Nelco Limited shareholders approved the audited financial statements for the financial year ended March 31, 2026, and declared a dividend during the 83rd Annual General Meeting held on June 24, 2026. The meeting, conducted via video conferencing, saw the adoption of both standalone and consolidated financial statements, alongside the ratification of the cost auditor's remuneration. All five resolutions on the agenda were passed with the requisite majority, securing over 99.99% of the votes in favour.

Key Resolutions and Voting Results

The AGM transacted business items including the re-appointment of Mr. A. S. Lakshminarayanan as Director, who retires by rotation. M/s. Parikh and Associates, Practising Company Secretaries, served as the scrutinizer for the e-voting process. The remote e-voting period commenced on June 19, 2026, and concluded on June 23, 2026, with voting also facilitated during the meeting.

The following table details the voting outcomes for the key resolutions passed at the meeting:

Meeting Participation and Proceedings

A total of 72,523 shareholders were eligible to vote as on the record date of June 17, 2026. The meeting was chaired by Mr. A. S. Lakshminarayanan, with key attendees including Mr. P.J. Nath, Managing Director & CEO, and Mr. Malav Shah, Chief Financial Officer. Representatives of statutory auditors S.R. Batliboi & Associates LLP and secretarial auditors M/s. Bhandari & Associate were also present.

The statutory auditors' report and the secretarial audit report were noted as having no qualifications or adverse remarks. The proceedings concluded at 5:20 p.m. IST, and the detailed scrutinizer's report has been made available on the company's website.

Nelco has accepted the resignation of Mr. Jitender Ahuja from the position of Senior Vice President, Products & Solutions, effective June 30, 2026. Mr. Ahuja tendered his resignation to pursue personal aspirations, concluding a tenure of five and a half years during which the company transitioned into a multi-orbit managed service provider. The company has appointed Mr. Brajendra Urmalia as the new Vice President & Head – Products & Solutions, effective July 1, 2026, to succeed Mr. Ahuja.

The appointment and resignation were disclosed to the exchanges pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mr. Urmalia, previously serving as Vice President & Head – Maritime Business, brings over 25 years of professional experience, including 22 years with Nelco Limited. His elevation is based on his expertise in telecom and satellite communications, covering network operations, system integration, and business leadership.

Mr. Urmalia has been credited with driving strategic growth in the Maritime Business and expanding enterprise presence across sectors such as Banking, Oil Retail, and ATM networks. His profile highlights his experience in securing large-scale strategic tenders and pioneering early-stage M2M solutions. The company stated that his appointment is under existing full-time employment terms.

The transition in senior management aims to maintain continuity in the Products & Solutions division. Mr. Ahuja's resignation marked the end of his contribution to Nelco's evolution from a geostationary VSAT service provider to a multimedia service provider. The company has not disclosed any further details regarding the recruitment process for the vacated role of Vice President & Head – Maritime Business.

Details of Management Change