Jagsonpal Services Limited has initiated a postal ballot to seek shareholder approval for a ₹10 crore Business Transfer Agreement (BTA) with Elanistech Private Limited, a related party. The transaction involves the acquisition of software platforms, assets, brands, intellectual property, and human resources on a going-concern basis.

The remote e-voting period commenced on October 8, 2026, and will conclude on November 6, 2026. The notice was dispatched electronically to members whose names appeared in the Register of Members as of the cut-off date, October 1, 2026. This move follows the company's recent name change from Jagsonpal Finance and Leasing Limited to Jagsonpal Services Limited, effective September 29, 2025.

Transaction details and related party status

The proposed acquisition is classified as a material Related Party Transaction (RPT) under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Elanistech Private Limited is considered a related party because Mr. Karthik Srinivasan, the Chairman, Managing Director, and Chief Financial Officer of Jagsonpal Services, is also a director and shareholder in Elanistech.

Mr. Srinivasan holds a direct shareholding of 99.99% in Elanistech Private Limited. The consideration of ₹10 crore is payable in one or more tranches on an arm's length basis. The company stated that no advance was paid or received in the transaction as of the filing date.

Financial context and prior transactions

Jagsonpal Services reported nil turnover for the financial year ended March 31, 2026. Consequently, the value of the proposed transaction cannot be expressed as a percentage of the company's annual consolidated turnover. However, the transaction represents approximately 387.60% of Elanistech Private Limited's annual consolidated turnover for the immediately preceding financial year.

Elanistech Private Limited reported a turnover of ₹2.58 crore and a Profit After Tax of ₹0.47 crore in FY26. Its net equity value stood at ₹114.86 crore. In the previous financial year, Jagsonpal Services had entered into transactions with Elanistech amounting to ₹72.48 crore for the purchase of services.

What the numbers show

A significant divergence exists between the historical service purchases and the current asset acquisition. While Jagsonpal Services purchased services worth ₹72.48 crore from Elanistech in FY26, it reported nil turnover itself. The current proposal to acquire assets for ₹10 crore suggests a strategic shift towards internalizing capabilities previously outsourced. Given that the promoter holds nearly 100% stake in the seller, the pricing mechanism relies heavily on commercial evaluation and benchmarking rather than competitive bidding, as noted in the explanatory statement.

Regulatory compliance and voting

The Audit Committee and Board of Directors approved the transaction on September 29, 2026. Members are required to vote via the NSDL e-voting system. Institutional shareholders must submit scanned copies of board resolutions to the scrutinizer. The results will be declared within two working days from the conclusion of the e-voting period.

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.