Jindal Leasefin Limited held its 32nd Annual General Meeting on September 29, 2026, in New Delhi. The company adopted audited financial statements for the fiscal year ended March 31, 2026, and re-appointed Surender Kumar Jindal as Managing Director.

The meeting, chaired by Jindal, confirmed the absence of qualifications or reservations in the Independent Auditor's Report. However, the Chairman read out the qualifications and reservations noted by the Secretarial Auditor for the same period. This distinction highlights the difference between financial accuracy and procedural compliance during the reporting year.

Resolutions Passed

Shareholders approved the following key items of business:

• Adoption of the Audited Financial Statements for FY26, along with the Board of Directors' report and Auditors' report.
• Re-appointment of Surender Kumar Jindal (DIN: 00130589) as Managing Director, who retired by rotation and offered himself for re-appointment.
• Appointment of Asha Hardikkumar Sukhadiya (DIN: 11721706) as a Non-Executive Independent Director for a term of five consecutive years.

Voting and Scrutiny Process

The company utilized remote e-voting facilities from September 26 to September 28, 2026. Parveen Kumar Rastogi, a Practicing Company Secretary, served as the Scrutinizer to oversee the voting process through both remote e-voting and ballot at the meeting. The voting results will be uploaded to the company website and the Central Depository Services (India) Limited (CDSL) platform.

Meeting Details

The Chairman addressed shareholder queries regarding the company's financial performance and future outlook before formally closing the meeting.

Jindal Leasefin Limited announced the withdrawal of an open offer by Tirupati Agrotech Private Limited after the Reserve Bank of India (RBI) refused to approve the proposed change in management. The regulatory rejection halts the acquisition of control involving 26% of the company's equity shares.

The RBI communicated its decision on September 22, 2026, stating it did not accede to the request for the change in management. This development follows an application made by Tirupati Agrotech Private Limited to acquire control of the target company through the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Regulatory Hurdle and Offer Withdrawal

The open offer was structured to acquire 782,314 equity shares, representing 26% of the total paid-up equity capital of Jindal Leasefin. Due to the non-approval from the RBI, the proposed acquisition of control cannot proceed. Consequently, the open offer stands withdrawn in terms of Regulation 23 of the SEBI SAST Regulations, 2011.

Impact on Control Structure

The failure to secure regulatory clearance for the change in management effectively preserves the current control structure of Jindal Leasefin. The acquirer had initiated the process under the SEBI SAST Regulations, but the central bank's authority over NBFCs and financial entities proved decisive in blocking the transition.

What the Numbers Show

The withdrawal highlights the critical dependency of financial sector acquisitions on regulatory nod for management changes. The 26% stake sought by Tirupati Agrotech represented a significant shift in ownership, yet the transaction's viability was entirely contingent on RBI approval rather than shareholder acceptance or financial terms alone.