance signal; stability in leadership at a key retail franchise

  • Studds Accessories ↓
    ▲

    Dividend declared ₹3/share (60% of face value). ESOP Scheme 2026 for up to 0.75% of post-issue capital with exercise price at 85% of market price. CFO change (Bharat Goyal appointed, effective July 1). Management alignment through ESOP is positive, but CFO transition is a watch item [NEUTRAL-to-BULLISH]

  • Dollar Industries ↓ (BULLISH)
    ▲

    Final dividend of ₹3/share (150%) recommended for FY26; all promoter-directors re-appointed for 5-year terms. Consistent capital return policy and management continuity in hosiery/knitwear sector

  • Kuantum Papers ↓ (NEUTRAL)
    ▲

    Earnings call scheduled May 29 with MD, CFO, and VP Corporate Strategy. Q4 results not yet released but follow through on paper demand trends will be a sector indicator

  • Bliss GVS Pharma ↓ (MIXED)
    ▲

    Promoters selling 43.3% stake to Anupam Rasayan at ₹299/share, with call option for balance shares at floor price of ₹299. Offers exit to public through open offer at same price. Execution risk: current 30% capacity utilization with ₹250 Cr Halol capex to ramp

Risk Flags (9)

  • Vindhya Telelinks / Earnings Collapse↓ [HIGH RISK]
    ▼

    FY26 PAT -54.3% YoY, revenue -12% YoY. EPC segment -18%. Q4 PAT -48% YoY. Cash position weakened. Company raising ₹200 Cr via NCDs; debt load increasing as earnings deteriorate

  • Universal Cables / Q4 Profit Decline↓ [MODERATE RISK]
    ▼

    Despite strong annual numbers, Q4 PAT fell -19.5% YoY even as revenue grew +24.7% YoY, indicating margin compression. Cost pressures from input commodities may persist. Also, ₹200 Cr NCD raise adds leverage

  • Bliss GVS Pharma / Execution Risk↓ [HIGH RISK]
    ▼

    Currently operating at only ~30% capacity utilization. Requires successful ramp-up of ₹250 Cr Halol facility. Acquired by new promoter (Anupam Rasayan) with debt funding; integration risks in a different business model (branded formulations)

  • Aarti Drugs / Exports Weakness↓ [MODERATE RISK]
    ▼

    Q4 standalone exports declined -7% YoY, while domestic +7% YoY. Salicylic acid plant temporarily shut due to variable losses. High API prices could dampen domestic antibiotic demand. Earnings quality mixed despite topline growth

  • Anupam Rasayan / Leverage Increase↓ [MODERATE RISK]
    ▼

    Acquisition funded via ₹300 Cr term loan and non-controlling non-voting equity. Anupam's balance sheet will carry increased debt for the Bliss acquisition; combined entity leverage requires monitoring, especially if integration costs overrun

  • Machhar Industries / Financial Disclosures↓ [MODERATE RISK]
    ▼

    No actual financial figures (revenue, profit) provided in the audit results filing. Lack of transparency on performance despite clean audit opinion; investors left without period-over-period comparison

  • Integrated Proteins / Postponed Results↓ [LOW RISK]
    ▼

    Board meeting originally scheduled May 23 moved to May 26 due to 'unavoidable circumstances'. Late filings often flag operational or accounting issues; watch for deviation in results

  • Universal Cables / Director Cessation↓ [LOW RISK]
    ▼

    Independent Director Shri Bachh Raj Nahar to cease from June 13, 2026, as resolution for continuation beyond age 75 was not passed. Governance gap may concern institutional investors

  • Panacea Biotec / No Dividend Indicators↓ [MODERATE RISK]
    ▼

    Board may recommend or skip dividends on equity/preference shares. Given the company's historical losses, any pass-over of dividend could pressure the stock sentiment

Opportunities (8)

  • Universal Cables / Capacity Expansion Catalyst↓ (OPPORTUNITY)
    ◆

    ₹73 Cr modernisation + ₹550 Cr expansion in EHV cables positioned for power T&D spending. FY26 revenue already +25.5% YoY. If Q4 pressure is transient, the capex cycle offers multi-year volume growth. Valuation attractive if PAT sustains near ₹96 Cr annualized

  • Aarti Drugs / Methylamine Ramp-Up↓ (OPPORTUNITY)
    ◆

    Methylamine plant at Sayakha at 40% utilization in Q4, targeting 55-60% in Q1 and >70% within a year. Each 10% utilization adds meaningful EBITDA. Potential for +20-30% PAT expansion in FY27 if crude stays elevated and volumes grow

  • Advani Hotels / Asset Revaluation Unlocks Value↓ (OPPORTUNITY)
    ◆

    Land revaluation from ₹2.6 Cr to ₹430 Cr implies NAV per share of ~₹150-170 (based on 3.3 Cr shares). Current market price may not reflect this. Second interim dividend (₹0.80) and Goa tourism recovery support cash flows

  • Anupam Rasayan + Bliss GVS / Integrated Pharma Play (OPPORTUNITY)
    ◆

    The combined entity will have presence from KSM/intermediates to branded finished dosages (50+ USFDA approvals). P/E arbitrage opportunity: Anupam trades at ~35x, Bliss at lower multiples. Open offer at ₹299 provides a floor for Bliss GVS shareholders

  • Dollar Industries / Steady Dividend + Record Date↓ (OPPORTUNITY)
    ◆

    Final dividend ₹3/share (150%) with record date July 28; AGM August 4. Dividend yield ~2.5% at current prices. Stable management continuity and strong brand in hosiery offers defensive play in consumer discretionary

  • Kuantum Papers / Earnings Call Catalyst↓ (OPPORTUNITY)
    ◆

    Q4 earnings call on May 29. Paper sector has been volatile but if pulp costs stabilize, Kuantum's high operating leverage could deliver a margin surprise. Pre-call positioning could be favorable

  • Studds Accessories / ESOP Alignment + New CFO↓ (OPPORTUNITY)
    ◆

    ESOP for 0.75% of capital at 85% market price aligns management. New CFO (Bharat Goyal) is an internal promotion with 17+ years experience – minimal disruption. Dividend yield ~2% offers downside protection

  • Bata India / Governance Vote of Confidence↓ (OPPORTUNITY)
    ◆

    99.48% shareholder approval for independent director with 100% promoter vote. Strong governance signals, especially for an FMCG/retail company. Stable leadership supports long-term compounding narrative

Sector Themes (6)

  • Pharma/Chemicals M&A Wave
    ◆

    Anupam Rasayan's acquisition of Bliss GVS Pharma marks a trend of Indian chemical companies moving up the value chain into branded formulations and regulated markets. This mirrors recent trends of CDMOs acquiring formulations capacity. Expect more consolidation as companies seek end-to-end integration.

