Shahi Shipping Ltd

Dematerialisation confirmations

• DPs' dematerialisation requests were confirmed to depositories (accepted or rejected).
• Securities listed on the exchanges where existing securities are listed.
• Certificates mutilated and cancelled after verification; depository name substituted as registered owner within timelines.

Independent Director Appointment

• Appointment of Ms. Reshma Ram Sanjivan Yadav as Additional Non-Executive Independent Director.
• Effective from 14 October 2026.
• Term: holds office up to the next General Meeting.
• Subject to shareholder approval and statutory requirements.
• Reason: appointment as Independent Director.
• Basis: recommendation of Nomination and Remuneration Committee.
• Contingent on required declarations and consents.
• Relationship with other directors: Not related.
• Not debarred from holding office by SEBI or stock exchanges.
• Brief profile: governance-focused approach with independence and freshness.
• Board composition impact: adds Independent Director subject to approvals.

Appointment of Independent Director

• Ms. Reshma Ram Sanjivan Yadav appointed as Additional Non-Executive Independent Director, effective 14 October 2026.
• Appointment subject to shareholder approval and fulfilment of statutory requirements.
• Term: holds office as Additional Director up to the next General Meeting.
• Category: Non-Executive Independent Director.
• Profile attached as Annexure B.
• Subject to receipt of declarations, consents, and other documents.

Shahi Shipping Limited trading window closed from 1st October, 2026; reopens 48 hours after declaration of unaudited financial results for the second quarter and half year ended 30th September, 2026

Cessation of Independent Director

• Change type: Cessation of Independent Director; Omprakash Singh (DIN 08597117).
• Effective date: 28 Sep 2026; cessation: 29 Sep 2026.
• Reason: expiry of existing term without re-appointment by shareholders at AGM on 29 Sep 2026.
• Shareholder approval status: re-appointment for second term not approved.
• Disclosure: not related to other directors.
• Impact on board/committee: not specified.
• Not due to resignation.

Secretarial Auditor Appointment

• Re-appointment of M/S. Jay Bhatt & Associates as Secretarial Auditors for 5-year term
• Date of appointment: 29 September 2026
• Term: 5 years, from AGM to AGM FY 2031-32
• Reason: Re-appointment for continued secretarial audit
• Brief profile: Jay Bhatt & Associates, practicing company secretaries (COP 28320) with SEBI/Companies Act experience
• Relationships with directors: NA

AGM Details

• AGM held on 29 September 2026 via VC/OAVM.
• Meeting started at 04:00 P.M. and concluded at 04:15 P.M.
• Voting facility provided for 15 minutes after conclusion.
• Cut-off date for voting eligibility: 22 September 2026.
• E-voting window: 26 Sept 2026 09:00 A.M. to 28 Sept 2026 05:00 P.M.
• Scrutinizer: M/s. Jay Bhatt & Associates.

Ordinary Business Resolutions

• Adopt audited standalone financial statements and accompanying reports.
• Re-appointment of Anjali Shahi by rotation.

Special Business

• Approval of related party transactions.
• Re-appointment of Omprakash Ramdin Singh not approved.
• To approve appointment of secretarial auditors.

Voting Status & Next Steps

• Detailed voting results and Scrutinizer's report to be submitted separately.
• Results to be announced within 2 working days on company website and BSE.

Financial highlights

• Revenue from operations: ₹6.45 crore in FY2025-26, down from ₹10.58 crore.
• Total revenue: ₹6.50 crore in FY2025-26, down from ₹10.69 crore.
• EBITDA: ₹-0.57 crore; prior year ₹3.20 crore.
• Profit before tax: ₹-1.95 crore; prior year ₹-3.73 crore.
• Profit after tax: ₹-1.82 crore; prior year ₹-3.57 crore.
• Earnings per share: ₹-1.26 for the year.
• Cash from operations: ₹0.26 crore.
• Year-end cash and cash equivalents: ₹0.42 crore.
• Share capital: ₹14.49 crore; total equity ₹0.48 crore.
• Total borrowings: ₹8.78 crore; long-term ₹6.56 crore, short-term ₹2.22 crore.
• Current ratio: 0.69; promoter holding: 73.11%.
• YoY revenue decline of ₹4.12 crore.

