Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Meeting Details

The Forty-Fourth Annual General Meeting was held on Friday, May 29, 2026 at 11:30 AM (IST) through Video Conference (VC)/Other Audio Visual Means (OAVM) facility, deemed to be held at the Registered Office of the Company at Plot No. H-109, MIDC, Ambad, Nashik - 422 010. The meeting concluded at 1:12 PM.

Voting Process and Methods

The e-voting period commenced on Tuesday, 26th May, 2026 at 9:00 AM and concluded on Thursday, 28th May, 2026 at 5:00 PM on https://evoting.kfintech.com. Shareholders holding shares as on the cut-off date of Friday, 22nd May, 2026 were entitled to vote. Remote e-voting during the e-AGM was conducted for shareholders present at the e-AGM through VC/OAVM who had not voted during the e-voting period. Votes were unblocked on Friday, 29th May, 2026 at 1:20 PM in the presence of two witnesses (CS Pratibha K. Walzade and Mansi V. Mutha).

Key Voting Outcomes

Total Shareholders on Record Date: 26,600

Total Shares Outstanding: 27,950,753

Total Votes Cast: 15,623,005 shares (55.8948% of outstanding shares)

Number of Shareholders Voting: 56

Breakdown by Category:

  • Promoter and Promoter Group: 15,144,433 shares voted (100% of their holding)
  • Public Institutions: 115 shares voted (7.626% of their holding)
  • Public Non-Institutions: 478,457 shares voted (3.7365% of their holding)

Resolution Details and Results

ORDINARY BUSINESS:

1. Adoption of Audited Standalone Financial Statements for FY2026

  • Resolution Type: Ordinary
  • Votes in Favor: 15,623,005 (100%)
  • Votes Against: 0
  • Invalid Votes: 0

2. Adoption of Audited Consolidated Financial Statements for FY2026

  • Resolution Type: Ordinary
  • Votes in Favor: 15,623,005 (100%)
  • Votes Against: 0
  • Invalid Votes: 0

3. Retirement of Mr. Shriprakash Shukla (DIN: 00007418)

  • Resolution Type: Ordinary
  • Votes in Favor: 15,623,005 (100%)
  • Votes Against: 0
  • Invalid Votes: 0
  • Note: Retired by rotation, not seeking re-appointment due to superannuation

4. Re-Appointment of B S R & Co. LLP as Statutory Auditors

  • Resolution Type: Ordinary
  • Votes in Favor: 15,623,005 (100%)
  • Votes Against: 0
  • Invalid Votes: 0
  • Term: 5 consecutive years from conclusion of 44th AGM until conclusion of 49th AGM for FY2030-31

SPECIAL BUSINESS:

5. Re-Appointment of Mr. Ramesh Ramachandran as Managing Director

  • Resolution Type: Special
  • Votes in Favor: 15,623,005 (100%)
  • Votes Against: 0
  • Invalid Votes: 0
  • Period: 3 years from 1st September, 2026 to 31st August, 2029
  • DIN: 09562621

6. Ratification of Remuneration to Cost Auditors for FY2026-27

  • Resolution Type: Ordinary
  • Votes in Favor: 15,623,005 (100%)
  • Votes Against: 0
  • Invalid Votes: 0

7. Appointment of Mr. Balram Singh Yadav as Independent Director

  • Resolution Type: Special
  • Votes in Favor: 15,623,005 (100%)
  • Votes Against: 0
  • Invalid Votes: 0
  • Category: Non-Executive & Independent Director
  • Period: 5 consecutive years from 21st April, 2026 to 20th April, 2031
  • DIN: 00294803
  • Not liable to retire by rotation

8. Appointment of Dr. Purvi Mehta Bhatt as Independent Director

  • Resolution Type: Special
  • Votes in Favor: 15,623,005 (100%)
  • Votes Against: 0
  • Invalid Votes: 0
  • Category: Non-Executive and Independent Director
  • Period: 5 consecutive years from 21st April, 2026 to 20th April, 2031
  • DIN: 01596457
  • Not liable to retire by rotation

9. Approval of Commission to Independent & Non-Executive Directors

  • Resolution Type: Special
  • Votes in Favor: 15,623,005 (100%)
  • Votes Against: 0
  • Invalid Votes: 0
  • Period: Three financial years from FY2025-26 to FY2027-28

10. Ratification of Material Related Party Transactions with Mahindra & Mahindra for FY2025-26

  • Resolution Type: Ordinary
  • Votes in Favor: 478,572 (100%)
  • Votes Against: 0
  • Invalid Votes: 0
  • Note: Related parties did not participate in voting process

11. Approval of Material Related Party Transactions with Mahindra & Mahindra for FY2026-27

  • Resolution Type: Ordinary
  • Votes in Favor: 478,572 (100%)
  • Votes Against: 0
  • Invalid Votes: 0
  • Note: Related parties did not participate in voting process

Scrutinizer's Role and Findings

Sujata Rajesh Rajebahadur, Company Secretary, was appointed as scrutinizer by the Board of Directors to scrutinize the remote e-voting process and e-voting during the e-AGM. The scrutinizer confirmed that all resolutions were passed with requisite majority and that the electronic data and relevant records of e-voting were handed over to the Company Secretary for safe keeping.

Compliance Confirmation

The meeting was convened in compliance with applicable provisions of the Companies Act, 2013, MCA Circulars, SEBI Circulars, and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Additional Information

NSE Symbol: MAHEPC

BSE Scrip Code: 523754

Date of Board Meeting appointing Scrutinizer: 21-04-2026

Date of Issuance of Report to company: 30-05-2026

Total number of shareholders attended through video conferencing:

  • Promoters and Promoter group: 1
  • Public: 40