Exicom Tele-Systems Limited has officially disclosed the results of its postal ballot process under Regulation 44(3) of SEBI Listing Regulations, with shareholders overwhelmingly approving remuneration packages for two key directors. The company submitted its regulatory disclosure on April 6, 2026, following the completion of remote e-voting that concluded on April 4, 2026.

Regulatory Compliance and Process

The postal ballot was conducted in strict accordance with Section 110 of the Companies Act, 2013, and applicable SEBI regulations. The remote e-voting facility was provided by National Securities Depository Limited (NSDL), with the voting period running from March 6, 2026 (9:00 AM IST) to April 4, 2026 (5:00 PM IST).

Resolution 1: Managing Director Remuneration Approval

The first special resolution sought approval for payment of remuneration to Mr. Anant Nahata (DIN: 02216037), Managing Director and Chief Executive Officer, for the remaining period of his existing term from April 1, 2026 to July 6, 2028. The resolution received exceptional shareholder support.

Resolution 2: Whole-time Director Remuneration Approval

The second special resolution concerned approval for payment of remuneration to Mr. Vivekanand Kumar (DIN: 10244171), Whole-time Director, for the remaining period from August 21, 2026 to August 20, 2028. This resolution achieved even higher approval rates with significant promoter participation.

Scrutinizer Report and Documentation

MZ & Associates, Company Secretaries, served as the scrutinizer for the postal ballot process, with CS Mohd Zafar (Membership No. FCS 9184) submitting the comprehensive scrutinizer's report on April 6, 2026. The scrutinizer confirmed that both resolutions were passed with the requisite majority and recommended their acceptance.

The company fulfilled all regulatory requirements including publication of advertisements in Business Standard (English) and Hind Janpath (Hindi) newspapers on March 6, 2026. All voting results and scrutinizer's report have been made available on the company's website and NSDL's e-voting platform as required under applicable regulations.

Key Remuneration Provisions

The approved remuneration packages for both directors include salary, perquisites, and allowances. For the Managing Director, the package additionally includes performance-linked commission not exceeding 2% of net profits. Both resolutions provide the Board with authorization to alter remuneration within approved limits based on performance evaluation and statutory amendments, ensuring flexibility while maintaining shareholder oversight.

Exicom Tele-Systems Limited has announced an extension of the timeline for utilizing a portion of its unutilized IPO proceeds, with the Board of Directors approving the extension through a circular resolution passed on March 26, 2026. The company has extended the utilization timeline for Research & Development funds up to September 30, 2026.

IPO Proceeds Utilization Status

The company had originally proposed to utilize ₹400 crores from the IPO proceeds towards specified objects as disclosed in the Offer Documents. The current utilization status shows significant progress in fund deployment across various activities.

Extension Details and Timeline

The Board has specifically approved the extension for ₹8.83 crores that remains unutilized towards Research & Development activities. This amount will now have an extended timeline for utilization up to September 30, 2026. The company has clarified that an amount of approximately ₹0.64 crores pertaining to offer-related expenses is proposed to be fully utilized on or before March 31, 2026, towards general corporate purposes, and no extension of timeline is being sought for this portion.

Reasons for Extension

The extension in timeline for R&D utilization is primarily attributed to delays in research and product development activities. These delays have arisen due to dependencies on external collaborations and EV product rollout timelines. The company emphasized that there is no change in the objects of the issue as stated in the Offer Documents, and the present approval pertains solely to the extension of timeline for deployment of the remaining R&D funds.

Compliance and Fund Management

Exicom Tele-Systems has maintained the unutilized IPO proceeds in compliance with applicable provisions of the Companies Act, 2013 and the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The funds are currently invested in permitted interest-bearing instruments pending their utilization. The disclosure has been made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stakeholders regarding the fund utilization timeline adjustments.