Meeting Details

The Tenth Annual General Meeting of Equitas Small Finance Bank Limited was held on Wednesday, September 09, 2026, at 11:00 A.M. IST through Video Conferencing (VC) / Other Audio Visual Means (OAVM). The meeting commenced at 11:00 AM and concluded at 12:06 PM.

Summary of Proposed Resolutions and Implications

The AGM considered and approved 10 resolutions, including both Ordinary and Special Business items:

Ordinary Resolutions:

1. Adoption of audited financial statements for FY ended March 31, 2026

2. Re-appointment of Mr. Balaji Nuthalapadi (DIN: 08198456) as Director retiring by rotation

3. Appointment of M/s. Sundaram & Srinivasan, Chartered Accountants (Firm Registration No.: 004207S) as Joint Statutory Auditors

4. Fixing of remuneration payable to Joint Statutory Auditors for FY 2026-27

5. Re-appointment of Mr. Vasudevan P N (DIN: 01550885) as Managing Director & CEO

6. Fixing of remuneration payable to Mr. Vasudevan P N as MD & CEO

7. Fixing of remuneration payable to Mr. Balaji Nuthalapadi as Executive Director

Special Resolutions:

8. Re-appointment of Ms. Geeta Dutta Goel (DIN: 02277155) as Independent Director

9. Issuance of Redeemable Unsecured Non-Convertible Debentures/Bonds/other debt securities on private placement basis for up to ₹500 Crores

10. Approval to raise capital by Qualified Institutions Placement for up to ₹1,250 Crores

The implications include securing leadership continuity through director reappointments, strengthening audit oversight, raising Tier-II capital through debt instruments, and significant equity capital infusion through QIP for general corporate purposes and growth initiatives.

Voting Process and Methods

The Bank provided facility of remote e-voting and e-voting during the AGM. The remote e-voting was conducted through the platform provided by National Securities Depository Limited (NSDL) and was open from Sunday, September 06, 2026 (9:00 AM IST) to Tuesday, September 08, 2026 (5:00 PM IST). Additionally, e-voting facility was provided during the AGM for members who had not cast their votes prior to the meeting, which was kept open for 15 minutes after the conclusion of the AGM.

M/s Mohan Kumar & Associates, represented by CS A Mohan Kumar, was appointed as the Scrutinizer for both remote e-voting and e-voting during the AGM. The cut-off date for determining shareholder eligibility to vote was September 02, 2026.

Key Voting Outcomes

Overall Participation:

  • Total number of shareholders on record date: 365,457
  • Shareholders present in meeting: 73 (all public category)
  • Promoter and promoter group participation: 0

Resolution-wise Results:

Item 1 - Adoption of Financial Statements:

  • Votes in favor: 678,628,972 shares (99.999%)
  • Votes against: 2,535 shares (0.001%)
  • Invalid votes: 14,562,224 shares

Item 2 - Re-appointment of Mr. Balaji Nuthalapadi:

  • Votes in favor: 678,736,562 shares (99.995%)
  • Votes against: 35,736 shares (0.005%)
  • Invalid votes: 14,562,224 shares

Item 3 - Appointment of Joint Statutory Auditors:

  • Votes in favor: 678,767,931 shares (99.999%)
  • Votes against: 4,267 shares (0.001%)
  • Invalid votes: 14,562,224 shares

Item 4 - Auditor Remuneration:

  • Votes in favor: 678,754,665 shares (99.999%)
  • Votes against: 4,747 shares (0.001%)
  • Invalid votes: 14,562,224 shares

Item 5 - Re-appointment of MD & CEO Vasudevan P N:

  • Votes in favor: 678,738,768 shares (99.995%)
  • Votes against: 36,930 shares (0.005%)
  • Invalid votes: 14,562,224 shares

Item 6 - MD & CEO Remuneration:

  • Votes in favor: 678,542,238 shares (99.966%)
  • Votes against: 228,074 shares (0.034%)
  • Invalid votes: 14,562,224 shares

Item 7 - Executive Director Remuneration:

  • Votes in favor: 678,045,566 shares (99.894%)
  • Votes against: 720,396 shares (0.106%)
  • Invalid votes: 14,562,224 shares

Item 8 - Re-appointment of Independent Director (Special Resolution):

  • Votes in favor: 676,915,225 shares (99.726%)
  • Votes against: 1,857,072 shares (0.274%)
  • Invalid votes: 14,562,224 shares

Item 9 - Debt Securities Issuance (Special Resolution):

  • Votes in favor: 678,765,335 shares (99.999%)
  • Votes against: 6,963 shares (0.001%)
  • Invalid votes: 14,562,224 shares

Item 10 - QIP Approval (Special Resolution):

  • Votes in favor: 651,057,416 shares (95.917%)
  • Votes against: 27,714,842 shares (4.083%)
  • Invalid votes: 14,562,224 shares

Category-wise Voting Breakdown:

The detailed annexure shows voting patterns across promoter, public institution, and public non-institution categories for each resolution. Notably, promoter and promoter group shareholders did not participate in voting for any resolution.

Scrutinizer's Role and Findings

CS A Mohan Kumar of M/s Mohan Kumar & Associates was appointed as Scrutinizer by the Board of Directors at their meeting held on June 24, 2026. The scrutinizer carried out scrutiny of all remote electronic votes and e-votes cast during the AGM and submitted the report on September 10, 2026.

The scrutinizer confirmed that all resolutions were passed with the required majority. The electronic data and all relevant records relating to e-voting were handed over to the Company Secretary for preservation after the Chairman approves and signs the minutes of the AGM.

Compliance with Laws and Regulations

The voting process was conducted in compliance with:

  • Section 108 of the Companies Act, 2013
  • Rule 20 of the Companies (Management and Administration) Rules, 2014
  • Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  • Various MCA General Circulars and SEBI Circulars referenced in the document

The notice of AGM was sent to shareholders via email on August 10, 2026, and was also uploaded on the Bank's website and stock exchange websites.

Special Note on Franklin Templeton Voting Rights

The report includes a specific note regarding Franklin Templeton Asset Management (India) Private Limited, which holds 6.26% of total equity capital but has been restricted by RBI (letter No. DOR.HOL.NO.S5872/16.02.022/2022-23 dated December 14, 2022) from exercising voting rights beyond 5% of total voting rights pending appellate proceedings/investigations related to the closure of six debt schemes. Consequently, their voting was considered valid only up to 4.99% of voting rights.