Ashapura Minechem Limited Announces Board Decisions, New Subsidiary and Upcoming Postal Ballot
Mumbai, March 24, 2026 – Ashapura Minechem Limited announced several key decisions following a board meeting held on March 24, 2026. The board approved the introduction and implementation of the 'ASHAPURA MINECHEM LIMITED - EMPLOYEE STOCK OPTION PLAN 2026' ('ESOP 2026' or 'Plan'), which will be subject to shareholder approval through a postal ballot. The plan allows for the grant of options convertible into equity shares, up to a maximum of 20,00,000 shares. Additionally, the board approved extending the ESOP 2026 to employees of the company’s holding company, subsidiaries, associate companies, and group companies.The board also noted the status of a previously approved acquisition of Ashapura Holdings (UAE) FZE, which was put on hold due to internal structuring issues. In supersession of that earlier decision, the board approved the incorporation of a wholly-owned subsidiary in the United Arab Emirates ('UAE'), named 'Ashapura Resources UAE FZE'. The new subsidiary will be established by subscribing to 100% of its share capital, subject to regulatory approvals.
Shareholders will be asked to approve the ESOP 2026, the extension of the plan, and the re-appointment of Hemul Shah as Executive Director & CEO for two years, effective February 16, 2026. The postal ballot will also regularize the appointments of Jagdish Shetty and Wilson Mathais as Independent Directors for five-year terms, effective February 5, 2026.
Virendra Bhatt, a Practicing Company Secretary, has been appointed as the scrutinizer for the postal ballot process. The company has provided a calendar of events for the postal ballot and e-voting process.
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