  • Earnings Divergence in Industrials
    ◆

    Strong top-line growth (Universal Cables +25.5%, Aarti Drugs +6%) is masking Q4 profit pressure (Universal Cables PAT -19.5% YoY, Vindhya Telelinks PAT -48% YoY). Revenue growth is being eaten by input cost inflation or pricing pressure. Q1FY27 data will be critical to confirm margin bottom.

  • Capital Allocation: Dividends Over Buybacks
    ◆

    In this batch, three companies declared dividends (Dollar Industries ₹3/share, Studds Accessories ₹3/share, Universal Cables ₹4.50/share) while none announced buybacks. This suggests management prefer distributing cash through dividends, possibly signalling moderate reinvestment opportunities.

  • Real Estate/Asset Monetization Theme
    ◆

    Advani Hotels' massive land revaluation (₹427 Cr surplus) highlights unrecognized asset value in hospitality and real estate companies. This could trigger a re-rating for other undervalued asset-heavy companies, especially in Goa and other tourist destinations.

  • Rural & Consumer Play Steady
    ◆

    Dollar Industries and Studds Accessories both declared dividends with stable management changes. The hosiery and accessories space benefits from rural demand recovery and stable cotton prices. These companies offer a defensive, cash-generating profile.

  • Capex Cycle in Cables & Pharma
    ◆

    Universal Cables approved ₹623 Cr combined capex (₹73 Cr modernisation + ₹550 Cr expansion) while Bliss GVS is investing ₹250 Cr in Halol. Industrial and pharma capex cycles remain strong, driven by power T&D spending and export demand respectively.

Watch List (8)

  • Anupam Rasayan / Bliss GVS Pharma↓
    👁

    Open offer process and shareholder response. Key dates: SPA closing, open offer timeline. Watch for any competing bids or regulatory approvals. Also track Anupam's debt metrics post-acquisition.

  • Aarti Drugs / Methylamine Utilization↓
    👁

    Q1 FY27 results (expected July) will show whether plant utilization reaches 55-60%. This is the key swing factor for margin expansion. Also track crude oil prices and API pricing trends.

  • Vindhya Telelinks / NCD Raise & Recovery↓
    👁

    Company raising ₹200 Cr via NCDs amid earnings collapse. Watch debt covenants and interest coverage ratio. Any further guidance cuts in earnings call (if scheduled) would be a major red flag.

  • Advani Hotels / AGM & Asset Development Plans↓
    👁

    The revaluation may precede asset monetization or redevelopment of the Varca land. Watch for any announcement at the AGM regarding sale, JV, or new resort development. Dividend record date May 29.

  • Universal Cables / Director Vacancy↓
    👁

    Shri Bachh Raj Nahar ceases June 13. Board must appoint a new independent director to maintain compliance. Also watch Q1FY27 revenue and margin trajectory to see if Q4 PAT decline was a blip.

  • Kuantum Papers / Earnings Call (May 29)↓
    👁

    Listen for demand outlook in paper segment and any price hike plans. The call will set expectations for FY27. Stock could be volatile post-call.

  • Integrated Proteins / Postponed Results (May 26)↓
    👁

    The board meeting was moved from May 23 to May 26 due to 'unavoidable circumstances'. Results announcement on May 26 could contain negative surprises; watch for any change in auditor or accounting policies.

  • Studds Accessories / CFO Transition (July 1)↓
    👁

    Manish Mehta steps down as CFO to VP, Bharat Goyal takes over. Monitor for any impact on financial reporting quality or strategic direction. ESOP implementation details also worth tracking.

Filing Analyses (39)
Anupam Rasayan India Limited Open Offer positive materiality 9/10

23-05-2026

Anupam Rasayan India Ltd. has entered into a definitive agreement to acquire a 43.3-48.2% equity stake in Bliss GVS Pharma Ltd. and will launch an open offer to public shareholders. The total purchase consideration is financed through a ₹300 Crore term loan and a non-controlling non-voting equity instrument for the balance. The acquisition aims to build an integrated global life sciences and specialty pharmaceutical platform, leveraging Bliss GVS's niche dosage forms and international footprint alongside Anupam's chemistry capabilities.

  • · Bliss GVS Pharma was established in 1984 and is listed on NSE and BSE (BLISSGVS, 506197).
  • · Bliss GVS has manufacturing facilities in Maharashtra and Daman with approvals from US FDA, WHO-GMP, and EU-GMP.
  • · The acquisition will strengthen Anupam's presence across the pharmaceutical value chain from KSMs to finished dosage formulations.
  • · No financial details of the total purchase consideration or the open offer price were disclosed.
  • · The press release includes a disclaimer regarding forward-looking statements.
Dollar Industries Limited Corporate Action neutral materiality 6/10

23-05-2026

Dollar Industries Limited's Board of Directors approved audited financial results (standalone and consolidated) for Q4 and FY ended March 31, 2026, and recommended a final dividend of 150% (₹3 per share) on paid-up value of ₹2 per share, subject to shareholder approval. The Board also approved the re-appointment of four key managerial personnel, including Mr. Vinod Kumar Gupta as Managing Director, effective September 1, 2026, for five-year terms. The 33rd Annual General Meeting is scheduled for August 4, 2026, with a record date of July 28, 2026, for the dividend.

