Maximus International Limited has appointed Mr. Aniruddh Gandhi as a Non-Executive Non-Independent Director following the approval of shareholders through a remote e-voting process. The resolution was passed with the requisite majority on July 4, 2026, concluding a voting period that saw significant participation from the promoter group and public shareholders. The appointment strengthens the company's board structure as it continues its operations in the financial markets.

The postal ballot was conducted under Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mr. Kamal A Lalani, a Practicing Company Secretary, served as the Scrutinizer to oversee the process. The voting period commenced on June 5, 2026, and concluded on July 4, 2026, with the record date set as May 29, 2026, to determine shareholder eligibility.

A total of 89 members cast their votes, representing 89,946,099 shares, which accounted for 66.1193% of the total outstanding shares. The resolution received overwhelming support, with 99.9993% of votes cast in favour. The breakdown of the voting results indicates strong backing from both the promoter group and public non-institutional shareholders.

Voting Results Summary

The detailed Scrutinizer's Report confirms that the votes were scrutinized in the presence of independent witnesses, Ms. Meenakshi Konkar and Ms. Isha Soni. The results have been submitted to BSE Limited and are available on the company's website and the e-voting agency's portal.

Maximus International Limited has acquired a 40% equity stake in Quebec Petroleum Resources Limited for ₹18.43 crore, marking its entry into India’s domestic lubricants and petroleum products market. The transaction, approved by the Board on June 19, 2026, was executed via a Share Purchase Agreement (SPA) signed on June 23, 2026, with Mr. Aniruddh Gandhi, a Non-Executive and Non-Independent Director and Substantial Beneficial Owner of Maximus International. This related party transaction is structured on an arm's length basis and will be settled through cash consideration.

The acquisition provides Maximus International with an established manufacturing platform and distribution network in India, complementing its existing operations in the Middle East and Africa. Quebec Petroleum Resources Limited, incorporated on November 21, 2005, operates from Vadodara, Gujarat, and specializes in the manufacturing and marketing of automotive, industrial, and speciality lubricants. The target company reported a turnover of ₹184.73 crore for FY2024-25.

Target Entity Details

Quebec Petroleum Resources Limited serves as the acquisition target with established operational capabilities.

Financial Performance

The financial performance of Quebec Petroleum Resources Limited over the preceding three years indicates a fluctuating trend in turnover.

Transaction At a Glance

Mr. Dipak Raval, Chairman & Managing Director of Maximus International Limited, stated that the acquisition strengthens the company's presence in India’s lubricants sector. He highlighted that combining Quebec’s domestic capabilities with Maximus International’s established presence across the Middle East and Africa is expected to create meaningful operational and market synergies. The transaction is subject to the fulfilment of conditions stipulated in the SPA and other associated transaction documents.