Jain Resource Recycling Ltd

MOA alteration and approvals

• Board approved alteration of MOA object clause, subject to shareholder approval.
• MOA to include recycling, mining, processing, and related ancillary activities.
• Insertion of new clauses 9 and 10 to cover machinery, technology, and trading.
• Subject to SEBI LODR and shareholder approval.

Independent director appointments

• Prakash Kumar Behera appointed Independent Director to fill casual vacancy.
• Kajal Mayur Saiya appointed Independent Director to fill casual vacancy.

Postal ballot timetable

• Cut-off date for eligibility: Oct 9, 2026.
• Remote e-voting: Oct 17, 2026 to Nov 15, 2026.
• Results declaration: on or before Nov 17, 2026.

JAIN RESOURCE RECYCLING LIMITED trading window closed from October 01, 2026 for the quarter and half-year ending September 30, 2026; will reopen 48 hours after the declaration of unaudited financial results.

Trading volume clarification

• Increase in trading volume is market-driven; no material events; UPSI will be disclosed upon crystallization.

Guarantee for Jain CY Circular Solutions

• Purpose: Approve additional corporate guarantee for Jain CY to secure ICICI Bank facilities.
• Amount: INR 50 crore second tranche; Jain CY guarantees total INR 100 crore.
• Authority/date: Borrowing & Investment Committee approved Sept 17, 2026; INR 200 crore limit approved July 13, 2026.
• Nature/impact: Contingent liability; no immediate cashout.
• Related party: No promoter interest; guarantee at arm's length.
• Subsidiary detail: Jain CY Circular Solutions Private Limited is the beneficiary.
• Regulatory disclosures: Annexure A disclosures provided.

Key Update

• Approval for second tranche corporate guarantee up to INR 50 crore for Jain CY with ICICI Bank.
• Total Jain CY guarantees rise to INR 100 crore under the approved INR 200 crore limit.
• Impact: contingent liability; no immediate cash outflow.

AGM Details

• Date: 27-08-2026; Start 11:00 AM; End 11:38 AM.
• Mode: hybrid meeting with VC participation and remote e-voting.
• Record date: 20-08-2026; Shareholders on record: 94,195.
• Attendance: 1 promoter group and 40 public attended via video conference.

Key Resolutions

• Resolution 1: Adoption of financial statements and related reports — passed.
• Resolution 2: Director appointment by rotation — passed.
• Resolution 3: Ratification of cost auditor remuneration for FY2027 — passed.

Dividends

• Dividend: no dividend declared or approved.

Directors

• Director by rotation reappointed; no other director changes.

Auditors

• Cost auditor remuneration ratified for the year ending 31 Mar 2027.

Material Related Party Transactions

• No material related party transactions disclosed.

Other Material Approvals

• No other material approvals noted.

Rating action

• CRISIL revised Jain Resource Recycling's Long-Term Bank Facilities rating to AA-/Stable and removed Watch Developing.

Instrument rated

• Long-Term Bank Facilities rated CRISIL AA-/Stable.

Rationale and drivers

• Restoration of Unit-II operations with approvals from Directorate of Industrial Safety and Health.
• Upgrade driven by strong business/financial risk profile, established market position, diversified profile, and growth prospects.
• Healthy financial profile, strong risk management, and rising contribution from value-added products.

Outlook

• Outlook: Stable.

Material change since last rating

• Rating watch removed; upgrade due to incident resolution and normalization.

AGM details

• AGM held on August 27, 2026 at 11:00 IST via VC/OAVM.
• Venue deemed at Chennai registered office.
• Mode: VC/OAVM; NSDL for remote e-voting and attendance.
• Voting eligibility cut-off: August 20, 2026.
• 41 members participated; quorum present.
• Meeting concluded at 11:38 IST.

Resolutions and outcomes

• Resolution 1: Adopt audited standalone and consolidated financial statements — Passed.
• Resolution 2: Reappoint Kamlesh Jain by rotation — Passed.
• Resolution 3: Ratify cost auditor remuneration for FY2027 — Passed.

Director changes

• Kamlesh Jain reappointed as Director by rotation.

Parties involved

• Lender: Jain Resource Recycling Limited; borrower: Jain Ikon Global Ventures FZC (subsidiary).
• Jain Ikon Global Ventures FZC is a subsidiary of Jain Resource Recycling Limited.

Purpose

• Convert the outstanding loan of AED 1,70,64,000 into 11,376 equity shares.
• Consolidate investment and enable eventual divestment in Jain Ikon.

Key terms

• Conversion price: AED 1,500 per share; no cash consideration.
• Issued shares: 11,376 ordinary shares; aggregate AED 1,70,64,000.
• Loan extinguished; no further claim against Jain Ikon.
• Pre/post ownership: 70% to 99.74% in Jain Ikon.
• No special rights; no board nominees; no control change.

Related party status

• Jain Ikon Global Ventures FZC is a subsidiary; related party transaction.
• Transaction is at arm's length; price certified by valuer.

Impact

• Post-conversion ownership rises to 99.74%; consolidation of investment.
• Jain Ikon remains subsidiary; no management or control change.
• Total loan converted; cash flow impact not applicable.
• Facilitates planned divestment of Jain Ikon.

Other disclosures

• Regulatory disclosures under SEBI LODR; no board nominees or conflicts disclosed.
• No termination/amendment; this is a fresh Loan Conversion Agreement.