Operations & fleet

• Operates in inland water transport with 8 vessels, DWT 150–3,500.
• Vessels optimized for low-draft operations along Indian coasts.
• No change in core business during FY2025-26.

Capital structure & liquidity

• Total borrowings ₹8.78 crore; mix of long/short-term.
• Equity capital ₹14.49 crore; total equity ₹0.48 crore.
• Current ratio 0.69; net debt to equity 18.44x.
• GECL loan outstanding ₹0.60 crore; cash & bank balances ₹39.43 lakh.
• Remark: liquidity pressures persist with negative equity base.

Related party transactions & governance

• RPT cap: up to ₹60 lakh per transaction with related parties.
• Loans to India First Logistics Ltd: ₹215.96 lakh; repayments ₹104.94 lakh; interest ₹7.35 lakh.
• Loans to Shahi Gasol Ltd: ₹289.73 lakh; interest ₹7.35 lakh.
• MD remuneration ₹60 lakh; CFO change in 2025.
• Jay Bhatt & Associates appointed as Secretarial Auditor for 2026-31.
• AGM scheduled for 29 Sept 2026 via VC/OAVM.

Audit & controls

• Independent Auditor’s Report: no qualifications; emphasis on tax dispute.
• Internal financial controls not established; disclaimer issued by auditor.
• No fraud reported; management asserts going concern and control framework.

Tax, contingencies & labour codes

• Tax disputes: Service tax ₹2.63 crore; penalty ₹4.54 crore; GST ₹14.13 lakh; income tax ₹16.58 lakh.
• No provisions recognized for disputed taxes; appeals filed where applicable.
• New Labour Codes impact: estimated incremental retiral benefits ₹140.48 lakh; treated as exceptional item.
• Contingent liabilities disclosed; no material unrecorded income.

Shareholding & investor info

• Total issued shares: 14,494,874; 1 class of equity shares.
• Top holders: Shahi Gasol Ltd 34.87%, Vikas Koli 16.99%, Sarvesh Shahi 13.13%.
• Scrip: 526508; ISIN INE825D01016; Registrar MUFG Intime India Pvt Ltd.
• AGM 36th: 29 Sep 2026; venue VC/OAVM; book closure 23-29 Sep 2026.

MD&A and outlook

• Industry: maritime freight volatility; opportunities in coastal shipping and inland waterways.
• Focus on improving fleet utilization, cost control, and operational efficiency.
• Risks include freight rate fluctuations, fuel costs, regulatory changes, and cybersecurity threats.
• Management sees medium-term growth from port modernisation and private-sector participation.

AGM Schedule

• Annual General Meeting slated for Tuesday, 29 September 2026 at 4:00 PM.
• Relevant date/cut-off to vote on AGM resolutions is Tuesday, 22 September 2026.
• Book Closure: 23 September 2026 to 29 September 2026 (inclusive).
• Commencement of e-voting on 26 September 2026 at 9:00 AM.
• End of e-voting on 28 September 2026 at 5:00 PM.

AGM Details

• AGM scheduled for 29 September 2026 at 4:00 PM via VC/OAVM.
• Deemed venue: Registered office, Mumbai.
• Record date: 22 September 2026; transfer books closed 23–29 September 2026.
• Notice and Annual Report available on company website and BSE.

Ordinary Business

• Adopt Audited Standalone Financial Statements for year ended 31 March 2026.
• Adopt Board and Independent Auditor’s Reports.
• Re-appoint Anjali Shahi, retiring by rotation.

Related Party Transactions

• Approval of Related Party Transactions up to INR 60 lakhs, on arm’s length terms.
• Related parties: India First Logistics Limited and Shahi Gasol LLP; nature: Loans & Advances.
• Max aggregate value of RPTs: Rs 60 lakhs.
• Board authorization to finalize agreements and modify terms.

Independent Director Re-appointment

• Re-appoint Omprakash Ramdin Singh as Independent Director for a second five-year term (2026–2031).

Secretarial Auditor Appointment

• Appoint Jay Bhatt & Associates as Secretarial Auditor for five years; remuneration to be fixed by the Board.