Aequs Limited released the final scrutinizer’s report for its 26th Annual General Meeting held on September 4, 2026. While shareholders approved all 12 resolutions, including a new restricted stock unit plan, the data reveals notable opposition from public institutional investors on specific governance and compensation items.

The virtual meeting, chaired by Executive Chairman & CEO Aravind S Melligeri, concluded at 5:11 pm with 41 members in attendance. Co-Founder & Managing Director Rajeev Kaul addressed operational performance during the session.

Key Resolutions Passed

Shareholders voted on several ordinary and special business items. The board sought approval for adopting the audited financial statements for FY26. No qualifications or adverse remarks were noted by statutory auditors B S R & Co. LLP in their reports.

Governance and Compensation

The most significant special resolutions concerned employee compensation structures. Shareholders approved the 'Aequus Restricted Stock Unit Plan 2026'. This includes granting RSUs to employees of subsidiary and associate companies. The resolution also permits using shares already held by the Aequus Stock Option Plan Trust.

Additionally, the board secured approval to amend the "Aequus Employee Stock Option Plan 2025". Benefits under this existing plan will now extend to employees of associate companies.

Strategic and Operational Approvals

Other notable approvals included:

• Appointment of Mr. Rajeev Kaul as a director liable to retire by rotation
• Appointment of BMP & Co. LLP as secretarial auditors
• Approval of material related-party transactions with Aequus SEZ Private Limited
• Change in the main object clause of the Memorandum of Association

Voting Analysis

The consolidated scrutinizer’s report, submitted by BMP & Co. LLP on September 7, 2026, provides a detailed breakdown of the voting patterns. Total votes polled stood at 548,236,353, representing 81.74% of outstanding shares.

*Excluding promoter votes which were zero due to conflict of interest.

Promoter and promoter group shareholders, holding 396,282,820 shares, voted in favour of every resolution where they were not conflicted. Their participation rate was near-universal at 99.98%.

Public non-institutional investors also showed strong support, with over 99% of their polled votes cast in favour across most resolutions. However, public institutional investors displayed more selective approval.

What the Numbers Show

The divergence between promoter/non-institutional support and institutional dissent is most visible in the compensation-related special resolutions. For the adoption of the 'Aequus Restricted Stock Unit Plan 2026' (Resolution 4), public institutions voted 90.03% in favour, meaning nearly 10% opposed the plan. This contrasts sharply with the 100% support from promoters and 99.76% from public non-institutions.

Similarly, the appointment of Mr. Rajeev Kaul (Resolution 2) saw 4.84% opposition from public institutions, compared to negligible resistance elsewhere. This suggests institutional investors may be exercising greater scrutiny on governance and dilution-adjacent matters, while broadly aligning with management on strategic direction.

Meeting Details

The Company Secretary confirmed that remote e-voting was available. Members present who had not voted electronically were given the opportunity to vote during the meeting and for 15 minutes after its conclusion. The results are now filed based on the scrutinizer's report.

Aequs has appointed Ms. Reenah Simon Joseph as Chief Financial Officer, effective August 31, 2026. The Board of Directors approved the move on August 29, 2026.

The appointment follows recommendations from the Nomination and Remuneration Committee and the Audit Committee. It complies with Regulation 30 of the SEBI Listing Regulations and the Companies Act, 2013.

Key Managerial Personnel Details

Ms. Joseph joins as a Key Managerial Personnel (KMP). Her term is defined by her appointment letter.

Professional Background

Ms. Joseph brings approximately 19 years of experience in finance and corporate strategy. She most recently served as Deputy Group CFO and Head of Corporate Finance, M&A, and Investor Relations at PDS Limited.

Her earlier roles include Chief Corporate Finance & Investor Relations at Future Group and Senior Analyst in the Investment Banking Division at Credit Suisse Securities.

She holds an MBA in Finance from ICFAI Business School, Pune. Her expertise covers capital markets, fundraising, M&A, investor relations, financial governance, FP&A, business transformation, strategic planning, performance management, and stakeholder management.