  • · The Board meeting commenced at 3:00 PM IST and concluded at 7:15 PM IST on May 23, 2026.
  • · The audited annual accounts for FY 2025-26 were approved.
  • · The Directors’ Report and Notice for the 33rd Annual General Meeting (AGM) were approved.
  • · The AGM is scheduled for August 4, 2026.
  • · Record date for final dividend is July 28, 2026.
  • · All re-appointments are subject to shareholder approval at the ensuing AGM.
  • · None of the re-appointed directors are debarred by SEBI or Ministry of Corporate Affairs.
Maruti Interior Products Limited Corporate Governance neutral materiality 3/10

23-05-2026

Maruti Interior Products Limited has informed BSE that a Board Meeting will be held on May 30, 2026 to consider and approve the standalone and consolidated audited financial results for the half year and year ended March 31, 2026. The trading window for insiders remains closed and will reopen 48 hours after the results announcement. No financial figures are disclosed in this intimation.

  • · Board meeting scheduled for Saturday, May 30, 2026 at the registered office.
  • · Agenda includes approval of standalone and consolidated audited financial results for half year/year ended March 31, 2026.
  • · Trading window for insiders has been closed since March 30, 2026 and will reopen 48 hours after the results announcement.
  • · Company's BSE scrip ID is 'spitze' and scrip code is 543464.
Dollar Industries Limited Corporate Action neutral materiality 6/10

23-05-2026

Dollar Industries Limited's Board of Directors approved audited financial results for Q4 and FY ending March 31, 2026, and recommended a final dividend of 150% (₹3 per share) on paid-up value of ₹2 per share, subject to shareholder approval. The Board also approved the re-appointment of four key managerial personnel, including Mr. Vinod Kumar Gupta as Managing Director, effective September 1, 2026, for five-year terms. The 33rd Annual General Meeting is scheduled for August 4, 2026, with a record date of July 28, 2026 for dividend entitlement.

  • · The Board meeting commenced at 3:00 PM IST and concluded at 7:15 PM IST on May 23, 2026.
  • · The audited financial results and annual accounts for FY 2025-26 were approved for both standalone and consolidated basis.
  • · The statutory auditors issued an unmodified opinion on the financial results.
  • · The record date for the final dividend is July 28, 2026.
  • · The 33rd Annual General Meeting is scheduled for August 4, 2026.
  • · All four director re-appointments are subject to shareholder approval at the AGM.
  • · None of the re-appointed directors are debarred by SEBI or Ministry of Corporate Affairs.
Starlog Enterprises Limited Corporate Governance neutral materiality 3/10

23-05-2026

Starlog Enterprises Limited has informed BSE that its Board of Directors will meet on May 27, 2026, to consider and approve the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The trading window for designated persons and their relatives, which closed on April 1, 2026, will remain closed until 48 hours after the results announcement.

  • · The trading window was closed from April 1, 2026, and will reopen 48 hours after the financial results announcement.
  • · The board meeting is scheduled for Wednesday, May 27, 2026.
Anupam Rasayan India Limited Merger/Acquisition mixed materiality 8/10

23-05-2026

Anupam Rasayan India Limited announced the acquisition of a controlling stake (43.3%–48.2% plus open offer) in Bliss GVS Pharma Limited, a branded formulations company with strong presence in anti-malarial and other therapeutic segments. The transaction will be funded through a term loan of approximately ₹300 Crore and a non-controlling non-voting equity instrument. While the acquisition expands Anupam Rasayan's product portfolio into high-growth therapeutic areas and regulated markets, Bliss GVS Pharma has shown variable profitability with PAT margins ranging from 10% (FY24) to 14% (FY26) and currently operates at only 30% capacity utilization, indicating significant execution risk to realize the planned ramp-up.

  • · Bliss GVS Pharma holds 50+ US FDA approvals and 80+ scientists.
  • · The acquisition structure involves a wholly owned subsidiary (WOS) of Anupam Rasayan as the investment vehicle.
  • · Post-capex execution, the Halol facility (₹250 Cr capex) will enable entry into regulated markets and diversified dosage capabilities.
  • · Bliss GVS Pharma has zero net debt as of March 31, 2026, with cash and cash equivalents of ₹167 Crore (same as FY26 revenue).
  • · EBITDA margin for FY26 was ~98% of revenue (₹164 Cr EBITDA on ₹167 Cr revenue), indicating very high margins due to low revenue base — likely an anomaly or a different unit basis in the source chart.
  • · Revenue declined sharply from ₹927 Cr (FY23) to ₹167 Cr (FY26) — a drop of ~82% over three years, suggesting a major restructuring or divestiture.
Advani Hotels & Resorts (India) Limited Corporate Governance positive materiality 9/10

23-05-2026

The Board of Directors of Advani Hotels & Resorts (India) Limited, at its meeting held on May 22-23, 2026, approved a change in accounting policy from historical cost to revaluation model for land, resulting in a revaluation surplus of Rs. 427.26 crore. The Board also approved audited standalone financial results for the quarter and year ended March 31, 2026, with an unmodified audit opinion, and declared a second interim dividend of 40% (Re. 0.80 per equity share). The revaluation reflects a material increase in land value from Rs. 2.56 crore (cost) to Rs. 429.82 crore, based on the lower of two valuation reports.

  • · The Board adopted the lower valuation report from Whitestone Valuers (₹429.82 crore) over the higher one from ANVI Technical Advisors.
  • · The revaluation surplus of ₹427.26 crore has been reflected in the financial statements as on March 31, 2026.
  • · The second interim dividend of Re. 0.80 per share (40% on face value of ₹2) will be paid to shareholders on record as of May 29, 2026, with dispatch by June 20, 2026.
  • · BDO India LLP was re-appointed as internal auditors for FY 2026-27.
  • · The audit report for the financial year ended March 31, 2026, received an unmodified opinion.
  • · The Board discussed undertaking similar valuation exercises in the future to enhance shareholder value.
Dollar Industries Limited Corporate Governance neutral materiality 6/10

23-05-2026

The Board of Directors of Dollar Industries Limited approved the audited financial results (standalone and consolidated) for the quarter and year ended March 31, 2026, and recommended a final dividend of 150% (₹3 per share) on the paid-up value of ₹2 per share, subject to shareholder approval at the AGM. The board also approved the re-appointment of four promoter-directors—Mr. Vinod Kumar Gupta as Managing Director & KMP, Mr. Binay Kumar Gupta as Joint Managing Director, and Mr. Bajrang Kumar Gupta and Mr. Krishan Kumar Gupta as Whole-time Directors—each for a five-year term effective September 1, 2026, subject to shareholder approval. The 33rd Annual General Meeting is scheduled for August 4, 2026, with a record date of July 28, 2026 for the dividend.

