Mercantile Ventures Limited held its 25th Annual General Meeting on September 24, 2026, through video conferencing and other audio-visual means. The meeting was conducted in compliance with Ministry of Corporate Affairs and SEBI circulars.

Resolutions passed

The shareholders adopted the audited standalone and consolidated financial statements for the financial year ended March 31, 2026. They also approved the appointment of a director in place of K Gopalakrishnan, who retired by rotation and offered himself for re-appointment.

Special business items included:

• Approval of material related party transactions with Southern Petrochemical Industries Corporation Limited (SPIC).
• Re-appointment of E N Rangaswami as Whole-time Director for a further period of three years.

Meeting proceedings

B Narendran, Independent Director, served as the Chairman of the meeting. The quorum was present throughout the session, which commenced at 11:00 am IST and concluded at 11:18 am IST. Remote e-voting facilities were available from September 21 to September 23, 2026, with additional voting time provided during the meeting.

Seven shareholders had registered as speakers, but none participated during the live session. KRA & Associates, Practicing Company Secretaries, acted as the scrutinizer for the e-voting process.

Mercantile Ventures has scheduled its 25th Annual General Meeting (AGM) for Thursday, September 24, 2026, at 11:00 am. The meeting will be conducted through Video Conferencing or Other Audio Visual Means to transact ordinary and special business items.

Shareholders holding shares as of the cut-off date, Thursday, September 17, 2026, can cast their votes electronically. The remote e-voting period opens on Monday, September 21, 2026, at 9:00 am and closes on Wednesday, September 23, 2026, at 5:00 pm.

Related Party Transaction with SPIC

The Board seeks shareholder approval for material related-party transactions with Southern Petrochemical Industries Corporation Limited (SPIC). The proposed transactions, valued at up to ₹20 crore, cover lease rentals, maintenance, housekeeping, manpower supply, and security services.

These transactions involve the parent company and its subsidiary, i3 Security Private Limited. The proposed amount represents 21.43% of Mercantile Ventures' annual consolidated turnover for FY26. For the subsidiary, i3 Security, the value constitutes 39.31% of its standalone annual turnover for the same period. During FY26, total transactions with SPIC amounted to ₹16.68 crore.

Management Reappointments

The AGM agenda includes the reappointment of Mr. K Gopalakrishnan as a Non-Executive Non-Independent Director. He retires by rotation and is eligible for re-appointment.

Additionally, shareholders are asked to approve the reappointment of Mr. E N Rangaswami as Whole-time Director for three years, from December 5, 2026, to December 4, 2029. His annual remuneration is fixed at ₹85 lakh per annum. This requires a special resolution as he has attained the age of 70 years.

Corporate Governance Updates

Mr. M S Niranjan resigned as an Independent Director effective July 31, 2025. The current board comprises six directors, including three independent directors. The company reported no frauds during the year under review.

What the Numbers Show

The reliance on SPIC for operational services is significant relative to the group's size. While the ₹20 crore cap represents a modest 0.68% of SPIC's own consolidated turnover, it accounts for nearly one-fifth of Mercantile Ventures' total revenue base. This concentration highlights the strategic importance of the relationship within the group's service delivery model.