Exhicon Events Media Solutions Limited adopted its audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026, during its 16th Annual General Meeting held on September 24, 2026.

The meeting, conducted physically at the company’s registered office in Pune, also approved the re-appointment of Ms. Padma Mishra as Whole Time Director and M/s. Bilimoria Mehta & Co. as statutory auditors for a five-year term.

Governance and leadership updates

Members approved the re-appointment of Ms. Padma Mishra (DIN: 07668700), who retires by rotation and offers herself for re-election. The board maintained continuity in audit oversight by reappointing Bilimoria Mehta & Co., Chartered Accountants (FRN: 101490W), to hold office from the conclusion of this AGM until the conclusion of the AGM for the fiscal year ending March 31, 2031.

The firm, established in 1977 with offices in Mumbai, Delhi, and Bangalore, provides assurance services including statutory audits, internal audits, and Ind AS/IFRS transition support. It serves listed companies across media, technology, and manufacturing sectors.

Meeting proceedings and attendance

The AGM commenced at 9:15 am and concluded at 10:00 am. Mr. Mohammad Quaim Syed, Chairman and Managing Director, presided over the session. Key managerial personnel present included Ms. Padma Mishra, Mr. Hussein Ahmad Sayed (Independent Director), and Mr. Pranjul Jain (Company Secretary & Compliance Officer).

Voting was conducted via remote e-voting and ballot papers at the venue. Mr. Pratik Bangade served as the scrutinizer. Results are to be declared within permissible timelines on the company website and CDSL platforms.

Auditor profile and compliance

Bilimoria Mehta & Co. holds Peer Review Certificate No. 017167. The reappointment complies with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The auditor relationship disclosure indicates no conflict of interest with directors.

Exhicon Events Media Solutions Ltd has executed a Joint Venture Agreement with India Exposition Mart Limited (IEML) to develop the Mohali Convention & Exhibition Centre. The project, valued at ₹75 crore, is being undertaken through a special purpose vehicle on a public-private partnership model with the Government of Punjab.

Under the agreement signed on September 21, 2026, Exhicon agreed to transfer 35% of its wholly owned subsidiary, Exhicon Mohali Convention Centre Private Limited (EMCCPL), to IEML. The consideration for the 52,500 equity shares is ₹5,25,000. Following the transfer, which remains subject to dematerialisation and regulatory formalities, EMCCPL will cease to be a wholly owned subsidiary but will continue as a subsidiary of Exhicon.

Strategic Rationale and Sector Context

The partnership aims to strengthen both companies' foothold in India's growing MICE (Meetings, Incentives, Conferences, and Exhibitions) sector. The Mohali Convention & Exhibition Centre is being developed at IT City, Sector 83, Mohali, Punjab. Phase 1 of the project is designed to create a modern, large-scale venue addressing the region's current undersupply of world-class MICE facilities.

For Exhicon, the deal offers capital-efficient growth by bringing in a strategic partner to co-fund and de-risk a large-scale infrastructure project. This reduces the capital burden on the parent company while retaining majority (65%) ownership and control. IEML gains a strategic entry into the fast-growing Punjab-Chandigarh tri-city market, extending its presence beyond existing venues. Padma Mishra, Whole Time Director at Exhicon, stated that the partnership extends their reach into Punjab’s growing MICE industry. Mukesh Gupta, Director of IEML, described it as an important milestone in building a pan-India MICE network.

Governance and Ownership Structure

The Joint Venture Agreement outlines the rights and obligations of both partners regarding the ownership, management, and funding of EMCCPL. The post-transfer shareholding structure establishes a clear majority control for Exhicon while granting IEML significant minority protections.

Key Terms of the Agreement

The agreement stipulates that the Board of EMCCPL will comprise three directors. Exhicon retains the right to nominate two directors, while IEML may nominate one. This right continues as long as the respective partner holds at least 25% of the paid-up share capital. Specified affirmative-vote matters require prior written consent from IEML, ensuring minority protection in critical decisions.

Future capital requirements for the project will be contributed by the JV partners in proportion to their respective shareholdings through rights issues. The share transfer is governed by pre-emptive rights and other restrictions contained within the JVA. The JVA was approved by Exhicon's Corporate Restructuring and Investment Committee.

What the Numbers Show

A notable divergence exists between the nominal equity transfer value and the total project cost. While the consideration for the 35% stake is merely ₹5,25,000, the projected cost of the convention centre is ₹75 crore. This disparity suggests that the initial equity contribution is minimal relative to the overall capital expenditure, implying that the bulk of the funding will likely be raised through debt or future proportional capital calls as outlined in the agreement. Additionally, EMCCPL was incorporated in April 2026 and contributed no revenue or net worth to Exhicon in FY26, indicating the venture is in its nascent stage.