Maithan Alloys Ltd

Filing Status

• Customs Department conducted a Search and Seizure at Maithan Alloys Visakhapatnam unit under Section 105.
• Direction/order received in October 2026; search started 9 Oct and ended 10 Oct 2026.
• No financial impact; operations continued without disruption.
• Company cooperating and responding to clarifications sought.

Acquisition details

• Target: HFCL Limited, Indian telecom and defense equipment company.
• As of 31-03-2026: turnover Rs 4528 Cr, PAT Rs 253 Cr, net worth Rs 4727 Cr.
• Not a related party transaction; arms-length, promoter group has no interest.
• Industry: telecom equipment, defense tech, optical fiber, digital networks in India.
• Purpose: investment through stock exchange; no intent to gain control.
• Regulatory approvals: none required.
• Completion timeline: completed (12 Oct 2026).
• Consideration: cash.
• Cost of acquisition: Rs 20.14 Cr.
• Shares acquired: 765,000 on 12 Oct 2026; percentage not disclosed.
• Background: HFCL is a telecom/defense tech firm; incorporated May 11, 1987; operates via HTL Limited.
• Turnover history: 2025-26 Rs 4528 Cr; other years not disclosed.

AGM details

• AGM held on 28 September 2026 at 11:30 AM via video conferencing.
• Remote e-voting available; cut-off 21 September 2026; voting window 25–27 September 2026.
• Scrutinizer appointed; consolidated vote report dated 28 September 2026.

Key resolutions and outcomes

• Ordinary: Adoption of standalone financial statements and auditors' report — passed.
• Ordinary: Appointment of director to fill vacancy — passed.
• Special: Change in designation of outgoing director from Chairman & MD to Chairman — passed.
• Ordinary: Increase in remuneration of cost auditors — passed.
• Special: Appointments/reelections of independent directors — passed.
• RPT: Material related party transaction with Maithan Ferrous Private Limited for 2026-27 — approved.
• RPT: Material related party transaction with Maithan Ferrous Private Limited for Apr–Sep 2027 — approved.
• Dividend: Interim and final dividend for the year approved.

Directors & auditors

• Directors: new director appointed to fill vacancy; independent directors appointed.
• Auditors: remuneration approved; no change in statutory auditors noted.

Material related party transactions

• RPT: Maithan Ferrous Private Limited approved for FY2026-27.
• RPT: Maithan Ferrous Private Limited approved for Apr–Sep 2027.

AGM details

• AGM held on 28 September 2026 at 11:30 AM via Video Conferencing.
• 57 members attended the meeting through VC.
• Chairman and MD presided: Subhas Chandra Agarwalla.
• Remote e-voting from 25–27 September 2026; meeting e-voting also available.
• No physical attendance; proxy not applicable.
• Notice with revised financials, Directors' Report and Auditors' Reports read.

Key resolutions

• Adopt revised standalone and consolidated financial statements for FY ended 31 March 2026.
• Approve interim dividend and declare final dividend for FY 2025-26.
• Reappoint director by rotation: Subodh Agarwalla.
• Increase remuneration of Statutory Auditor.
• Ratify remuneration of Cost Auditor.
• Alter Memorandum Objects Clause.
• Amend Articles to delete Common Seal provisions.
• Re-appoint Naresh Kumar Jain as Independent Director.
• Re-appoint Aayush Khetawat as Independent Director.
• Re-appoint Sonal Choubey as Independent Director.
• Appoint Chandra Prakash Kakarania as Director and Independent Director.
• Appoint Dr. Ridhi Agarwala as Director and Independent Director.
• Approve change in designation of Subhas Chandra Agarwalla to Executive Chairman.
• Approve change in designation of Subodh Agarwalla to Managing Director & CEO.
• Approve material related party transactions with Maithan Ferrous Private Limited for FY 2026-27.

Voting results

• Voting outcomes not disclosed in this excerpt.

Maithan Alloys Ltd – Closure of Trading Window

Deal overview

• Target: ESDS Software Solution Limited, AI-enabled IT services provider in India.
• Turnover Rs 378 crore; Net worth Rs 520 crore; PAT Rs 62 crore (FY25-26).
• Not a related-party transaction.
• Industry: IT Enabled Services.
• Acquired as investment; no intention to gain control; outside Maithan's core business.
• No regulatory approvals required.
• Event occurred 23 Sep 2026; acquisition completed.
• Cash consideration.
• Total cost Rs 50.19 crore.
• 24% shareholding (279,000 shares) acquired on 23 Sep 2026.
• Target background: AI-enabled IT services provider; data center, cloud, colocation, managed services, and AI infra.
• Incorporated Aug 18, 2005; turnover FY25-26 Rs 378 crore; India presence.

Dividend TDS update for FY2025-26

• Final dividend proposed: Rs 6 per equity share (face value Rs 10), subject to AGM approval.
• Record date fixed at 21 September 2026 for entitlement.
• Dividend payable after TDS; rates depend on shareholder category.
• Non-residents: TDS 20% plus surcharge/cess unless DTAA benefits apply.
• DTAA eligibility requires documents; Form 41 is mandatory for non-residents with PAN.
• Residents: MF/Insurance/AIF categories attract 10% TDS; exemptions possible with declarations.
• Exemption requires self-attested evidence; PAN is required; DTAA rates applied at deduction.
• Cut-off date for TDS submissions: 1 October 2026; requests after will not be entertained.
• Dividend payments electronic; update bank details with DP/RTA; Registrar: Maheshwari Datamatics for ISR-1/ISR-2.
• Company Secretary: Rajesh K. Shah.

Target background and deal terms

• Target: One97 Communications Limited (PayTM), fintech/financial services, India.
• Stage/size: FY2025-26 turnover Rs 5,825 crore; net worth Rs 131.13 crore; PAT Rs 67 crore.
• Not a related party; arms-length transaction; promoter group has no interest.
• Industry: financial technology.
• Purpose: through stock exchange as long-term investment; no intention to acquire control.
• Regulatory approvals: none required.
• Completion: acquisition completed by 22 September 2026.
• Consideration: cash; total cost Rs 60.19 crore.
• Shareholding: 0.05% (330,000 shares) acquired on 21 September 2026.
• Background: One97 offers payments/fintech services, lending, wealth management, and digital marketing.
• Incorporation: December 22, 2000.
• Turnover history: 2023-24 Rs 7,661 crore; 2024-25 Rs 5,505 crore; 2025-26 Rs 5,825 crore.

Target overview

• ESDS Software Solution Limited, India-based IT-enabled services provider.
• Turnover Rs 378 crore; PAT Rs 62 crore; Net worth Rs 520 crore (as of 31-03-2026).

Deal terms

• Acquisition completed; event occurred 21 Sep 2026.
• Form of consideration: cash.
• Total cost of acquisition: Rs 1.90 crore.
• Shareholding acquired: 0.01% (1730 shares).

Strategic rationale & background

• Investment purpose; Maithan not seeking control.
• Outside Maithan's main line of business.
• Target industry: IT-enabled services.
• Regulatory approvals: none required.
• Incorporated Aug 18, 2005; presence in India.
• AI-enabled IT services provider; data center, cloud, managed services.
• Serves governments, PSUs, BFSI, and enterprises.
• Turnover history: 2023-24 Rs 281 crore; 2024-25 Rs 357 crore; 2025-26 Rs 378 crore.