Karnavati Finance Limited adopted its audited financial statements for the financial year ended March 31, 2026, during its 42nd Annual General Meeting (AGM) held on September 30, 2026. The meeting also approved the re-appointment of Jay Morzaria as Managing Director.

The AGM was conducted via video conferencing and other audio-visual means in compliance with regulatory guidelines. The session commenced at 3:30 pm and concluded at 3:52 pm IST. Remote electronic voting facilities were enabled by the National Securities Depository Limited for members present who had not voted earlier.

Key resolutions passed

Shareholders approved two ordinary resolutions during the proceedings:

1. To receive, consider, and adopt the audited financial statements for FY26, along with the Directors' and Auditors' reports.
2. To appoint a Director in place of Jay Morzaria (DIN: 02338864), Managing Director, who retired by rotation and was eligible for re-appointment.

Shareholder engagement and governance

Chairman Ashish Batavia presented the company's overall performance for FY26. Company Secretary Akanksha Rai facilitated the proceedings and introduced the board members, committee chairs, Chief Financial Officer, and authorized representatives of the statutory and secretarial auditors.

During the question-and-answer session, shareholders raised queries regarding the company's future strategy, measures to ensure transparency and corporate governance, management of liabilities and expenses, and the utilization of technology tools. Chairman Batavia and Managing Director Morzaria addressed these concerns directly.

The recorded transcript of the AGM is available on the company's website for shareholder review.

Voting results analysis

The consolidated scrutinizer's report confirmed that both resolutions were passed as Ordinary Resolutions. For the adoption of financial statements, 61.06% of total outstanding shares participated in voting. Promoters and promoter group cast 58,990,769 votes in favor, while public non-institutional shareholders voted 2,372,026 shares, with 1,141 votes against.

For the re-appointment of Jay Morzaria, the voting pattern differed due to conflict of interest rules. Promoters and promoter group, holding 62,872,213 shares, were deemed interested in the resolution. Consequently, their 58,990,769 votes were treated as invalid. The resolution was passed based on public non-institutional votes, where 2,370,885 voted in favor and 1,141 voted against, resulting in a 99.95% approval rate among valid votes polled.

Scrutinizer details

Mr. Jitendra Pradipbhai Parmar of M/s. Jitendra Parmar & Associates served as the scrutinizer for the remote e-voting process. The report was issued on October 1, 2026, confirming that the voting was conducted in a fair and transparent manner pursuant to Section 108 of the Companies Act, 2013.

Karnavati Finance Limited has closed its trading window for insiders starting October 1, 2026. The restriction remains in effect until 48 hours after the company declares and publishes its unaudited financial results for the quarter ended September 30, 2026.

This action is taken pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended. It also aligns with the company's code of internal procedures and conduct for prevention of insider trading in securities.

Regulatory Compliance Details

The closure applies to all insiders covered under the company's code of internal procedures. The move ensures compliance with the Securities and Exchange Board of India (Prohibition of Insider Trading) (Second Amendment) Regulations, 2019.

Additionally, the decision references BSE Circular no. LIST/COMP/01/2019-20 dated April 2, 2019. This circular provides clarification regarding the trading restrictions period for listed entities.

Key Dates and Restrictions

The company informed BSE Limited of this closure on September 30, 2026. The notice was signed by Jay Morzaria, Managing Director, confirming the adherence to regulatory norms.