Jagsonpal Services Limited shareholders have approved the reallocation of funds raised through a preferential issue of equity shares, signaling strong backing for the company’s revised capital deployment strategy. The special resolution was passed with overwhelming support, receiving 99.998% of the votes polled during the remote e-voting process conducted in July 2026.

The approval allows the company to redirect capital from its earlier preferential issuance to new strategic initiatives, providing management with greater flexibility in optimizing its balance sheet and funding operations. The voting process was conducted pursuant to Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Sections 108 and 110 of the Companies Act, 2013.

Voting Details

The postal ballot notice was dispatched on July 1, 2026, with remote e-voting commencing on July 2, 2026, at 9:00 a.m. IST and concluding on July 31, 2026, at 5:00 p.m. IST. The cut-off date for determining eligible voters was June 26, 2026, with 5,092 shareholders on record.

Promoters, holding 1,11,23,735 shares, participated actively with 1,10,92,010 votes cast entirely in favor of the resolution. Public non-institutional shareholders, holding 70,80,065 shares, also showed near-unanimous support, with 45,69,702 votes polled. Only 318 votes were cast against the resolution, representing 0.002% of the total valid votes.

Scrutinizer’s Report

M/s. Pooja Sawarkar & Associates, Practising Company Secretaries, was appointed as the scrutinizer by the Board of Directors via resolution dated June 29, 2026. The scrutinizer confirmed that the e-voting facility was provided by National Securities Depository Limited (NSDL) and that the process adhered to all regulatory requirements, including MCA Circulars and SEBI guidelines.

The report noted that no invalid votes were recorded. The electronic data and relevant records have been handed over to the Company Secretary for safe preservation. Karthik Srinivasan, Chairman, Managing Director and Chief Financial Officer, signed the disclosure filed with BSE Limited on July 31, 2026.

Jagsonpal Services Limited has received approval from the Reserve Bank of India (RBI) to acquire 100% shareholding and control in Welcast Finstocks Private Limited, a Non-Banking Financial Company. The approval, conveyed via a letter dated July 2, 2026, allows the company to proceed with the acquisition subject to compliance with the Master Direction - Reserve Bank of India (Non-Banking Financial Companies - Acquisition of Shareholding or Control) Directions, 2025, and other applicable regulations.

The company had entered into a Share Purchase Agreement on August 18, 2025, to acquire Welcast and filed an application with the RBI in December 2025. In a disclosure to BSE Limited on July 3, 2026, the company confirmed it would commence the acquisition process immediately while adhering to all relevant statutory provisions.

Prior to receiving the approval, the company had initiated a postal ballot process to reallocate funds raised through a preferential issue of equity shares. The preferential issue, approved by shareholders on February 15, 2025, involved the allotment of 1,27,05,000 equity shares at a price of ₹12.50 per share, raising total proceeds of ₹15.88 crore.

The Board of Directors, based on the recommendations of the Audit Committee, had approved a revised utilization plan to address the changed business environment. The proposal involved reducing the allocation for the NBFC license to ₹5.00 crore, increasing the allocation for financial technology development to ₹7.88 crore, and raising the allocation for general corporate purposes to ₹3.00 crore. As of March 31, 2026, the company had utilized approximately ₹1.478 crore of the funds earmarked for the NBFC license.

Reallocation of Funds

The remote e-voting period for the postal ballot commences on July 2, 2026, at 9:00 a.m. IST and concludes on July 31, 2026, at 5:00 p.m. IST. The cut-off date for determining shareholder eligibility is June 26, 2026. The company has engaged National Securities Depository Limited (NSDL) to facilitate the e-voting process.