HFCL Limited has extended the deadline for completing the sale of its entire equity stake in Nivetti Systems Private Limited. The new completion date is December 31, 2026, replacing the previously communicated target of September 30, 2026.

The extension follows an addendum to the Share Purchase Agreement (SPA) executed on October 1, 2026. The original agreement was entered into among HFCL, Trinity Tech Solutions (the buyer), and Nivetti Systems Private Limited. The transaction involves the sale of 2,17,594 equity shares, representing the company's complete holding in the subsidiary.

Regulatory disclosures

The company filed this update under Regulation 30 of the SEBI Listing Regulations. All other terms disclosed in previous intimations remain unchanged. The filing references compliance with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026.

This procedural update clarifies the timeline for divesting non-core assets. The shift provides additional time for regulatory approvals or transactional formalities required to finalize the transfer of ownership.

HFCL Limited concluded its 39th Annual General Meeting on September 29, 2026, with shareholders approving all seven resolutions placed before them. The meeting was conducted entirely through Video Conferencing and Other Audio Visual Means, adhering to regulatory guidelines for virtual shareholder gatherings.

During the proceedings, members adopted the audited standalone and consolidated financial statements for the financial year ended March 31, 2026. The Board’s report and the statutory auditors’ reports were also approved. The auditors confirmed that their reports contained no qualifications or adverse remarks affecting the company’s functioning.

Dividend and Director Reappointment

Shareholders approved a dividend of ₹0.20 per equity share, representing a 20% payout on the face value of ₹1 per share for FY26. Additionally, Mr. Arvind Kharabanda, Non-Executive Director, was reappointed following his retirement by rotation. He is aged 79 years and offered himself for reappointment as eligible.

Related Party Transactions

The meeting addressed several special business items concerning material related party transactions involving HTL Limited, a material subsidiary of HFCL. These approvals cover modifications and new transactions for both FY27 and FY28.

Meeting Proceedings and Voting

Mr. Mahendra Nahata, Managing Director, presided over the meeting after being elected as Chairman. The quorum was confirmed by President and Company Secretary Mr. Manoj Baid, who noted that 87 members attended the virtual session. Voting was conducted electronically via the National Securities Depository Limited (NSDL) platform. Remote e-voting had commenced on September 26, 2026, and closed on September 28, 2026, while live e-voting remained open for 30 minutes post-meeting.

The Managing Director provided an overview of the company’s financial performance for FY26 and its future outlook. Twenty-two shareholders registered as speakers, and queries received prior to the meeting were addressed by management. The scrutinizer, Mr. Baldev Singh Kashtwal, announced the combined voting results on October 1, 2026.

What the Numbers Show

The voting data reveals a distinct divergence in shareholder sentiment between routine financial approvals and directorial appointments. While the adoption of financial statements and the declaration of dividend received overwhelming support with 99.99% votes in favour, the special resolution for the reappointment of Mr. Arvind Kharabanda attracted significant dissent. Approximately 5% of the total votes polled were cast against this resolution, primarily driven by institutional investors who voted against at a rate of 13.2%. This contrasts sharply with the near-unanimous support for related party transactions involving HTL Limited, which passed with over 99.98% in favour among eligible voters.