Elcid Investments Limited held its 45th Annual General Meeting (AGM) on Friday, July 31, 2026 at 3:00 PM IST through Video Conferencing (VC)/Other Audio Video Means (OAVM). The meeting concluded at 3:29 PM IST.

The AGM was conducted in compliance with the Companies Act, 2013 and circulars issued by the Ministry of Corporate Affairs and Securities and Exchange Board of India. The registered office of the Company at 414, Shah & Nahar (Worli) Industrial Estate, B Wing, Dr. E. Moses Road, Worli, Mumbai – 400018 was deemed to be the venue of the AGM.

Attendance Details

  • Promoters and Promoter Group: 6 members present
  • Public: 11 members present
  • Total shareholders on record date (July 24, 2026): 2,650

Chairman's Address Highlights

Mr. Varun Vakil, Chairman of the Meeting, delivered the address highlighting:

  • The Company is a Non-Banking Financial Company primarily engaged in investment activities with a disciplined, conservative long-term investment philosophy
  • The Company's strategic holding in Asian Paints Limited stands at 4.23% (held directly and through wholly owned subsidiaries) and forms part of the promoter shareholding
  • This strategic investment has been held for more than four decades with no proposal or intention for sale
  • The Board evaluates performance based on long-term growth in Net Asset Value rather than short-term market price movements
  • Significant portion of non-strategic investment portfolio is professionally managed through SEBI-registered Portfolio Management Services providers
  • Despite global macroeconomic uncertainties, the Company earned consolidated dividend income of ₹105.80 crore during the financial year
  • The Board recommended a final dividend of ₹25 per equity share, subject to shareholders' approval
  • The Company's shares continue to trade below their Net Asset Value, consistent with listed investment holding companies due to holding company discounts, taxation implications and limited liquidity
  • No proposal relating to bonus issue or sub-division of equity shares is presently under consideration

Business Transacted

Ordinary Business:

1. Adoption of the Standalone and Consolidated accounts for the year ended March 31, 2026, and the reports of the Directors and Auditors thereon

2. Declaration of dividend on Equity Shares for the year ended March 31, 2026 @ ₹25 per share

3. Re-appointment of Ms. Amrita Vakil (DIN: 00170725) as Director of the Company, retiring by rotation

Special Business:

4. Re-appointment of Mr. Kartikeya Kaji (DIN: 07641723) as an Independent Director for a second term of five consecutive years from April 01, 2027 to March 31, 2032

Voting Mechanism

The Company provided remote e-Voting facility from Monday, July 27, 2026 (9:00 AM IST) to Thursday, July 30, 2026 (5:00 PM IST). Members who participated at the AGM through VC/OAVM facility and had not cast their votes through remote e-Voting were provided facility to e-Vote on the CDSL portal during the AGM.

M/s. Ruchi Kotak & Associates, Practicing Company Secretaries, were appointed as the Scrutinizer for conducting the remote e-voting process and voting during the AGM.

Voting Results

All resolutions were passed with requisite majority through remote e-voting and e-voting during the AGM:

Resolution 1: Adoption of Financial Statements

  • Total votes polled: 151,729 shares (75.8645% of outstanding shares)
  • Votes in favor: 151,718 shares (99.9928%)
  • Votes against: 11 shares (0.0072%)

Resolution 2: Declaration of Dividend @ ₹25 per share

  • Total votes polled: 151,729 shares (75.8645% of outstanding shares)
  • Votes in favor: 151,728 shares (99.9993%)
  • Votes against: 1 share (0.0007%)

Resolution 3: Re-appointment of Ms. Amrita Vakil

  • Total votes polled: 151,729 shares (75.8645% of outstanding shares)
  • Votes in favor: 151,728 shares (99.9993%)
  • Votes against: 1 share (0.0007%)

Resolution 4: Re-appointment of Mr. Kartikeya Kaji

  • Total votes polled: 151,729 shares (75.8645% of outstanding shares)
  • Votes in favor: 151,728 shares (99.9993%)
  • Votes against: 1 share (0.0007%)

Additional Information

  • The Reports of the Statutory Auditors and Secretarial Auditors did not contain any qualification, observation or adverse remark
  • No shareholders registered for asking questions during the AGM
  • The voting results and Scrutinizer's Report are available on the company's website (www.elcidinvestments.com) and CDSL website (www.evotingindia.com)