HLV Limited has successfully completed its postal ballot process for the re-appointment of Mr. Ashok Girdharidas Rajani as an Independent Director. The company announced the results on March 20, 2026, following the completion of the e-voting process that concluded on March 19, 2026.

Postal Ballot Results Overview

The resolution seeking approval for Mr. Ashok Rajani's re-appointment as Independent Director received overwhelming shareholder support. The special resolution was passed with requisite majority, with shareholders demonstrating strong confidence in the appointment.

Voting Process and Timeline

The postal ballot was conducted entirely through electronic voting, with no physical meeting held. The e-voting platform was provided by NSDL (National Securities Depository Limited), ensuring a secure and transparent voting process.

Detailed Voting Results

The voting results demonstrated strong support across all shareholder categories. The resolution received 258468625 votes in favor, representing 99.96% of the total valid votes cast.

Regulatory Compliance and Documentation

The postal ballot process was conducted in full compliance with regulatory requirements. RAAM & Associates LLP, Company Secretaries, served as the scrutinizer for the voting process, ensuring transparency and adherence to prescribed procedures.

The company published the postal ballot notice in Free Press Journal (English Daily) and Nav Shakti (Marathi Daily) on February 17, 2026. The notice was also made available on the company's website and stock exchange platforms as required under SEBI regulations.

Corporate Governance Enhancement

The successful re-appointment of Mr. Ashok Rajani strengthens HLV Limited's board composition and corporate governance framework. The overwhelming shareholder support reflects confidence in the company's leadership structure and strategic direction. The voting results and scrutinizer's report have been made available on the company's website and NSDL platform for stakeholder reference.

HLV Limited submitted newspaper clippings of its financial results for the third quarter and nine months ended December 31, 2025 to stock exchanges under Regulation 47 of SEBI (LODR) Regulations 2015. The hospitality company published its results in Free Press Journal (English Daily) and Navshakthi (Marathi Daily) on February 13, 2026.

Financial Performance Overview

The company's financial performance for Q3FY26 showed resilience with a net profit of Rs 687 lakhs compared to Rs 1,027 lakhs in the corresponding quarter of the previous year. However, the nine-month period reflected challenges with a net loss of Rs 652 lakhs against a profit of Rs 1,538 lakhs in the previous year.

Nine-Month Performance Analysis

The nine-month performance revealed operational challenges, with the company reporting a net loss of Rs 652 lakhs for the period ended December 31, 2025, compared to a profit of Rs 1,538 lakhs in the corresponding period of the previous year. Total income declined to Rs 14,661 lakhs from Rs 15,495 lakhs, representing a decrease of 5.38%.

Regulatory Compliance and Publication

Company Secretary Sucheta Chaturvedi submitted the newspaper clippings to BSE Limited (Scrip Code: 500193) and National Stock Exchange of India Limited (Scrip Code: HLVLTD) on February 13, 2026. The submission was digitally signed and filed pursuant to regulatory requirements for public disclosure of financial results.

Board Appointments and Governance

The Board of Directors approved the re-appointment of Mr. Ashok Rajani as Independent Director for a five-year term effective March 30, 2026 to March 29, 2031, subject to shareholder approval. Mr. Rajani, aged 77 years with a B.Com qualification, brings over five decades of experience in textile industries, management, and operations.

Operational Challenges and Legal Disputes

The company continues to face significant legal challenges with Airports Authority of India (AAI) regarding lease agreements. The auditor's report highlighted disputed amounts of Rs 543 lakhs for the quarter and Rs 17,009 lakhs cumulatively up to December 31, 2025, related to enhanced rental demands for the Mumbai hotel. Additionally, AAI has claimed Rs 80,705 lakhs as of January 31, 2019, towards rent and minimum guarantee amounts for an 11,000 sq. mtrs land lease where a proposed hotel was not constructed.

The company has prepared its financial results on a going concern basis, assuming favorable judgments and settlements in ongoing disputes with AAI, including lease renewals. The Supreme Court of India dismissed a case filed by Resources Aviation Redressal Association (ROAR) on December 18, 2025, regarding the granting of adhoc lease extensions.