Muzali Arts FY26 AGM passes two resolutions with requisite majority
- Muzali Arts Limited held its FY26 AGM on September 29, 2026, via video conferencing, with 33 members attending
- Two ordinary resolutions were passed with requisite majority, covering adoption of FY26 financial statements and re-appointment of Mansoorbhai Murtuza as director
- Resolution 1 received 1,85,15,075 votes in favour (99.7252% of valid votes polled) against 51,025 votes against
- For Resolution 2, related party votes of 1,83,88,213 shares (31.0797% of paid-up capital) were excluded; 1,26,862 votes (71.3161%) were counted in favour
- The consolidated Scrutinizer's Report was submitted to BSE Limited on September 29, 2026
*this image is generated using AI for illustrative purposes only.
Muzali Arts Limited held its Annual General Meeting for FY26 on September 29, 2026, via video conferencing, passing two ordinary resolutions with requisite majority. The meeting ran from 2:01 pm to 2:10 pm, with 33 members attending.
Meeting attendance and leadership
Mansoorbhai Murtuza, Chairman and Managing Director, presided over the AGM. The following directors and key managerial personnel were present:
| Name | Designation |
|---|---|
| Mansoorbhai Murtuza | Chairman, Managing Director and CFO |
| Naresh Gopani | Non-Executive Non-Independent Director |
| Soham Chaturvedi | Independent Director |
| Siddhesh Shankar Shende | Independent Director |
| Lal Chand Sharma | Company Secretary |
Attendance at the meeting was as follows:
| Category | Promoter/Promoter group | Public | Total |
|---|---|---|---|
| Video conferencing | 2 | 31 | 33 |
Agenda and proceedings
With the consent of members present, the Notice convening the AGM, the audited financial statements for the financial year ended March 31, 2026, together with the Reports of the Directors and Auditors, were taken as read. Representatives of the Secretarial Auditor were also present. No queries were received from any shareholder during the meeting. The AGM notice was dated September 1, 2026.
E-voting arrangements
National Securities Depository Limited provided the remote e-voting and in-meeting e-voting facility (EVEN: 142336). The cut-off date for determining voting rights was September 22, 2026, on which date the total paid-up equity share capital stood at 5,91,64,667 equity shares of ₹1 each, carrying 5,91,64,667 votes. Key details of the voting process were as follows:
- Remote e-voting was open from September 25, 2026 at 9:00 am to September 28, 2026 at 5:00 pm
- Members who had not cast votes through remote e-voting were given the opportunity to vote electronically during the AGM
- Nuren Lodaya and Associates, Practising Company Secretary, was appointed as Scrutinizer on September 1, 2026 to oversee the e-voting process
- Votes were reconciled with the Register of Members as on the cut-off date; no member cast votes both by remote e-voting and at the AGM
Voting results
Two ordinary resolutions were put to vote. The consolidated results, as certified by the Scrutinizer, are detailed below.
Resolution 1: Adoption of financial statements
This resolution sought to receive, consider and adopt the audited standalone financial statements for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and Auditors.
| Particulars | No. of members/folios | No. of votes (equity shares) | % of total valid votes |
|---|---|---|---|
| Votes in favour | 15 | 1,85,15,075 | 99.7252% |
| Votes against | 3 | 51,025 | 0.2748% |
| Invalid votes | NIL | NIL | — |
| Total valid votes cast | 18 | 1,85,66,100 | 100.00% |
The resolution was passed with the requisite majority.
Resolution 2: Re-appointment of director by rotation
This resolution sought to appoint Mansoorbhai Murtuza (DIN: 08965751), who retires by rotation and, being eligible, offered himself for re-appointment. The promoter/promoter group was noted as interested in this resolution.
As a measure of good governance, votes of related parties were not counted in ascertaining the result. Mansoorbhai Murtuza, holding 91,93,997 equity shares, and Mrs. Farheen Murtuza Mansoorbhai, holding 91,94,216 equity shares and a relative within the meaning of Section 2(77) of the Companies Act, 2013, cast their votes in favour of this resolution. Their aggregate votes of 1,83,88,213 (representing 31.0797% of the paid-up equity share capital) were excluded from the count for this resolution.
| Particulars | No. of members/folios | No. of votes (equity shares) | % of total valid votes |
|---|---|---|---|
| Total votes cast in favour | 15 | 1,85,15,075 | — |
| Less: votes of related parties not counted | 2 | 1,83,88,213 | — |
| Votes counted in favour | 13 | 1,26,862 | 71.3161% |
| Votes cast against | 3 | 51,025 | 28.6839% |
| Invalid votes | NIL | NIL | — |
| Total valid votes counted | 16 | 1,77,887 | 100.00% |
The resolution was passed with the requisite majority. The Scrutinizer noted that the result would remain the same whether or not the votes of the related parties are counted.
Scrutinizer details and conclusion
Nuren Lodaya (FCS No. F14090, CP No. 24248), Proprietor of M/s. Nuren Lodaya and Associates, served as Scrutinizer. The Scrutinizer's report was issued on September 29, 2026. The consolidated Scrutinizer's Report along with voting results has been submitted to BSE Limited and is available on the websites of the Registrar and Transfer Agent Satellite Corporate Services Pvt. Ltd., BSE Limited, and the company. Both resolutions are deemed to have been passed on September 29, 2026.
How will the adoption of the FY26 financial statements influence Muzali Arts Limited's capital allocation strategy for the upcoming fiscal year?
Given the significant promoter voting power, what specific governance measures is the company planning to implement to address minority shareholder concerns in future resolutions?
What are the projected impacts of the re-appointed Managing Director's continued leadership on the company's operational efficiency and market expansion plans?
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