  • · The board meeting commenced at 3:00 p.m. IST and concluded at 7:15 p.m. IST on May 23, 2026.
  • · The record date for determining entitlement to the final dividend is July 28, 2026.
  • · The 33rd Annual General Meeting is scheduled for August 4, 2026.
  • · All four re-appointed directors are brothers and promoters of the company.
  • · The audit reports carry an unmodified opinion.
  • · The Directors' Report and Notice for the AGM for FY 2025-26 were approved.
Velox Shipping and Logistics Limited Corporate Governance neutral materiality 3/10

23-05-2026

Velox Shipping and Logistics Limited (formerly Velox Industries Limited) has informed BSE that a Board Meeting will be held on May 29, 2026, to consider and approve the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The trading window for designated persons remains closed until 48 hours after the outcome is made public. No financial figures or performance data are disclosed in this filing.

  • · Board meeting scheduled for Friday, 29th May 2026.
  • · Agenda includes approval of audited standalone and consolidated financial results for Q4 and FY ended 31st March 2026.
  • · Trading window for designated persons closed until 48 hours after the board meeting outcome is made public.
  • · Company CIN: L52242MH1983PLC029364, BSE Scrip Code: 506178.
Aveer Foods Limited Corporate Governance neutral materiality 3/10

23-05-2026

Aveer Foods Limited has informed the stock exchange that a Board Meeting is scheduled for May 28, 2026, to consider and approve the audited financial results for the quarter and year ended March 31, 2026, and to recommend a dividend, if any. The trading window for designated persons and insiders remains closed until May 30, 2026. No financial figures or performance comparisons are provided in this filing.

  • · Board meeting scheduled for Thursday, 28th May 2026.
  • · Agenda includes approval of audited financial results for Q4 and FY ended 31 March 2026.
  • · Agenda includes consideration and recommendation of dividend for FY 2025-26.
  • · Trading window closed until 30th May 2026 for designated persons and insiders.
Panacea Biotec Limited Corporate Governance neutral materiality 5/10

23-05-2026

Panacea Biotec Limited has informed the stock exchanges that a Board Meeting will be held on May 29, 2026, to consider and approve the standalone and consolidated audited financial results for the quarter and financial year ended March 31, 2026. The Board may also consider recommending or passing over dividends on equity and preference shares. Additionally, the trading window remains closed for designated persons from April 1, 2026, to May 31, 2026, reopening on June 1, 2026.

  • · Board meeting scheduled for May 29, 2026, at New Delhi.
  • · Agenda includes approval of audited financial results for Q4 and FY ended March 31, 2026.
  • · Board may also consider dividend recommendation or passing over for equity and preference shares.
  • · Trading window closed from April 1, 2026, to May 31, 2026, for designated persons and their immediate relatives.
  • · Trading window reopens on June 1, 2026.
Advani Hotels & Resorts (India) Limited Corporate Action positive materiality 8/10

23-05-2026

Advani Hotels & Resorts (India) Limited's Board adopted a lower valuation report (Whitestone Valuers) for its land at Varca, Goa, resulting in a revaluation surplus of Rs. 427.26 crore and a change in accounting policy from historical cost to revaluation model. The Board also approved audited standalone financial results for Q4 and FY ended March 31, 2026, with an unmodified audit opinion, and declared a second interim dividend of 40% (Re. 0.80 per equity share). While the land revaluation significantly boosts the company's net worth, the dividend yield remains modest and the financial results themselves were not detailed in the filing.

  • · The Board adopted the lower valuation (Whitestone) over the higher one (ANVI) as a prudent and conservative approach.
  • · The revaluation surplus of Rs. 427.26 crore has been reflected in the financial statements as on March 31, 2026.
  • · The second interim dividend of Re. 0.80 per share (40%) will be paid to shareholders on record as of May 29, 2026, with dispatch by June 20, 2026.
  • · BDO India LLP was re-appointed as internal auditors for FY 2026-27.
  • · The Board may undertake similar valuation exercises in the future to enhance shareholder value.
  • · The audit report for the financial year ended March 31, 2026, received an unmodified opinion.
Kuantum Papers Limited Analyst/Investor Meet neutral materiality 3/10

23-05-2026

Kuantum Papers Limited has scheduled an earnings conference call for May 29, 2026 at 13:00 IST to discuss Q4 FY26 and full-year FY26 results. The call will be led by Vice Chairman & Managing Director Pavan Khaitan, CFO Vikram Kumar Khaitan, and VP Corporate Strategy Prachi Sharma. No unpublished price-sensitive information is intended to be discussed.

  • · Earnings call scheduled for Friday, May 29, 2026 at 13:00 hrs IST.
  • · Dial-in numbers include universal access numbers and international toll-free numbers for multiple countries.
  • · Registration link provided via Diamond Pass for participation.
  • · Contact persons for further information: Navin B. Agrawal (+91 98200 27446) and Vaibhav Pachisia (+91 98308 96666).
Advani Hotels & Resorts (India) Limited Corporate Governance positive materiality 9/10

23-05-2026

Advani Hotels & Resorts (India) Limited's Board adopted a lower valuation report (Whitestone Valuers) for its land at Varca, Goa, resulting in a revaluation surplus of Rs. 427.26 crore and a change in accounting policy from historical cost to revaluation model. The Board also approved audited standalone financial results for Q4 and FY ended March 31, 2026, with an unmodified audit opinion, and declared a second interim dividend of 40% (Re. 0.80 per share). The company's land, previously recorded at Rs. 2.56 crore, is now valued at Rs. 429.82 crore, while the total market value of the resort land, additional FSI, and telephone exchange land is estimated at INR 471.85 crore.

