Maximus International shareholders approve all eight AGM resolutions
- All eight resolutions at the 11th AGM were approved by shareholders
- Total votes polled amounted to 90,987,714 out of 136,036,000 outstanding shares
- Promoters abstained from voting on material related party transactions
- Dipak Raval re-appointed as Managing Director and Divya Zalani as Independent Director
*this image is generated using AI for illustrative purposes only.
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.
| Category | Shares Held | Votes Polled | % of Outstanding Shares | Votes in Favour | Votes Against |
|---|---|---|---|---|---|
| Promoter and Promoter Group | 78,336,000 | 78,332,900 | 99.99% | 78,332,900 | 0 |
| Public Institutions | 0 | 0 | 0.00% | 0 | 0 |
| Public Non-Institutions | 57,700,000 | 12,654,814 | 21.93% | 12,654,804 | 10 |
| Total | 136,036,000 | 90,987,714 | 66.89% | 90,987,704 | 10 |
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.
Historical Stock Returns for Maximus International
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.60% | -0.67% | -0.53% | +65.56% | +28.89% | +48.70% |
How will the specific material related party transactions approved by public shareholders impact Maximus International's FY27 cash flow and profitability?
What strategic objectives does the appointment of new Independent Director Ramesh Kheradia signal for the company's upcoming governance or expansion plans?
Given the low institutional participation in the AGM, are there signs of waning interest from major funds that could affect future liquidity or valuation multiples?
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