Sharp India Ltd

Name change details

• Previous name: SHARP INDIA LIMITED; new name: SMAART TECH SERVICES LIMITED.
• Effective date of name change: 18 August 2026.
• Regulatory approval: MCA issued fresh Certificate of Incorporation confirming name change.
• CIN listed as L36759MH1985PLC036759 / L26409MH1985PLC036759.
• MOA object clause altered and new AOA adopted per Table F; approvals recorded.
• Two-year display requirement for old name noted; rights and liabilities unaffected.
• Impact: stakeholders and business operations unaffected per certificate note.

Director appointments and MD

• Anant Raghute appointed Non-Executive, Non-Independent Director, effective 5 June 2026, not liable to retire by rotation.
• Anant Raghute appointed Managing Director for 3 years from 5 June 2026 to 4 June 2029.
• Sandeep Deshmukh appointed Non-Executive, Non-Independent Director, effective 5 June 2026, liable to retire by rotation.
• Salil Halve appointed Non-Executive, Non-Independent Director, effective 5 June 2026, liable to retire by rotation.
• Yashavant Avatade appointed Non-Executive, Independent Director for 5 years, effective 5 June 2026 to 4 June 2031.
• Sanjeev Mahajan appointed Non-Executive, Independent Director for 5 years, from 5 June 2026 to 4 June 2031.
• Bhakti Hosalkar appointed Non-Executive, Independent Director for 5 years, from 5 June 2026 to 4 June 2031.
• Postal ballot notice dispatched on 7 July 2026; resolutions approved with requisite majority.

Item 1: Executive Director appointment

• Ordinary: Appoint Anant Raghute as Executive Non-Independent Director; 24 of 26 votes in favour (passed).

Item 2: Managing Director appointment

• Special: Appoint Anant Raghute as MD for 3 years (05 Jun 2026–04 Jun 2029) with remuneration; passed.

Item 3: Sandeep Deshmukh appointment

• Ordinary: Appoint Sandeep Deshmukh as Non-Executive Non-Independent Director; 24 of 26 votes in favour (passed).

Item 4: Salil Halve appointment

• Ordinary: Appoint Salil Halve as Non-Executive Non-Independent Director; 24 of 26 votes in favour (passed).

Item 5: Yashavant Avatade appointment

• Special: Appoint Yashavant Avatade as Independent Director for 5 years; 24 of 26 votes in favour (passed).

Item 6: Sanjeev Mahajan appointment

• Special: Appoint Sanjeev Mahajan as Independent Director for 5 years; 24 of 26 votes in favour (passed).

Item 7: Bhakti Hosalkar appointment

• Special: Appoint Bhakti Hosalkar as Independent Director for 5 years; 24 of 26 votes in favour (passed).

Item 8: CFO remuneration

• Ordinary: Approve CFO remuneration for Mrs. Padmini Urane; 24 of 25 valid votes in favour (passed).

Item 9: Sitting fees for independent directors

• Ordinary: Approve sitting fees for independent directors for five years; 24 of 25 valid votes in favour (passed).

Item 10: Material related party transactions

• Ordinary: Approve material related party transactions with two parties; loans up to Rs 14,000 lakhs (passed).

Item 11: Change of name and MOA/AA amendments

• Special: Change name to SMAART Tech Services Limited; amend MOA/Articles accordingly (passed).

Item 12: Alter MOA objects and renumbering

• Special: Alter MOA objects; insert new clauses; renumber 2–68; delete 69–99; adopted MOA (passed).

Item 13: Adopt new Articles

• Special: Adopt new Articles of Association; replace existing; file with ROC (passed).

Item 14: Mortgage and borrowing

• Special: Mortgage over assets; borrow up to Rs 500 crores; related party security allowed (passed).

Item 15: Sale of assets

• Special: Sale of assets/undertaking; public shareholders vote 99.99% in favour (passed).

Resolutions and outcomes

• Resolution 1 (Ordinary): Appoint Anant Raghute as Additional Executive Non-Independent Director — Approved.
• Resolution 2 (Special): Appoint Anant Raghute as Managing Director with remuneration — Approved.
• Resolution 3 (Ordinary): Appoint Sandeep Deshmukh as Non-Executive Non-Independent Director — Approved.
• Resolution 4 (Ordinary): Appoint Salil Halve as Non-Executive Non-Independent Director — Approved.
• Resolution 5 (Special): Appoint Yashwant Avatade as Non-Executive Independent Director — Approved.
• Resolution 6 (Special): Appoint Sanjeev Mahajan as Non-Executive Independent Director — Approved.
• Resolution 7 (Special): Appoint Bhakti Hosalkar as Non-Executive Independent Director — Approved.
• Resolution 8 (Ordinary): Remuneration to Padmini Urane as CFO — Approved.
• Resolution 9 (Ordinary): Approve Independent Directors' sitting fees — Approved.
• Resolution 10 (Ordinary): Approve Material Related Party Transactions — Approved.
• Resolution 11 (Special): Change name and consequent MOA/AOA alterations — Approved.
• Resolution 12 (Special): Alteration of Object Clause of MOA — Approved.
• Resolution 13 (Special): Adopt new set of Articles of Association under Companies Act 2013 — Approved.
• Resolution 14 (Special): Mortgage/Hypothecation of assets to avail credit facilities — Approved.
• Resolution 15 (Special): Approval to Sell the assets of the Company — Approved.

Key developments

• Board approved unaudited financial results for the quarter ended June 30, 2026.
• Independent auditor's review notes no material misstatement; going concern basis flagged.
• Management prepared financials on not-going-concern basis since Sept 30, 2025.
• SPA completed June 2, 2026; Sharp Corporation Japan ceased to hold/control the company.
• Promoter change: Smart Services Private Limited acquired 75% stake; transfer completed June 2, 2026.
• Borrowings: Rs 15.84 crore external borrowings from Sharp Corporation Japan assigned to Unbounded Opportunities Fund.
• Other borrowings from erstwhile related parties assigned to new lenders per Deeds of Assignment.
• One segment: consumer electronics.
• Quarter results show a loss; basic/diluted EPS of Rs -1.99.

Meeting Details

• Board meeting via video conference on 7 August 2026 to approve unaudited results.

Key Agenda Items

• Consider and approve unaudited financial results for the quarter ended 30 June 2026.

Open Offer Trigger & Parties

• SPA dated 14 Apr 2026 triggers mandatory open offer under takeover rules.
• Acquirer: Smart Services Private Limited; promoter in concert: Sharp Corporation, Japan.
• Target: Sharp India Limited (SIL).

Post-Offer Ownership

• Acquirer holds 1,94,58,000 shares, 75% of paid-up capital.
• Promoter status: Sharp Corporation ceases to be promoter.
• SSPL to be promoter; SC moved to public category.

Offer Details

• Offer price and period not disclosed.
• No explicit conditions or approvals detailed.
• No competing or revised offers mentioned.

Key Dates

• SPA executed on 14 Apr 2026.
• Filing submitted on 16 July 2026.