Action Construction Equipments Ltd. — AGM Information 2023

Aug 25, 2023

Action Construction Equipment Limited

Corporate & Registered Office

Dudhola Link Road, Dudhola, Distt. Palwal-121102, Haryana, India

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Date: August 25, 2023

To,

The Manager Listing BSE Limited 5[th] Floor, P.J. Towers, Dalal Street, Mumbai-400001

Scrip Code: 532762

The Manager Listing National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai-400051

CM Quote: ACE

Subject: Proceedings of 29[th] Annual General Meeting (AGM) of Action Construction Equipment Limited held on Friday, 25[th] August, 2023.

Dear Sir/Madam,

Pursuant to Regulation 30 read with sub-para 13 of Para-A of Part-A of Schedule-III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the proceedings of 29[th] Annual General Meeting (AGM) of the Company held on Friday, 25[th] August, 2023 at 12:00 Noon through Video Conferencing (VC)/Other Audio Visual Means (OAVM).

This is for your information and records please.

Yours faithfully For Action Construction Equipment Limited

ANIL KUMAR Digitally signed by ANIL KUMAR DN: c=IN, postalCode=121006, st=HARYANA, l=FARIDABAD, o=Personal, serialNumber=c69127d248f7209479cfd1acbf291cc10ed601a979bf6bcb944845f16be31b0c, pseudonym=486520211115144043002, 2.5.4.20=0385376578c5db8cf99f6f833ee2c53dabcad74d452286710aa52c511344a9ad, email=CS@ACE-CRANES.COM, cn=ANIL KUMAR, title=4865 Date: 2023.08.25 14:24:08 +05'30'

Anil Kumar Company Secretary M.No. ACS:37791

Encl: As Above

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Corporate Office: Phone: +91-1275-280111 (50 Lines), Fax: +91-1275-280133, E-mail: works2@ace-cranes.com Mktg. H.Q. : 4th Floor, Pinnacle, Surajkund, Faridabad, NCR-121009, Phone: +91-129-4550000 (100 Lines), Fax: +91-129-4550022, Email: marketing@acecranes.com Customer Care No.:1800 1800 004 (Toll Free), CIN: L74899HR1995PLC053860, Website: www.ace-cranes.com

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PROCEEDINGS OF 29[TH ] ANNUAL GENERAL MEETING OF THE MEMBERS OF ACTION CONSTRUCTION EQUIPMENT LIMITED HELD ON FRIDAY, 25[TH] AUGUST, 2023 AT 12:00 NOON THROUGH VIDEO CONFERENCING (VC)/OTHER AUDIO VISUAL MEANS (OAVM).

The 29[th] Annual General Meeting (AGM) of the Members of Action Construction Equipment Limited (“the Company”) was held on Friday, 25[th] August, 2023 through Video Conferencing (VC)/Other Audio Visual Means (OAVM). The meeting commenced at 12:00 Noon. The Meeting was conducted in accordance with the circulars issued by the Ministry of Corporate Affairs ('MCA') and the Securities and Exchange Board of India ('SEBI').

Mr. Rajan Luthra, Chief Financial Officer, welcomed the Members to the Meeting and briefed the general instructions pertaining to AGM of the Company to the members.

Mr. Vijay Agarwal, Chairman and Managing Director of the Company, chaired the Meeting. The Chairman welcomed the shareholders to the Meeting and on requisite quorum being present, called the Meeting to order.

All the Directors, CFO and CS of the Company were present at the Meeting through VC/OAVM from their respective locations.

It was informed to the Members that, representatives of M/s B S R & Co., the Statutory Auditors and M/s Vashisht & Associates, Secretarial Auditors and Scrutinizers for the remote e-voting and the e-voting during the proceedings of the AGM were also present at the Meeting through VC/OAVM.

With the consent of the Members present, the notice convening the AGM and the Auditor's Reports for the year ended 31[st] March, 2023 were taken as read. There were no qualifications, observations or adverse remarks in the Statutory and Secretarial Auditor's Reports.

The Chairman informed about the financial performance of the Company for the financial year 2022-23. He also apprised about the prevailing business conditions in the business segments in which the Company operates.

The copy of Chairman Speech has been circulated with the Stock Exchanges and also available on the website of the Company.

In terms of the notice dated 30[th] May, 2023 convening the 29[th] AGM of the Company, the following businesses were transacted at the Meeting through remote e-voting and e-voting during the AGM.

Ordinary Business:

1. To receive, consider and adopt:

• (a) The audited standalone financial statement of the Company for the financial year ended March 31, 2023 and reports of Board of Directors and Auditors thereon; and

• (b) The audited consolidated financial statement of the Company for the financial year ended March 31, 2023 and report of Auditors thereon.

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2. To declare a final dividend of Rs. 1.00 i.e. (50%) per equity Share for the Financial Year ended March 31, 2023.

3. To appoint a Director in place of Mr. Sorab Agarwal (DIN:00057666) who retires from office by rotation, and being eligible, offers himself for re-appointment.

Special Business:

4. To ratify the remuneration of the cost auditors for the financial year ending March 31, 2024.

5. Re-appointment of Mr. Vijay Agarwal (DIN:00057634) as Chairman & Managing Director of the Company.

6. Re-appointment of Mrs. Mona Agarwal (DIN:00057653) as Whole Time Director, Designated as Executive Director of the Company.

7. Re-appointment of Mr. Sorab Agarwal (DIN:00057666) as Whole Time Director Designated as Executive Director of the Company.

8. Approval for amendment in the exercise period specified under Action Construction Equipment Limited Employees Stock Option Scheme – 2021.

Members present at the Meeting were given an opportunity to ask questions and seek clarification(s). The Chairman/executive Director/CFO appropriately responded to the questions raised.

It was informed to the members that the results of e-voting shall be disseminated to the stock exchanges and also be uploaded on the website of the Company and NSDL; the authorized agency provided e-voting facility.

Members who have not voted through remote e-voting were invited to cast their valuable vote through e-voting at the AGM in respect of the items stated in the Notice.

The Chairman, thereupon, thanked all for their participation in the meeting.

On completion of the e-voting, the AGM concluded at 1:04 p.m.

The voting results will be declared separately.

For Action Construction Equipment Limited

ANIL KUMAR Digitally signed by ANIL KUMAR DN: c=IN, postalCode=121006, st=HARYANA, l=FARIDABAD, o=Personal, serialNumber=c69127d248f7209479cfd1acbf291cc10ed601a979bf6bcb944845f16be31b0c, pseudonym=486520211115144043002, 2.5.4.20=0385376578c5db8cf99f6f833ee2c53dabcad74d452286710aa52c511344a9ad, email=CS@ACE-CRANES.COM, cn=ANIL KUMAR, title=4865 Date: 2023.08.25 14:25:27 +05'30'

Anil Kumar Company Secretary M.No. ACS:37791