Avalon Technologies has scheduled its 27th Annual General Meeting (AGM) for September 28, 2026. The meeting will be conducted through Video Conferencing or Other Audio Visual Means (VC/OAVM). Shareholders holding shares as of the record date of September 21, 2026, are eligible to vote.

The notice outlines several key resolutions regarding the composition of the Board of Directors. The company seeks shareholder approval for the appointment of Mr. CG Balaji as an Independent Director. He will serve a term of five consecutive years starting from September 3, 2026. Mr. Balaji brings over 25 years of experience in enterprise technology governance and digital transformation.

Additionally, the company proposes the reappointment of two existing Independent Directors for their second terms:

• Mr. Venkataramani Anantharamakrishnan, whose current term ends on July 6, 2027. His new five-year term will commence on July 7, 2027.
• Mr. Byas Unnikrishnan Nambisan, whose current term ends on July 18, 2027. His new five-year term will begin on July 19, 2027.

Leadership and Remuneration

The AGM will also address the reappointment of Mr. Kunhamed Bicha as Chairman and Managing Director. Currently serving since July 12, 2022, Mr. Bicha is eligible for reappointment for a further period of five years, effective from July 12, 2027.

The proposed remuneration structure for Mr. Bicha for FY27 includes an annual fixed remuneration of ₹2.75 crore. This figure comprises basic salary, house rent allowance, other allowances, and perquisites. In addition to fixed pay, he is eligible for a performance-linked incentive capped at ₹1.5 crore for FY27, payable in FY28. The actual payout will depend on company and individual performance metrics.

E-Voting Process

The company has enabled remote e-voting for all resolutions. The e-voting window opens on September 24, 2026, at 9:00 am and closes on September 27, 2026, at 5:00 pm. Members can cast their votes electronically via the Central Depository Services Limited (CDSL) platform. Those who have already voted remotely will not be able to vote again during the virtual meeting.

Avalon Technologies has secured board approval for a joint venture with Germany-based Zollner Elektronik AG to establish a manufacturing platform in India. The new entity, to be named Zollner Avalon Private Limited, will initially see Zollner holding a 51% stake while Avalon retains 49%.

Partnership details

The collaboration was approved by the Board of Directors at its meeting held on September 3, 2026. The joint venture aims to create a long-term India-based manufacturing and services platform dedicated to printed circuit board assembly (PCBA), box-build, and system integration.

The venture will also cover testing, validation, industrialization support, sourcing, supply-chain coordination, logistics, and related after-sales services. Manufacturing operations are intended to be restricted to India, supporting domestic business, exports from India, and selected multi-region or global customer programs.

Governance and future options

Initially, the company will be incorporated as a wholly owned subsidiary of Avalon Technologies. Following incorporation, Zollner will subscribe to equity shares representing 51% of the issued and paid-up share capital.

Under the terms of the Joint Venture Agreement, Avalon may elect to acquire an incremental 2% stake in the company after the third anniversary of the date on which the company commences commercial production at its manufacturing facilities. This call option would allow Avalon to own 51% of the company, subject to the price determination methodology set forth in the agreement.

Board representation is structured such that the 51% shareholder has the right to appoint three directors, while the 49% shareholder can appoint two directors. Standard pre-emptive rights for new share issuances and right of first refusal for share transfers are also included in the agreement.