Hind Rectifiers Ltd

Resignation: Head Legal (SMP)

• Preeti Sharma resigns as Head Legal for personal reasons; resignation accepted, effective 24 September 2026.

Dehradun plant disposal

• Sale of residual non-operational Dehradun plant completed via sale deed.
• Date of agreement and completion: September 24, 2026.
• Consideration received: Rs 4.5 crore.
• Buyers: Mrs. Avantika Saklani and Mr. Sureshchand Saklani; not promoter group.
• Plant non-operational since 2023; no turnover or net worth contribution.
• Not a related party transaction; not at arm's length applicable.
• Impact: cash inflow small; asset disposal not affecting operations.
• Disposal not part of scheme of arrangement; not a slump sale.

Hirect Limited Trading Window closed from October 01, 2026 until 48 hours after the declaration of unaudited financial results for the quarter and half year ended September 30, 2026

Resolutions proposed

• Appointment of Rahul Rai as Independent Director for 5 years (Special Resolution).
• Appointment of Anil Kumar Nemani as Director (Ordinary Resolution).
• Nemani as Whole-Time Director, Executive Director and CFO for 3 years (Special Resolution).
• Extend timeline for utilization of funds from equity warrants via preferential issue (Special).

Outcomes and voting status

• Resolution 1: Independent Director appointment; outcome pending; results by Oct 5, 2026.
• Resolution 2: Director appointment; outcome pending; results by Oct 5, 2026.
• Resolution 3: Exec Dir/CFO appointment; outcome pending; results by Oct 5, 2026.
• Resolution 4: Extend fund utilization timeline; outcome pending; results by Oct 5, 2026.

Key terms for appointments and capital actions

• Rahul Rai: Independent Director, 5-year term Aug 11, 2026–Aug 10, 2031; not liable to retire.
• Nemani: Director appointment; term liable to retirement by rotation.
• Nemani: Whole-Time Director, Executive Director and CFO for 3 years (Aug 11, 2026–Aug 10, 2029).
• Remuneration: fixed Rs 5 lakh/month; variable Rs 9 lakh/quarter; ESOPs 71,500 options.
• Termination: 3 months' prior notice; minimum remuneration clause applicable.
• Ceiling: up to Rs 3.5 crore per financial year for overall remuneration.
• Warrants: 100% conversion assumed; funds received upon conversion.
• Extension: does not alter objects of the preferential issue.

Timeline, fund utilization and governance notes

• Cut-off date for voting: 28 August 2026.
• Remote e-voting window: 4 September 2026 to 3 October 2026.
• Results to be announced by 5 October 2026; scrutinizer’s report published.
• Notice, instructions and results to be accessible on company/NSDL websites.

Rating action

• Crisil reaffirmed long-term BBB+/Stable rating for total bank loan facilities of Rs. 228.9 crore
• Crisil reaffirmed short-term rating A2 for the same facilities
• Detailed rationale attached with the filing

Instruments/Facilities Rated

• Total Bank Loan Facilities Rated: Rs. 228.9 crore
• Long-term rating: BBB+/Stable; Short-term rating: A2

Rating Agency & Outlook

• Agency: Crisil Ratings Limited
• Outlook: Stable

Material changes since last rating

• Rating reaffirmed; no material change from prior rating

Filing Status

• Wrapper-only filing; no substantive transcript content for Q1FY27 earnings call.

Dividend payout update

• Dividend of Rs 1.40 per share approved at the 68th AGM on Aug 11, 2026.
• Dividend credited to shareholder accounts on Aug 13, 2026 via NACH/NECS/Direct Remittance.
• Shareholders without bank details should update with depositories or RTA to receive future dividends.
• Company name is now Hirect Limited, formerly Hind Rectifiers Limited.