Kothari Industrial Corporation concludes 55th annual general meeting, approves key resolutions

Kothari Industrial Corporation Limited (KICL) successfully conducted its 55th Annual General Meeting (AGM) on September 26, 2025, via video conferencing. Chaired by rafiq ahmed, the meeting adopted audited financial statements for the fiscal year ended March 31, 2025, along with board and auditor reports. A correction was made regarding Note No. 11 (other financial assets) and Note No. 30 (related party disclosure), clarifying that an advance was extended to rafiq ahmed for the proposed acquisition of shares in Phoenix Kothari Footwear Limited, rather than directly to the company.

Key resolutions passed included the re-appointment of T.A. rajalaxmi as a director and the re-appointment of rafiq ahmed as executive chairman and managing director for a three-year term. M/s. Santosh Senapati & Co. were appointed as secretarial auditor for five years. Shareholders also approved a material related party transaction for the purchase of shares through further investment in Phoenix Kothari Footwear Limited.

The AGM also addressed the alteration of the object clause of the memorandum of association and the issuance of 1,711,068 equity shares to non-promoters on a preferential basis. Remote e-voting facilities were provided from September 23 to September 25, 2025, with additional voting opportunities during the AGM. The meeting concluded at 11:19 A.M., with voting results expected within two working days.