  • · Board adopted the lower valuation report (Whitestone) over the other (ANVI) for a prudent approach.
  • · Audited standalone financial results for Q4 and FY ended March 31, 2026 received an unmodified audit opinion.
  • · Second interim dividend of 40% (Re. 0.80 per share) declared; record date May 29, 2026; payment by June 20, 2026.
  • · Re-appointed M/s. BDO India LLP as internal auditors for FY 2026-2027.
  • · Total market value of properties (resort land + FSI + telephone exchange land) estimated at INR 471.85 crore (USD 49.85 Mn).
  • · Additional FSI of 136,942 sq. ft valued at INR 33.28 crore.
Kilburn Office Automation Ltd Corporate Governance neutral materiality 3/10

23-05-2026

Kilburn Office Automation Ltd has informed the BSE that a Board Meeting will be held on May 29, 2026, at 5:00 p.m. to consider and approve the audited financial results for the quarter and year ended March 31, 2026. The filing is a prior intimation under SEBI LODR regulations and contains no financial data or performance metrics.

  • · Board meeting scheduled for May 29, 2026 at 5:00 p.m.
  • · Agenda includes approval of audited financial results for Q4 and FY ended March 31, 2026.
  • · Filing made under Regulation 29 of SEBI LODR Regulations, 2015.
Amit Spinning Industries Ltd Corporate Governance neutral materiality 3/10

23-05-2026

Girnar Spintex Industries Limited (formerly Amit Spinning Industries Limited) has informed the stock exchanges that a Board Meeting is scheduled on May 30, 2026, to consider and approve the audited financial results for the quarter and financial year ended March 31, 2026. The trading window for designated persons and their relatives remains closed until 48 hours after the results are declared.

  • · The company has changed its name from Amit Spinning Industries Limited to Girnar Spintex Industries Limited.
  • · The Board Meeting is scheduled for Saturday, May 30, 2026.
  • · The trading window for designated persons and their immediate relatives is closed until 48 hours after the financial results are declared.
Studds Accessories Limited Corporate Governance neutral materiality 6/10

23-05-2026

Studds Accessories Limited's Board approved audited financial results for Q4 and FY ended March 31, 2026, recommended a dividend of ₹3 per share (60% of face value ₹5), and adopted the Studds ESOP Scheme 2026 for up to 2,97,381 equity shares (0.75% of post-issue capital). The Board also approved the stepping down of CFO Manish Mehta (effective July 1, 2026) to Vice President – Taxation & Compliance, the appointment of Bharat Goyal as new CFO, and the appointment of Deloitte Haskins & Sells LLP as internal auditors for FY 2026-27. No financial figures or period-over-period comparisons were provided in the filing.

  • · The Board meeting commenced at 06:45 PM IST and concluded at 07:45 PM IST on May 23, 2026.
  • · The ESOP Scheme 2026 will be implemented through the direct route (primary issuance of shares).
  • · The exercise price for ESOP options shall not be less than 85% of the market price on the trading day immediately preceding the grant date.
  • · Minimum vesting period for ESOP options is 1 year; maximum vesting period is 5 years from grant date.
  • · Vested options must be exercised within 5 years from vesting date; in case of resignation (good leaver), within 60 days from last working day.
  • · Mr. Manish Mehta has over 22 years of experience; Mr. Bharat Goyal has over 17 years of experience.
  • · Mr. Bharat Goyal previously served as Finance Controller / DGM – Finance at Studds Accessories Limited.
  • · Deloitte Haskins & Sells LLP was originally constituted as a firm on October 11, 1997, and converted to an LLP on November 28, 2013.
RLF Ltd. Corporate Governance neutral materiality 3/10

23-05-2026

RLF Ltd. has informed the stock exchange that a Board Meeting is scheduled for May 27, 2026, to consider and approve the standalone audited financial results for the quarter and financial year ended March 31, 2026. The trading window for insiders has been closed since April 1, 2026, and will remain closed until 48 hours after the results are declared. No financial figures or performance data are provided in this filing.

  • · Board meeting date: May 27, 2026
  • · Location: Corporate Office at D-41, South Extension, Part-II, Delhi-110049
  • · Trading window closure period: from April 1, 2026 until 48 hours after results declaration
  • · Scrip Code: 512618, BSE Symbol: RLF
Super Iron Foundry Limited Corporate Governance neutral materiality 3/10

23-05-2026

Super Iron Foundry Ltd. informed BSE that a board meeting will be held on May 29, 2026 to consider and approve audited financial results for the half year and financial year ended March 31, 2026. The trading window has been closed from April 1, 2026 until 48 hours after the results are made public.

  • · Board meeting scheduled for May 29, 2026
  • · Agenda includes approval of audited standalone and consolidated financial results for H2 and FY ended March 31, 2026
  • · Trading window closed from April 1, 2026 until 48 hours after results publication
Bata India Limited Corporate Governance positive materiality 5/10

23-05-2026

Bata India Limited announced that its shareholders have approved the re-appointment of Ms. Radha Rajappa as an Independent Director via postal ballot, with 99.48% of valid votes cast in favor. The resolution was passed as a special resolution with the requisite majority, and the voting period concluded on May 23, 2026.

  • · The promoter and promoter group voted unanimously in favor (64,465,514 votes, 100% of their polled votes).
  • · Public institutions voted 98.75% in favor, with 1.25% against (534,101 votes against).
  • · Public non-institutions voted 95.73% in favor, with 4.27% against (20,749 votes against).
  • · Three members cast votes partly in favor and partly against the resolution.
  • · No invalid or abstain votes were recorded.
  • · The scrutinizer's report was countersigned by Chairman Ashwani Windlass on May 23, 2026.
Infosys Limited Company Update neutral materiality 3/10

23-05-2026

Infosys Limited allotted 7,01,328 equity shares of face value ₹5 each on May 23, 2026, pursuant to exercise of Restricted Stock Units by employees under the 2015 Incentive Compensation Plan and the Infosys Expanded Stock Ownership Program 2019. The issued and subscribed share capital increased to ₹20,28,18,00,455 divided into 4,05,63,60,091 equity shares.

