Mid East Portfolio Management Limited has entered into a Memorandum of Understanding (MOU) with Cher Lifestyle Private Limited to explore a strategic association and potential funding arrangement.

The agreement, dated October 19, 2026, outlines plans to evaluate a funding proposal of up to ₹5 crore to support the establishment of three additional branches by Cher Lifestyle in different cities. The transaction remains contingent on due diligence, financial feasibility, and regulatory approvals.

Funding Structure and Expansion Plans

The proposed funding may be structured through equity investment, debt, convertible instruments, or a combination of these modes. The capital is intended primarily for the fit-out of new branches, including lease deposits, interiors, furniture, fixtures, and equipment. It will also cover recruitment, training, technology, marketing, and initial working capital requirements.

Cher Lifestyle is required to submit a detailed branch-wise project report, financial projections, and implementation schedules for review. The funds must be utilized exclusively for the approved expansion plan, with strict prohibitions against diversion for unrelated purposes or personal expenses.

Governance and Due Diligence

The MOU provides for the consideration of mutual board representation, allowing each party to appoint at least one nominee director, subject to applicable laws and corporate approvals. Mid East Portfolio Management Limited will conduct comprehensive due diligence covering corporate records, audited financial statements, tax liabilities, and business operations before finalizing any definitive agreements.

Any conversion of debt into equity shares of Cher Lifestyle will depend on an independent valuation determined by a registered valuer. This valuation will consider existing operations, profitability, future prospects, and capital structure.

What the Numbers Show

The ₹5 crore funding requirement is explicitly tied to a specific operational milestone: the opening of three new branches. This creates a direct correlation between capital deployment and physical expansion. However, the MOU emphasizes that this figure is not an unconditional commitment. The release of funds is structured in tranches against agreed milestones, indicating that the investor retains control over capital deployment based on progress and compliance with utilization norms.

Regulatory Compliance and Timeline

The MOU is valid for three months from the effective date unless extended by mutual consent. Both parties must comply with the Companies Act, 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and BSE requirements. Any material misrepresentation or adverse due diligence findings allow either party to terminate the agreement immediately.

The company stated that further disclosures will be made as required under applicable listing regulations once definitive agreements are executed or if material developments occur.

Mid East Portfolio Management Limited shareholders approved all four resolutions proposed at the 35th Annual General Meeting (AGM) held on September 29, 2026, with a majority exceeding 99.99% in favour.

The meeting, conducted via video conferencing, saw the adoption of audited financial statements for the fiscal year ended March 31, 2026. Voting results disclosed on September 30, 2026, confirm that promoters and public shareholders voted overwhelmingly in favor of the re-appointment of director Brijesh Devrajbhai Patel and the appointment of new statutory and secretarial auditors.

Key resolutions passed

Shareholders passed ordinary resolutions to adopt the audited Profit & Loss Account and Balance Sheet for FY26, along with the reports of the Auditors and Directors. The meeting also approved the re-appointment of Brijesh Devrajbhai Patel (DIN: 02425903), who retired by rotation but offered himself for re-appointment.

Additional approvals included:

• Appointment of M/s. APS Associates (FRN: 306015E), Chartered Accountants, as Statutory Auditors from the conclusion of this AGM until the conclusion of the 40th AGM.
• Appointment of M/s. P B Patel & Associates, a peer-reviewed company secretary proprietary firm, as Secretarial Auditors.

Voting results summary

The scrutinizer’s report, issued by Ankur Dineshchandra Gandhi of Ankur Gandhi & Associates, detailed the voting patterns across all resolutions. A total of 47 members cast valid votes representing 1,112,437 votes. Only 6 members voted against any resolution, accounting for just 37 votes in total opposition.

Participation and compliance details

The company provided e-voting facilities through CDSL, with the voting period running from September 26, 2026, to September 28, 2026. Members who did not vote during this period were allowed to cast their votes during the AGM until 15 minutes after its conclusion.

Data from the CDSL portal indicates that while no shareholders attended in person or through proxy, 23 members participated through video conferencing (4 from the promoter group and 19 public shareholders). The total number of shareholders on the record date was 3,711. The meeting concluded at 11:20 am with a vote of thanks.