Avantel Limited shareholders approved a final dividend of ₹0.20 per equity share for the financial year ended March 31, 2026, at its 36th Annual General Meeting held on June 24, 2026. The meeting, conducted via video conferencing, saw the re-appointment of M/s. Grandhy & Co., Chartered Accountants, as statutory auditors and the appointment of two new independent directors. All nine resolutions on the agenda were passed with the requisite majority, including approvals to increase borrowing limits and create charges on company assets.

The re-appointment of M/s. Grandhy & Co. as statutory auditors was approved for a second term. The firm, a Peer Reviewed entity established in 1976, is empanelled with regulatory authorities such as RBI, CAG, and NABARD. Shareholders also ratified the remuneration payable to cost auditors for the financial year 2026-27.

Dr. Tamilmani Kandasamy (DIN: 07617444) and Mr. Lakshminarasimha Acharyulu Muktevi (DIN: 02118771) were appointed as independent directors for a term of five years commencing from April 26, 2026, to April 25, 2031. Dr. Kandasamy is a former Director General (Aeronautics) at DRDO with over four decades of experience in defence research, while Mr. Muktevi brings over 40 years of corporate management experience across infrastructure and financial services.

Special resolutions to increase the company's borrowing limits under Section 180(1)(c) of the Companies Act, 2013, and to create charges on movable and immovable properties under Section 180(1)(a) were also approved. These resolutions received significant support, though public institutions voted against them, with approximately 70% of institutional votes cast against the borrowing limit increase.

Voting Summary for Key Resolutions

The scrutinizer's report confirmed that the remote e-voting facility was available from June 21 to June 23, 2026, and e-voting was conducted during the AGM on June 24, 2026. A total of 133 shareholders attended the meeting through video conferencing, comprising 5 from the promoter group and 128 from the public.

Independent Director Myneni Narayana Rao ceased to be a director of Avantel effective the close of business hours on June 24, 2026, following the completion of his second consecutive term. The cessation was intimated to the stock exchanges via a regulatory filing submitted on the same date.

The Board of Directors of Avantel Limited recorded its appreciation for the guidance and contributions made by Mr. Rao during his tenure. The company clarified that the cessation was solely due to the completion of his term and not due to resignation or any other reason.

The disclosure was made in compliance with Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing included specific details regarding the director's cessation as required by SEBI Circular No. SEBI/HO/CFD/CFDPoD-1/P/CIR/2023/123 dated July 13, 2023.

Details of Director Cessation