  • · Allotment approved via Board resolution dated May 20, 2026, and approved on May 23, 2026.
  • · Face value of each equity share is ₹5.
Studds Accessories Limited Corporate Action neutral materiality 6/10

23-05-2026

Studds Accessories Limited's Board approved audited financial results for Q4 and FY ended March 31, 2026, and recommended a dividend of ₹3 per share (60% of face value ₹5). The Board also adopted the Studds ESOP Scheme 2026 (up to 0.75% of post-issue equity, max 2,97,381 shares), appointed Mr. Bharat Goyal as CFO (effective July 1, 2026) replacing Mr. Manish Mehta who steps down to VP – Taxation & Compliance, and appointed Deloitte Haskins & Sells LLP as internal auditors for FY 2026-27. No financial figures or period-over-period comparisons were provided in this filing.

  • · The Board meeting commenced at 06:45 PM IST and concluded at 07:45 PM IST on May 23, 2026.
  • · Mr. Manish Mehta will step down as CFO and KMP effective July 1, 2026, and continue as VP – Taxation & Compliance (Senior Management).
  • · Mr. Bharat Goyal, a Chartered Accountant with 17+ years of experience, will assume CFO role effective July 1, 2026; he previously served as Finance Controller/DGM – Finance at Studds Accessories Limited.
  • · Deloitte Haskins & Sells LLP appointed as Internal Auditors for FY 2026-27.
  • · ESOP Scheme 2026 allows exercise price not less than 85% of market price on the trading day preceding grant date.
  • · Minimum vesting period for ESOP options is 1 year; maximum vesting period is 5 years from grant date.
  • · Exercise period for vested options is up to 5 years from vesting date; 60 days from last working day in case of resignation (good leaver).
  • · No financial results (revenue, profit, etc.) were disclosed in this filing; only the approval of audited results was announced.
Bata India Limited Corporate Governance positive materiality 5/10

23-05-2026

Bata India Limited announced that its shareholders have approved the re-appointment of Ms. Radha Rajappa (DIN: 08530439) as an Independent Director via postal ballot, with 99.4841% of votes cast in favor. The resolution was passed with the requisite majority on May 23, 2026. The voting saw participation from 83.6790% of outstanding shares, with promoter and promoter group voting unanimously in favor, while a small portion of public non-institutional votes (4.2692%) were against.

  • · The resolution was a special resolution requiring a supermajority.
  • · Promoter and promoter group held 64,465,514 shares and voted 100% in favor.
  • · Public institutions held 44,679,301 shares, with 42,599,016 polled (95.3440% turnout), of which 98.7462% were in favor.
  • · Public non-institutions held 19,382,725 shares, but only 486,017 votes were polled (2.5075% turnout), with 95.7308% in favor.
  • · The remote e-Voting period ran from April 24, 2026 (9:00 AM IST) to May 23, 2026 (5:00 PM IST).
  • · The scrutinizer's report was unblocked at 5:12 PM on May 23, 2026, in the presence of two witnesses.
  • · No invalid or abstain votes were recorded.
United Leasing & Industries Ltd Corporate Governance neutral materiality 3/10

23-05-2026

United Leasing & Industries Ltd has informed BSE that a Board Meeting is scheduled for May 27, 2026, to consider and approve the standalone audited financial results for the quarter and financial year ended March 31, 2026. The trading window for insiders has been closed since April 1, 2026, and will remain closed until 48 hours after the results are declared.

  • · Board meeting date: Wednesday, 27th May, 2026
  • · Meeting venue: Corporate Office at D-41, South Extension, Part II, Delhi-110049
  • · Trading window closure started from 01st April, 2026
  • · Trading window will reopen 48 hours after results declaration
  • · Scrip Code: 507808, BSE Symbol: UNTTEMI
Banas Finance Limited Corporate Governance neutral materiality 5/10

23-05-2026

Banas Finance Limited has informed BSE that its Board of Directors will meet on May 27, 2026 to consider and approve the audited standalone and consolidated financial results for the fourth quarter and financial year ended March 31, 2026. The trading window for designated persons remains closed and will reopen 48 hours after the results are declared.

  • · Board meeting scheduled for Wednesday, May 27, 2026.
  • · Agenda includes approval of audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026.
  • · Trading window is currently closed and will reopen 48 hours after the results declaration.
  • · Filing made under Regulation 29 of SEBI (LODR) Regulations, 2015.
Bliss GVS Pharma Limited Regulatory Action neutral materiality 9/10

23-05-2026

Anupam Rasayan India Limited has announced a mandatory open offer to acquire up to 2,77,26,848 equity shares (26.00% of expanded voting capital) of Bliss GVS Pharma Limited at ₹299.00 per share, aggregating to ₹8,29,03,27,552.00. The offer is triggered by a Share Purchase Agreement dated May 23, 2026, under which Anupam Rasayan will acquire 4,58,03,024 shares (43.30% of equity capital) from the promoter and non-promoter sellers at the same price, totaling ₹13,69,51,04,176.00. The transaction will result in a change of control of Bliss GVS Pharma, with the open offer providing an exit opportunity to public shareholders.

  • · The open offer is a mandatory triggered offer under Regulation 3(1) and Regulation 4 of the SEBI (SAST) Regulations, not subject to any minimum acceptance level.
  • · The Offer Price of ₹299.00 per share has been determined in accordance with Regulation 8(2) of the SEBI (SAST) Regulations for frequently traded shares.
  • · The SPA includes an option for the Acquirer to acquire up to 51,81,571 additional Option Shares, though the exact number will be determined at the Acquirer's discretion before the Closing Date.
  • · The Acquirer may designate one or more persons acting in concert (including subsidiaries) to acquire shares under the open offer or the SPA.
  • · The Tendering Period for the open offer will be 10 Working Days, with details to be disclosed in the Letter of Offer.
  • · The expanded voting share capital includes 8,52,750 equity shares from ESOPs expected to vest by March 31, 2027.
Integrated Proteins Ltd. Corporate Governance neutral materiality 3/10

23-05-2026

Integrated Proteins Limited has postponed and rescheduled its Board Meeting from May 23, 2026 to Tuesday, May 26, 2026 due to unavoidable circumstances. The meeting will consider and approve the standalone audited financial results for the quarter and year ended March 31, 2026. The trading window for designated persons remains closed from April 1, 2026 until 48 hours after the results are made public.

