Event Summary

Magellanic Cloud Limited held an Extra Ordinary General Meeting (EGM) on Friday, July 24, 2026, at 12:00 noon IST through Video Conferencing/Other Audio Visual Means (VC/OAVM). The meeting was conducted in compliance with General Circular 03/2025 dated September 22, 2025, other MCA circulars, SEBI circulars, the Companies Act, 2013, and SEBI Listing Regulations.

Meeting Proceedings

The EGM was chaired by Mr. Joseph Sudheer Reddy Thumma, Managing Director. The following directors and key managerial personnel attended:

  • Mr. Joseph Sudheer Reddy Thumma (Chairman and Managing Director)
  • Mr. Jagan Mohan Reddy Thumma (Managing Director)
  • Mr. Ameeruddin Syed (Whole Time Director)
  • Mr. Narasimha Rao Chundu (Non-Executive, Independent Director)
  • Mr. Pratik Harishbhai Bhatt (Chief Financial Officer)
  • Mr. Sameer Rajkumar Lalwani (Company Secretary & Compliance Officer)

Representatives from Statutory Auditors M/s SGCO & Co, LLP, Secretarial Auditors, and Scrutinizer Deep Shukla & Associates were also present.

Remote e-voting was conducted through CDSL from July 21, 2026 (9:00 AM) to July 23, 2026 (5:00 PM), with additional voting available for 15 minutes post-EGM conclusion. The cutoff date for determining voting rights was July 17, 2026.

The meeting concluded at 12:21 PM IST.

Voting Results

Resolution 1: Issue of Equity Shares and Convertible Warrants on Preferential Basis

  • Type: Special Resolution
  • Description: Issue of 3,69,28,573 Equity Shares and 12,67,00,000 Convertible Warrants on preferential basis
  • Votes in Favor: 381,573,889 votes (90.22%)
  • Votes Against: 41,369,082 votes (9.78%)
  • Invalid Votes: None
  • Result: PASSED

Resolution 2: Increase NRI/OCI Investment Ceiling

  • Type: Special Resolution
  • Description: Approval to increase aggregate ceiling from 10% to 24% for investment by Non-Resident Indians (Repatriable) and Overseas Citizens of India
  • Votes in Favor: 381,769,489 votes (90.27%)
  • Votes Against: 41,173,481 votes (9.73%)
  • Invalid Votes: None
  • Result: PASSED

Resolution 3: Approval of Related Party Transactions under Section 185

  • Type: Special Resolution
  • Description: Approval of transactions with:

A) MCRAY Xtend India Private Limited

B) Scandron Private Limited

C) Motivity Labs Private Limited

  • Votes in Favor: 63,401,553 votes (14.99%)
  • Votes Against: 41,202,379 votes (9.74%)
  • Invalid Votes: 318,338,836 votes (75.27%) from 5 members
  • Result: NOT PASSED (Failed to secure requisite 75% majority)