Medi Caps Limited confirmed that all three resolutions proposed at its 43rd Annual General Meeting held on September 22, 2026, were approved by shareholders with the requisite majority. The company submitted the combined scrutinizer's report and voting results to BSE on September 23, 2026.

The meeting was conducted through video conference and other audio-visual means. A total of 57 members participated virtually out of 10,524 total members as of the cutoff date. The proceedings commenced at 12:30 pm with the registered office in Indore deemed as the venue. The company secretary briefed attendees on the VC/OAVM compliance protocols mandated by the Ministry of Corporate Affairs and SEBI.

Key agenda items transacted

The meeting addressed three primary resolutions regarding financial reporting and governance. The audited standalone and consolidated financial statements for the year ended March 31, 2026, were presented for adoption. Additionally, shareholders voted on the re-appointment of Chairman and Managing Director Alok K Garg and the confirmation of Whole-Time Woman Director Saloni Garg.

Director appointment details

The new disclosures provide specific terms for the leadership roles confirmed at the meeting. Alok K Garg was re-appointed as Chairman and Managing Director for a period of three years, effective from September 1, 2026, to August 31, 2029. He holds a Bachelor of Business Administration (Honors) and an MBA in Marketing, along with more than 26 years of experience in the pharma industry and real estate sector.

Saloni Garg was appointed as Director and Whole-Time Woman Director effective August 7, 2026, for a term ending August 6, 2029. She holds a degree in Business Management from Mumbai and a Master’s in Brand Management from Italy, with experience as a freelance brand manager. The disclosure notes that Alok K Garg is the father-in-law of Saloni Garg. Both directors confirmed they are not debarred from holding office by SEBI or any other authority.

Voting results breakdown

According to the combined scrutinizer's report, the voting outcomes for all three resolutions were identical due to the high concentration of promoter holding. Promoters and promoter group members voted in favor across all items, while public non-institutional shareholders showed significant dissent against the director-related resolutions.

Governance and attendance details

The meeting was attended by the Board of Directors, including Independent Directors Ashok Omprakash Agrawal, Dharmendra Solanki, and Gajendra Singh. Statutory Auditor Venus Rawka, Internal Auditor Amit Parmar, and Secretarial Auditor L.N. Joshi were also present. No physical proxies were required due to the virtual format, except for corporate shareholders.

During the session, Chairman Alok K Garg provided insights into the company's real estate projects and the operational performance of its wholly owned subsidiary, Medgel Private Limited. He also summarized the company's fiscal year 2026 performance and future positioning. Although four members registered to speak, none joined the live session, resulting in no queries or suggestions being recorded during the open floor segment.

Voting process and conclusion

Remote e-voting facilities were active from September 19 to September 21, 2026. Members present during the AGM who had not previously voted were allowed to cast their votes electronically during the meeting. The scrutinizer, Darshika Wankhede, oversaw the voting process. The meeting concluded at 12:50 pm. The final voting results have been uploaded on the company's website and the CDSL e-voting portal.

Medi Caps has scheduled its 43rd Annual General Meeting for September 22, 2026, to approve significant boardroom changes and adopt financial results for FY26. The meeting will be conducted via video conference from the company's registered office in Indore at 12:30 pm.

The agenda includes the reappointment of Mr. Alok K Garg as Chairman and Managing Director and the confirmation of Mrs. Saloni Garg as a Whole-Time Woman Director. Ms. Darshika Wankhede, a practicing company secretary, has been appointed as the scrutinizer for the e-voting process.

Key Agenda Items

Shareholders will vote on two special resolutions alongside ordinary business items:

• Reappointment of Alok K Garg: Approval for his role as Chairman and Managing Director for three years, effective September 1, 2026, to August 31, 2029. His monthly salary remains at ₹7 lakh.
• Appointment of Saloni Garg: Confirmation of her appointment as a director liable to retire by rotation and as Whole-Time Woman Director for three years, effective August 7, 2026. Her monthly salary is set at ₹2 lakh.

Mr. Garg succeeds Mr. Ramesh Chandra Mittal, who resigned as Chairman and Director on August 6, 2026. Mrs. Garg is Mr. Garg’s daughter-in-law and was previously serving as Senior Manager.

Financial Performance

The company disclosed a sharp decline in profitability for the fiscal year ended March 31, 2026. Revenue from operations fell to ₹230.59 lakh, down from ₹241.66 lakh in FY25. More significantly, the company posted a net loss of ₹13.87 lakh, reversing a net profit of ₹55.51 lakh recorded in the previous year.

What the Numbers Show

The financial data reveals a structural shift in the company’s earnings profile over the last three years. While revenue declined moderately by approximately 4.6% from FY25 to FY26, the swing from a ₹55.51 lakh profit to a ₹13.87 lakh loss indicates that cost pressures or non-operational expenses outpaced the modest drop in top-line growth. This divergence suggests that the current loss is not solely driven by revenue contraction but potentially by margin compression or increased operational costs, as the company cites "economic slowdown" and "strict compliances" as contributing factors.

Meeting Details

The voting period for remote e-voting begins on September 19, 2026, at 9:00 am and ends on September 21, 2026, at 5:00 pm. Shareholders holding shares as on the cut-off date of September 15, 2026, are eligible to vote. The company has engaged Central Depository Services (India) Limited to facilitate the e-voting process. Results of the resolutions will be announced within two working days of the conclusion of the AGM.