  • · Original board meeting was scheduled for May 23, 2026; new date is May 26, 2026.
  • · Trading window closure began April 1, 2026 and extends until 48 hours after results announcement.
  • · Reason for postponement is 'unavoidable circumstances' (no further detail provided).
  • · Financial results to be considered are standalone audited results for Q4 and full year FY26 ending March 31, 2026.
Universal Cables Limited Corporate Governance positive materiality 8/10

23-05-2026

Universal Cables Limited reported audited standalone revenue of ₹302267.33 lakh for FY2026, up from ₹240838.62 lakh in FY2025, with net profit rising to ₹9652.87 lakh from ₹5727.96 lakh. The board recommended a dividend of ₹4.50 per share (45%) and approved a ₹73 crore modernization plan for its EHV Cable facility, alongside a ₹550 crore organic expansion. However, the company also approved raising up to ₹200 crore via NCDs, and noted the cessation of Independent Director Shri Bachh Raj Nahar due to age limit.

  • · Shri Bachh Raj Nahar will cease to be a director from June 13, 2026 due to age limit.
  • · Shri Ajay Kumar Sharma appointed as Company Secretary and Chief Compliance Officer effective May 23, 2026.
  • · Board constituted 'Debenture Issue & Allotment Committee' for NCD issuance.
  • · The modernization plan will not materially alter production capacity.
Belrise Industries Limited Analyst/Investor Meet neutral materiality 2/10

23-05-2026

Belrise Industries Limited has informed the stock exchanges that its officials will attend analyst and institutional investor meetings on May 28, 2026, organized by 360 ONE Capital (B&K) at Grand Hyatt, Mumbai. The discussions will be based solely on publicly available information, and no unpublished price-sensitive information will be shared.

  • · Meeting date: May 28, 2026, from 10:00 AM to 5:00 PM
  • · Meeting type: 1x1/Group Meeting
  • · Venue: Grand Hyatt, Mumbai
  • · Organizer: 360 ONE Capital (B&K)
  • · Scrip Code: 544405, Trading Symbol: BELRISE, ISIN: INE894V01022
Bliss GVS Pharma Limited Corporate Governance mixed materiality 9/10

23-05-2026

Bliss GVS Pharma Limited announced that Anupam Rasayan India Limited has entered into a Share Purchase Agreement to acquire up to 43.30% of the company's equity shares from certain promoter and non-promoter sellers at ₹299 per share, with a total consideration of ₹1,369.51 Crore. The transaction will trigger a mandatory open offer for an additional 26% of the paid-up equity share capital, and upon completion, Anupam Rasayan will gain control of Bliss GVS Pharma and be classified as a promoter. The deal includes call options for the purchaser to acquire additional retained shares at a floor price of ₹299 per share, ensuring a minimum exit price for the sellers.

  • · The Board of Directors meeting commenced at 09:15 PM and concluded at 09:51 PM on May 23, 2026.
  • · Three sellers (Mr. Narsimha Shibroor Kamath, Mr. Gautam Rasiklal Ashra, Mr. Arjun Gautam Ashra) may continue to hold a total of 4.90% of the equity share capital as Balance Shares after the initial sale.
  • · The Purchaser has a call option to acquire Retained Shares at prevailing market price, but with a floor price of ₹299 per share if the market price falls below that level.
  • · The SPA was executed on May 23, 2026, and the open offer will be for up to 26% of the fully diluted paid-up equity share capital.
  • · The Company itself is not a party to the SPA, and no related party transaction or restriction is imposed on the listed entity.
Bharat Road Network Limited Corporate Governance neutral materiality 3/10

23-05-2026

Bharat Road Network Limited has scheduled a Board Meeting on May 30, 2026 to consider and approve the audited standalone and consolidated financial results for the fiscal year ended March 31, 2026. The trading window has been closed from April 1, 2026 until 48 hours after the results announcement, in compliance with insider trading regulations.

  • · Board meeting scheduled for Saturday, May 30, 2026
  • · Trading window closed from April 1, 2026 until 48 hours after results announcement
  • · Results to be audited standalone and consolidated for FY ended March 31, 2026
Blue Cloud Softech Solutions Limited Corporate Governance neutral materiality 3/10

23-05-2026

Blue Cloud Softech Solutions Limited has informed BSE that a Board Meeting will be held on May 30, 2026, to consider and approve the audited financial statements (standalone and consolidated) for the quarter and year ended March 31, 2026. The meeting is scheduled at 4:30 PM at the registered office. No financial results or performance data are disclosed in this filing.

  • · Board meeting date: May 30, 2026 (Saturday)
  • · Meeting time: 4:30 PM IST
  • · Location: Registered office, Plot No 38, 5th Floor, N Heights, Siddiq Nagar, Hitech City, Madhapur, Hyderabad, Telangana-500081
  • · Agenda includes audited financial statements for Q4 and FY ended March 31, 2026, and any other business with Chair's permission
  • · Filing made pursuant to Regulation 29 read with Regulation 33 of SEBI LODR 2015
Aarti Drugs Limited Analyst/Investor Meet mixed materiality 8/10

23-05-2026

Aarti Drugs Limited reported Q4 FY26 consolidated revenue of INR721.1 crore, up 6% YoY and 20% QoQ, with EBITDA of INR96.6 crore (flat YoY, +72% QoQ) and PAT of INR55.3 crore (-12% YoY, +36% QoQ). Standalone revenue was INR631.7 crore (+1.4% YoY), with domestic sales up 7% YoY but exports down 7% YoY. Formulation revenue surged 41% YoY to INR91.3 crore, driven by export markets. The methylamine plant at Sayakha reached ~40% utilization in Q4 (target 45-50%), while the salicylic acid plant was temporarily shut due to variable losses. Management expects 8-10% volume growth and positive realization variance if crude prices remain elevated, but cautions that high API prices could dampen domestic demand for antibiotics.

