Banas Finance Limited shareholders approved all resolutions proposed at the 43rd Annual General Meeting held on September 24, 2026. The company disclosed the consolidated voting results and the scrutinizer's report to BSE Limited on September 26, 2026.

The meeting, conducted via video conferencing, saw the approval of standalone and consolidated audited financial statements for FY26. Shareholders further ratified the appointment of M/s Jay Bhatt & Associates as Secretarial Auditors for a five-year term ending in FY32. The reappointment of Vikash Kulhriya as an Independent Director for a second term was also confirmed with overwhelming support.

Key resolutions passed

The board recommended and shareholders approved several ordinary and special resolutions. The reappointment of Girraj Kishor Agrawal as a director retiring by rotation was also passed. All resolutions received approval with requisite majority, as detailed in the scrutinizer's report.

Voting pattern analysis

The voting data reveals a distinct pattern between promoter holdings and public participation. For four of the five agenda items, including financial statements and director appointments, the Promoter and Promoter Group voted 100% in favor. The Public-Non-Institutional shareholders polled votes representing approximately 32.76% of their total holdings, with over 99.97% of those votes cast in favor across these items.

However, Agenda 5, concerning related party transactions, showed a different dynamic. The promoters, who are interested in this resolution, abstained from voting entirely. Consequently, the outcome relied solely on public shareholders. The public non-institutional investors again voted overwhelmingly in favor, with 99.9763% support among those who participated.

Detailed vote counts

The consolidated scrutinizer's report provides specific breakdowns of votes cast through remote e-voting and live e-voting during the meeting. For the adoption of financial statements (Item 1), a combined total of 45,357,215 valid votes were cast. Of these, 45,352,113 votes were in favor, representing 99.9888% of the total valid votes. Only 5,102 votes were cast against this resolution.

A similar pattern emerged for the reappointment of Girraj Kishor Agrawal (Item 2) and the appointment of M/s Jay Bhatt & Associates (Item 3). In both cases, the combined valid votes stood at 45,357,215, with approximately 99.9888% in favor. The reappointment of Vikash Kulhriya (Item 4) also secured 99.9888% support from the same pool of valid votes.

For the approval of related party transactions (Item 5), where promoters abstained, the total valid votes dropped to 21,546,427. Support remained high at 99.9763%, with 21,541,323 votes in favor and 5,104 votes against.

Details on new appointments

Vikash Kulhriya, who possesses extensive experience in finance and audit including statutory audits of banks, will serve his second term as an Independent Director. His tenure runs from the conclusion of this AGM until the AGM in FY32.

M/s Jay Bhatt & Associates, a practicing company secretary firm registered with the Institute of Company Secretaries of India, has been appointed as Secretarial Auditor. They will conduct secretarial audits for five years, covering compliance with Companies Act, SEBI regulations, and stock exchange requirements.

Meeting proceedings and attendance

A total of 88 members attended the meeting virtually, comprising 3 from the Promoter Group and 85 from the Public category. The board was represented by Executive Director Girraj Kishor Agrawal, who served as Chairman, and Executive Director and CEO Tanu Agrawal. Three independent directors were present: Ashish Kacchara, Vikash Kulhriya, and Mayank Borana. Non-executive director Anant Chourasia also attended.

Key managerial personnel included Chief Financial Officer Praveen Jangid and Company Secretary Prajna Prakash Naik. The Chairman delivered a welcome speech detailing business activities for FY26, though specific revenue and profit figures were not disclosed in the public proceedings summary.

Voting and compliance details

Voting at the AGM was conducted through the National Securities Depository Limited e-voting portal. Members who had not cast their votes during the remote e-voting window were given an additional 30 minutes after the meeting's conclusion to vote live. The scrutinizer’s report and final voting results have been displayed on the company’s website and communicated to BSE Limited.

What the numbers show

The voting results highlight a high concentration of promoter influence alongside strong public consensus. Promoters hold 23,810,788 shares, constituting roughly 26.6% of the total outstanding shares (89,577,673). Their unanimous support for key governance matters ensures stability. Meanwhile, the low dissent rate among participating public shareholders (less than 0.03% against) suggests minimal opposition to the management's proposals, even in sensitive areas like related party transactions where promoters recused themselves.

Banas Finance Limited reported a standalone net profit of ₹66.25 crore for the fiscal year ended March 31, 2026, marking a significant turnaround from the net loss of ₹59.84 crore recorded in FY25. The company’s total revenue increased by 36.8% year-on-year to ₹594.97 crore, reflecting robust performance across its core finance activities and share trading segments.

The Mumbai-based non-banking financial company (NBFC) scheduled its 43rd Annual General Meeting (AGM) for September 24, 2026, to adopt these financial results. The meeting will also address key governance matters, including the reappointment of directors and approval of related party transactions.

Financial Performance Highlights

The company's operational revenue stood at ₹572.32 crore, up from ₹432.27 crore in the previous year. This growth was primarily driven by income from finance activities, which surged to ₹221.08 crore from ₹79.97 crore in FY25. Income from share trading remained stable at ₹351.24 crore.

Other income contributed ₹22.65 crore to the total revenue, a sharp increase from ₹2.55 crore in FY25. This boost was largely due to a profit on the sale of investments amounting to ₹18.27 crore. The company recorded a profit before tax of ₹123.99 crore, compared to a loss before tax of ₹175.91 crore in the prior year.

Balance Sheet and Capital Structure

As of March 31, 2026, Banas Finance’s total assets decreased to ₹1,361.66 crore from ₹1,707.62 crore in FY25. This reduction was driven by a decline in investments, which fell to ₹976.47 crore from ₹1,249.83 crore. Cash and cash equivalents also declined to ₹25.51 crore from ₹46.07 crore.

The company’s equity share capital remained unchanged at ₹895.78 crore. However, the authorized share capital was increased during the year from ₹103.30 crore to ₹203.30 crore. Borrowings decreased marginally to ₹5.87 crore from ₹8.60 crore. The net owned fund for the NBFC was reported at ₹656.68 crore.

Corporate Governance and AGM Agenda

The AGM will convene via Video Conferencing or Other Audio Visual Means. Shareholders will vote on the adoption of the Standalone and Consolidated Audited Financial Statements for FY26. Key resolutions include:

• Reappointment of Mr. Girraj Kishor Agrawal as a Director.
• Reappointment of Mr. Vikash Kulhriya as an Independent Director for a second term.
• Appointment of M/s Jay Bhatt & Associates as Secretarial Auditor for five years.
• Approval of related party transactions with entities including Tilak Ventures Limited and Kayaguru Jewels Limited, with borrowing limits capped at ₹5.90 crore per entity.

Remote e-voting will be available from September 21 to September 23, 2026. The cut-off date for voting rights is September 17, 2026.

What the Numbers Show

The turnaround in profitability is largely attributable to improved operational efficiency and gains from investment sales rather than just core lending growth. While finance activity income more than doubled, the significant contribution from other income (₹22.65 crore) indicates that non-operational factors played a crucial role in the bottom-line recovery. The reduction in total assets suggests a consolidation phase or deleveraging strategy, with the company maintaining a healthy net owned fund position relative to its liabilities.