Panama Petrochem Limited held its 43rd Annual General Meeting (AGM) on Tuesday, September 9, 2025, where shareholders approved the audited financial statements and the reappointment of directors.
The meeting, conducted via video conferencing, saw the adoption of the audited financial statements for the year ended March 31, 2025, along with the reports of the Board of Directors and Auditors.
| Resolution | Details | Result |
|---|---|---|
| Adoption of Audited Financial Statements | To receive, consider, and adopt the Audited Financial Statements for the year ended March 31, 2025 | Passed with requisite majority |
| Confirmation of Interim Dividend and Declaration of Final Dividend | To confirm the payment of Interim Dividend and declare Final Dividend on Equity Shares | Passed with requisite majority |
| Appointment of Director | To appoint a Director in place of Mr. Samir Rayani (DIN: 00002674), who retires by rotation | Passed with requisite majority |
| Re-appointment of Statutory Auditors | To re-appoint the Statutory Auditors of the Company and to fix their remuneration | Passed with requisite majority |
| Re-appointment of Joint Managing Director | To re-appoint Mr. Hussein V. Rayani (DIN: 00172165) as Joint Managing Director of the Company | Passed with requisite majority |
| Appointment of Secretarial Auditor | To appoint M/s Milind Nirkhe & Associates as the Secretarial Auditor of the Company and to fix the remuneration | Passed with requisite majority |
| Remuneration of Cost Auditors | To approve and ratify the remuneration of the Cost Auditors for the financial year ending March 31, 2026 | Passed with requisite majority |
The shareholders also approved the confirmation of the interim dividend and the declaration of the final dividend on equity shares. Mr. Samir Rayani (DIN: 00002674) was reappointed as a director, and Mr. Hussein V. Rayani (DIN: 00172165) was reappointed as the Joint Managing Director of the Company.
M/s Milind Nirkhe & Associates were appointed as the Secretarial Auditor of the Company, and the remuneration of the Cost Auditors for the financial year ending March 31, 2026, was ratified.
The voting results, scrutinized by Milind Nirkhe & Associates, showed strong support for all resolutions. For instance, the resolution to adopt the audited financial statements saw 30,404,176 votes in favor, with 46 votes against. Similarly, the reappointment of Mr. Samir Rayani received 30,417,122 votes in favor, with 46 votes against.
The meeting, chaired by Mr. Arif Rayani, included the introduction of directors, the Chief Financial Officer, the Company Secretary, the Statutory Auditor, and the Secretarial Auditor. Shareholders were given the opportunity to ask questions and express their views, with clarifications provided by the company.
The Chairman authorized the Company Secretary to declare the voting results, intimate the stock exchanges, and place the same on the website of the Company. The meeting concluded at 12:35 P.M.
Counter signed by CS. Gayatri Sharma Company Secretary & Compliance Officer
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