  • · API therapeutic mix: antibiotics 37.8%, anti-protozoal 19.6%, anti-inflammatory 11.9%, antidiabetic 15.0%, anti-fungal 10.0%, others 5.7%.
  • · Methylamine plant utilization target: 55-60% in Q1 FY27, >70% within one year.
  • · Salicylic acid plant shut down due to variable losses; restart pending equipment installation and cost control.
  • · Management expects 8-10% volume growth but warns high crude prices may reduce domestic antibiotic demand.
  • · Gross margins expected to remain stable; EBITDA margin could improve by ~1% through manufacturing cost reduction.
  • · Regulated market export share increased from 66% to 73% YoY.
  • · FY26 described as a 'transition year' with exit momentum stronger than entry.
Universal Cables Limited Corporate Action mixed materiality 8/10

23-05-2026

Universal Cables Limited reported audited standalone financial results for Q4 and FY ended March 31, 2026. Revenue for the quarter grew 24.7% YoY to ₹84,027.26 lakh, while profit after tax declined 19.5% YoY to ₹2,174.55 lakh. For the full year, revenue increased 25.5% to ₹3,02,267.33 lakh and PAT surged 68.5% to ₹9,652.87 lakh. The Board recommended a dividend of ₹4.50 per share (45%) and approved a ₹73 crore technological upgradation of its EHV Cable facility, alongside a previously announced ₹550 crore capacity expansion. The company also approved raising up to ₹200 crore via NCDs/debt securities.

  • · The Board approved raising up to ₹200 crore via issuance of Non-Convertible Debentures or other debt securities on a private placement basis.
  • · Shri Bachh Raj Nahar will cease to be a Director at close of business on 13 June 2026 as the special resolution for continuation beyond age 75 was not passed.
  • · Shri Ajay Kumar Sharma was appointed as Company Secretary and Chief Compliance Officer effective 23 May 2026.
  • · The EHV Cable facility upgradation (₹73 crore) will not materially alter production capacity but aims to meet international quality standards.
  • · The Board constituted a 'Debenture Issue & Allotment Committee' to facilitate the NCD issuance process.
  • · The Board meeting commenced at 11:30 AM and concluded at 1:45 PM after a brief adjournment from 7:20 PM to 8:15 PM.
Universal Cables Limited Corporate Governance mixed materiality 8/10

24-05-2026

Universal Cables Limited reported audited standalone financial results for Q4 and FY ended March 31, 2026. Revenue for the quarter grew 24.7% YoY to ₹84,027.26 lakh, while profit after tax declined 19.5% YoY to ₹2,174.55 lakh. For the full year, revenue increased 25.5% to ₹3,02,267.33 lakh and PAT rose 68.5% to ₹9,652.87 lakh. The Board recommended a dividend of ₹4.50 per share (45%) and approved a ₹73 crore technological upgradation plan for its EHV Cable facility, alongside a previously announced ₹550 crore capacity expansion. The company also approved raising up to ₹200 crore via NCDs.

  • · The Board recommended a dividend of ₹4.50 per share (45%) for FY26, subject to shareholder approval at the 81st Annual General Meeting.
  • · Shri Bachh Raj Nahar will cease to be a Director at the close of business on 13th June 2026 as the special resolution for his continuation beyond age 75 was not passed.
  • · Shri Ajay Kumar Sharma was appointed as Company Secretary and Chief Compliance Officer effective 23rd May 2026.
  • · The Board constituted a 'Debenture Issue & Allotment Committee' to facilitate the NCD issuance.
  • · The standalone financial results for the quarter ended March 31, 2026 are the balancing figure between audited full-year figures and unaudited nine-month figures (up to December 31, 2025).
MM Forgings Limited Corporate Governance neutral materiality 3/10

24-05-2026

MM Forgings Limited has informed the stock exchanges that a Board Meeting is scheduled for May 27, 2026, to consider and approve the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The trading window for specified persons has been closed from April 1, 2026, to May 30, 2026, during which trading in the company's equity shares is prohibited.

  • · Board Meeting date: May 27, 2026
  • · Trading window closure period: April 1, 2026 to May 30, 2026
  • · Prior intimation of trading window closure was made on March 26, 2026
Machhar Industries Limited Corporate Governance neutral materiality 5/10

24-05-2026

Machhar Industries Limited announced its audited standalone financial results for the quarter and year ended March 31, 2026, approved by the board on May 23, 2026. The independent auditor issued an unmodified opinion, stating the financial statements give a true and fair view in conformity with Ind AS. The filing also includes related party transaction disclosures and confirmations of no deviation of issue proceeds and no outstanding defaults on loans.

  • · Board meeting commenced at 12:30 PM and concluded at 6:30 PM on May 23, 2026.
  • · No deviation or variation in proceeds from the preferential issue was reported.
  • · No outstanding defaults on loans including revolving facilities from banks/financial institutions.
  • · Related party transaction disclosures were enclosed as Annexure D.
  • · The auditor confirmed no director is disqualified under Section 164(2) of the Companies Act, 2013.
  • · The company has disclosed the impact of pending litigations on its financial position (Refer Note 35).
  • · No amounts were required to be transferred to the Investor Education and Protection Fund.
  • · Management represented that no funds have been advanced or received in a manner that would violate the provisions related to ultimate beneficiaries or funding parties.
Machhar Industries Limited Corporate Governance neutral materiality 5/10

24-05-2026

Machhar Industries Limited's Board of Directors approved the audited standalone financial results for the quarter and year ended March 31, 2026, receiving an unmodified (clean) audit opinion from Ashok R. Majethia & Co. The company reported no deviations in use of IPO proceeds, no outstanding defaults on loans, and disclosed related party transactions. No specific financial figures (revenue, profit, etc.) were provided in the filing, preventing a period-over-period comparison.

  • · Board meeting commenced at 12:30 PM and concluded at 6:30 PM on May 23, 2026.
  • · No deviation or variation in use of IPO proceeds was reported.
  • · No outstanding defaults on loans or revolving facilities from banks/financial institutions.
  • · Related party transactions were disclosed as per applicable format.
  • · The auditor's report confirmed no disqualification of directors under Section 164(2) of the Companies Act.
  • · No amounts were required to be transferred to the Investor Education and Protection Fund.
  • · The company has disclosed the impact of pending litigations on its financial position (Refer Note 35).
  • · Management represented that no funds were advanced or received in a manner that would violate the provisions related to ultimate beneficiaries or funding parties.

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