Jagsonpal Services Limited shareholders approved all resolutions at the 35th Annual General Meeting held on September 29, 2026, with a 99.99% majority in favour. The virtual meeting adopted the audited financial statements for FY26 and re-appointed Rodney Pearce as Director.

The meeting commenced at 11:00 am IST with Karthik Srinivasan, Chairman, Managing Director, and Chief Financial Officer, presiding. He confirmed the requisite quorum and welcomed members to the virtual session. The registered office in Mumbai served as the deemed venue for the proceedings.

Key resolutions and attendance

The Board of Directors presented several items for shareholder approval. The statutory auditor's report on the audited financial statements for the year ended March 31, 2026, contained no qualifications, adverse comments, or reservations. This clean audit opinion signals robust compliance and accurate financial reporting for the fiscal year.

Directors present included Rodney Pearce, Non-Executive Non-Independent Director; Sugandhi Krishnan Iyer, Independent Director; Shailendra Naidu Somarouthu, Independent Director; and Satish Ramachandran, Independent Director. Pranav Chaware served as Company Secretary and Compliance Officer.

Voting process and outcomes

Voting was conducted exclusively through electronic means due to the virtual format. Remote e-voting opened on September 26, 2026, and closed on September 28, 2026. Pooja Sawarkar, Proprietor of M/s Pooja Sawarkar and Associates, acted as the scrutinizer.

The following ordinary resolutions were put to vote:

The Chairman noted that all feasible efforts were made to enable member participation. Results were scheduled for announcement within 48 hours to stock exchanges and the company website. The meeting concluded at 11:25 am IST with a vote of thanks.

Detailed voting breakdown

According to the scrutinizer's report, a total of 1,57,15,292 valid votes were cast across both resolutions. Promoters and promoter group held 1,11,24,420 shares and voted entirely in favour. Public non-institutional shareholders polled 45,90,872 votes, with 45,90,318 in favour and 554 against. No invalid votes were recorded.

The high approval ratio reflects strong shareholder alignment with the management's performance and governance standards for the fiscal year ending March 31, 2026.

Jagsonpal Services Limited board approved the acquisition of software platforms, assets, brands, IP, and human resources from Elanistech Private Limited. The transaction, valued at ₹10 crore, aims to kickstart revenue generation and align with the company's strategic objectives.

The acquisition involves a related party transaction where the promoter group holds an interest in the target entity. Mr. Karthik Srinivasan, Chairman, Managing Director, and Chief Financial Officer of Jagsonpal Services, is also a director and shareholder in Elanistech Private Limited. The company stated that the deal is conducted at arm's length and is commercially beneficial to its primary business activities.

Transaction Details

The Board of Directors approved a Business Transfer Agreement for the acquisition on September 29, 2026. The consideration is structured as cash payment in one or more tranches. The transaction is tentatively expected to be completed within three months, subject to member approval and other regulatory requirements.

Target Entity Profile

Elanistech Private Limited is incorporated in Karnataka and operates in the business of developing software related to financial services, electronic payments, and other services. The entity was incorporated recently on August 21, 2026.

What the Numbers Show

A significant divergence exists between the purchase price and the target's current financial standing. Elanistech reported nil turnover as on March 31, 2026, and a negative net worth of ₹50.80 lakh. Despite having no historical revenue over the last three years, Jagsonpal Services is paying ₹10 crore for the assets, suggesting the valuation is driven by intangible assets such as IP, software platforms, and human capital rather than existing cash flows or book value.