Maximus International Limited has scheduled a board meeting for October 10, 2026, to deliberate on the conversion of outstanding loans into equity shares. This move follows the exercise of a conversion option by the promoter, pursuant to a special resolution passed at the company's annual general meeting.

Regulatory framework and approvals

The proposal is being advanced under Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The conversion is linked to a Loan Agreement and a special resolution approved by members under Section 62(3) of the Companies Act, 2013, during the 10th Annual General Meeting held on September 30, 2025.

The board will also consider making an application to BSE Limited for necessary in-principle approval regarding this transaction. All actions remain subject to requisite approvals under applicable provisions of the Companies Act, 2013, and SEBI regulations.

Key meeting details

The company stated that the proposal shall be subject to such terms and conditions as may be required under applicable laws. No financial figures regarding the quantum of the loan or the number of shares to be issued were disclosed in the intimation.

Maximus International Limited shareholders unanimously approved all eight resolutions proposed at the company's 11th Annual General Meeting (AGM). The meeting was conducted through Video Conferencing (VC) on September 30, 2026, with e-voting results disclosed to the BSE on October 3, 2026.

The agenda included the adoption of audited standalone and consolidated financial statements for FY26, alongside key governance appointments. Shareholders ratified the appointment of Dipak Raval as a director liable to retire by rotation and his re-appointment as Managing Director. Additionally, Divya Zalani was re-appointed as an Independent Director for a second term, and Ramesh Kheradia was appointed as a new Independent Director.

Voting Participation and Turnout

The AGM saw participation from 41 equity shareholders who attended via VC. The total number of shareholders on record as of the cut-off date, September 23, 2026, stood at 31,017. Voting was conducted exclusively through remote e-voting; no votes were cast during the live meeting session.

Key Governance Appointments

The following ordinary and special resolutions were passed with requisite majority:

• Adoption of Financial Statements: Approval of audited standalone and consolidated financial statements for the year ended March 31, 2026.
• Director Appointments: Appointment of Dipak Raval (DIN: 01292764) as a director liable to retire by rotation and his subsequent re-appointment as Managing Director.
• Independent Directors: Re-appointment of Divya Zalani (DIN: 09429881) for a second term and appointment of Ramesh Kheradia (DIN: 11804859) as a new Independent Director.
• Auditors: Appointment of statutory auditors for the regular term and to fill a casual vacancy.

Scrutiny and Compliance

Kamal A. Lalani, Practicing Company Secretary, served as the scrutinizer for the remote e-voting process. The report confirmed that votes were unblocked in the presence of two witnesses, Mr. Krunal Raval and Ms. Shreya Shrivastav, after the conclusion of the meeting. The results were uploaded to the company website and the Central Depository Services Limited (CDSL) portal.

What the Numbers Show

A distinct pattern emerges in the voting data regarding related party transactions. For Resolution No. 8, which sought approval for material related party transactions, the Promoter and Promoter Group abstained from voting entirely, casting zero votes. Consequently, the resolution passed solely on the basis of public shareholder votes, which totaled 12,654,814 shares. This contrasts sharply with other resolutions where promoters voted in favor, highlighting a procedural adherence to conflict-of-interest norms where interested parties recuse themselves from specific approvals.