LKP Securities sees Ganesh Malhotra step down as Independent Director

LKP Securities Limited announced that Ganesh Malhotra has ceased to serve as an Independent Director effective August 02, 2026. The departure follows the completion of his second consecutive five-year term on the Board, marking the end of a decade-long tenure. Consequently, Malhotra also stepped down from his roles as Chairperson of the Nomination & Remuneration Committee and Member of the Audit Committee and Stakeholders' Relationship Committee.

The intimation was filed with the Bombay Stock Exchange under Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing confirms that the cessation is due to the natural expiry of his tenure rather than resignation or removal. As such, the disclosure requirement regarding confirmation from the director upon resignation, prescribed under Para A of Part A of Schedule III, was deemed not applicable by the company.

Pratik M Doshi, Managing Director of LKP Securities Limited, signed the communication extending the Board’s appreciation for Malhotra’s leadership and guidance. The company highlighted his invaluable contributions throughout his service period. This transition ensures compliance with SEBI norms regarding the maximum tenure for independent directors, which mandates rotation after two consecutive terms.

Key Details of Cessation

The following table outlines the specific details of the director change as disclosed in the regulatory filing:

Parameter	Details
Director Name	Ganesh Malhotra
DIN	07581670
Reason for Change	Completion of second consecutive term of five years
Effective Date	August 02, 2026 (close of business hours)
Committees Exited	Nomination & Remuneration Committee (Chairperson), Audit Committee, Stakeholders' Relationship Committee

Regulatory Compliance Context

LKP Securities Limited referenced SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, in its submission. The circular mandates detailed disclosures regarding changes in board composition. The company confirmed that all requisite details were enclosed as per the amended circular guidelines. The filing also acknowledged previous exchange circulars, including BSE Circular LIST/COMP/14/2018-19 and NSE Circular NSE/CML/24 dated June 20, 2018, though no additional disclosures were required under those specific references for this event.

What This Means for Governance

The exit of Ganesh Malhotra represents a routine governance update rather than a strategic shift. Independent directors play a critical role in ensuring objective oversight of management decisions and protecting minority shareholder interests. By completing his maximum permissible tenure, Malhotra’s departure aligns with best practices for board refreshment and independence. The company will likely initiate a process to appoint a new independent director to fill the vacancy and maintain the required composition of its board committees, particularly the Audit and Nomination & Remuneration Committees, which require independent members for statutory compliance.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.88%	-0.25%	-3.27%	+11.61%	-18.15%	-5.28%

LKP Securities Limited successfully concluded its 32nd Annual General Meeting (AGM) on July 14, 2026, with shareholders approving all proposed resolutions, including a dividend of Re. 0.20 per equity share. The meeting, conducted via video conferencing, saw the ratification of financial statements for the year ended March 31, 2026, and the re-appointment of statutory auditors. The voting results, disclosed to BSE Limited, confirm that all five ordinary resolutions were passed with the requisite majority.

Key Resolutions and Voting Outcomes

The AGM adopted the audited standalone and consolidated financial statements for FY26. Shareholders approved the declaration of a dividend of Re. 0.20 per share, equivalent to 10% of the face value. The resolution to re-appoint M/s. MGB & Co. LLP, Chartered Accountants, as statutory auditors was also passed. Additionally, the meeting sanctioned a material related party transaction with Bhavana Holdings Private Limited and the re-appointment of Director Mr. Satvinderpal Singh Gulati.

Voting Participation Details

The remote e-voting process commenced on July 11, 2026, and concluded on July 13, 2026, via the CDSL platform. A total of 16,729 shareholders were on record as of July 7, 2026. The combined results of remote e-voting and e-voting during the AGM indicated strong participation, with 73.88% of the total outstanding shares cast on the primary resolutions. Promoter group participation was 100%, while public non-institutional shareholders accounted for 7.55% of the votes cast.

Resolution	Votes In Favor	Votes Against	% of Votes In Favor
Financial Statements	61,127,829	2	99.9999%
Dividend Declaration	61,127,829	2	99.9999%
Director Re-appointment	61,125,829	2,002	99.9967%
Auditor Re-appointment	61,125,829	2,002	99.9967%
Related Party Transaction	1,496,132	2,002	99.8664%

Governance and Oversight

M/s. V.R. Associates, Company Secretaries, served as the Scrutinizer for the voting process, ensuring fairness and transparency in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board of Directors, including Managing Director Pratik M. Doshi, oversaw the proceedings. The company confirmed that the detailed scrutinizer's report would be disseminated on its website and submitted to the stock exchange within the stipulated regulatory timeline.