MedPlus Health Services Limited has successfully concluded its postal ballot process, with shareholders overwhelmingly approving material related party transactions with its subsidiary. The company announced the results on March 27, 2026, following the completion of the remote e-voting process that concluded on March 26, 2026.

Postal Ballot Results Overview

The shareholders approved the ordinary resolution for material related party transactions between MedPlus Health Services Limited and Optival Health Solutions Private Limited, its material subsidiary. The resolution was deemed passed on March 26, 2026, the last date specified for e-voting.

Voting Statistics and Participation

The postal ballot witnessed significant participation from institutional investors, while promoter group abstained from voting due to their interest in the transaction. The voting was conducted entirely through remote e-voting facility provided by KFin Technologies Limited.

Scrutinizer's Report and Process

Mrs. Rashida Hatim Adenwala, Practising Company Secretary (Membership No. F4020), was appointed as the scrutinizer to oversee the voting process. The scrutinizer's report confirmed that out of 48,173,757 total votes cast, 47,564,070 were valid votes, with 47,563,746 votes (99.9993%) in favour and only 324 votes (0.0007%) against the resolution.

The voting process was conducted in compliance with Section 110 of the Companies Act, 2013, and Regulation 44 of the SEBI Listing Regulations. A total of 609,687 votes were marked as invalid due to being cast by related parties, and 14,929 abstain votes were recorded.

Corporate Governance and Compliance

The postal ballot notice was initially dated January 30, 2026, with the company intimating stock exchanges on February 24, 2026. The entire process was conducted electronically, with the postal ballot notice sent via email to registered shareholders on February 24, 2026.

The company disclosed that the promoter/promoter group had an interest in the resolution, which explains their abstention from voting. This approach ensures compliance with corporate governance norms regarding related party transactions and maintains transparency in the approval process.

The results have been made available on the company's website at www.medplusindia.com and on the websites of BSE Limited and National Stock Exchange of India Limited, ensuring broad accessibility to all stakeholders.

MedPlus Health Services Limited has disclosed multiple regulatory actions affecting its subsidiary operations across different states, followed by a clarification regarding delayed disclosure compliance. The company informed stock exchanges about suspension orders received by Optival Health Solutions Private Limited, a wholly-owned subsidiary, from drug control authorities in Andhra Pradesh and Karnataka.

Latest Regulatory Development

The most recent action involves a suspension order from Karnataka authorities. The Assistant Director, Drugs Control Administration, Mandya Circle-Mandya Karnataka issued a three-day suspension for the store located at Guthal Road Mandya, Karnataka.

Previous Andhra Pradesh Action

Earlier, the subsidiary received another suspension order from Andhra Pradesh authorities targeting a different store location with more significant financial implications.

Disclosure Delay Clarification

On March 24, 2026, MedPlus Health Services issued a clarification to both BSE and NSE regarding the delay in disclosing these material events. The company acknowledged that the delay in meeting the prescribed 24-hour timeline was due to inadvertent oversight.

Legal Framework and Compliance

Both suspension orders were issued under Rule 65 of the Drugs and Cosmetics Act, 1940 and Drugs and Cosmetics Rules, 1945. This regulatory framework governs the licensing and operation of pharmaceutical retail establishments across India. The company has assured that corrective measures have been implemented to ensure timely compliance with SEBI LODR Regulations going forward.

Combined Financial Impact

The regulatory actions across both states represent a cumulative potential revenue impact on the subsidiary's operations.