Praxis Home Retail Limited has scheduled its 15th Annual General Meeting (AGM) for September 25, 2026, at 11:30 am. The meeting will be conducted through video conferencing or other audio-visual means. Shareholders will vote on board appointments and a significant expansion of the employee stock option plan.

The company announced on September 3, 2026, that it has dispatched the AGM notice and Annual Report for FY25-26 electronically. This follows an earlier newspaper publication dated August 27, 2026, regarding the meeting details.

Board Appointments

Shareholders will be asked to appoint Mr. Rahul Gambhir, Mr. Chetranda Somanna Muddaiah, and Mr. Mahesh Meenakshisundaram as Independent Directors. These appointments follow their initial designation as Additional Independent Directors in June and July 2026.

Mr. Gambhir brings over three decades of leadership experience across consumer brands, including roles at Johnson & Johnson, Tommy Hilfiger, and Red Bull. Mr. Muddaiah has held leadership positions with Nicobar Design and 24Seven Convenience Stores, with prior associations with Future Group and Levi Strauss & Co. Mr. Meenakshisundaram, currently CEO of Creaticity, has around 33 years of experience in project and product-led businesses, including senior roles with HomeTown and VIP Industries.

Ms. Lynette Monteiro, a Non-Executive Director, retires by rotation and offers herself for re-appointment. She has over two decades of experience, including a long association with the Future Group since 1999.

ESOP Pool Expansion

The company seeks shareholder approval to amend the Praxis Employee Stock Option Plan – 2024. The proposal aims to increase the existing option pool from 30,00,000 options to 65,00,000 options. This involves creating an additional pool of 35,00,000 employee stock options.

As of the notice date, 29,05,000 options had already been granted under the existing plan, leaving 95,000 available. The proposed amendment adds the new pool to these remaining options. The expanded plan intends to strengthen employee engagement and align employee interests with shareholders.

Meeting Logistics

Members can cast votes via remote e-voting between September 22 and September 24, 2026. The cut-off date for voting eligibility is September 18, 2026. The Register of Members and Share Transfer Books will remain closed from September 19 to September 25, 2026, inclusive.

The AGM Notice and Annual Report are available on the company’s website and stock exchange portals. Members who have not received the documents may request a soft copy from the Company Secretary.

Praxis Home Retail Ltd informed stock exchanges on August 18, 2026, that the National Stock Exchange of India Limited (NSE) has rejected its application for reclassifying specific promoter and promoter group shares to the public category. The rejection follows the exchange's observation that queries and clarifications raised during the review process remained unaddressed despite multiple follow-ups, leading to a closure due to prolonged submission delays.

The company stated that it was in the process of collating requisite documents and information from concerned stakeholders to address the exchange's concerns. However, the NSE returned the application, noting that it could not be considered under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The exchange informed the company that it may submit a fresh application along with a complete set of documents and applicable fees if it intends to pursue the matter further.

Background of Reclassification Request

The initial disclosure regarding the reclassification requests was made on June 9, 2025, followed by a revised filing on August 12, 2026, which provided detailed shareholding data for the entities seeking status change. The applications pertained to various promoter and promoter group members, including individuals such as Avni Kishore Biyani, Sangita Kishore Biyani, and entities like Surplus Finvest Private Limited and Future Corporate Resources Private Limited.

The following table outlines the key entities involved in the reclassification request as per the earlier disclosures:

*Future Corporate Resources Private Limited is under corporate insolvency resolution process pursuant to the order dated September 24, 2024.

Regulatory Implications

Regulation 31A of the SEBI LODR Regulations allows promoters or promoter group members to apply for reclassification to the public category if they meet specific conditions, including a reduction in shareholding below certain thresholds. The rejection of this application means the current promoter classification remains unchanged for regulatory reporting purposes. This status quo preserves existing lock-in requirements and disclosure obligations associated with these holdings.

Charu Srivastava, Company Secretary and Compliance Officer (ACS No. 27108), signed the intimation letter dated August 18, 2026. The company confirmed it is evaluating the next course of action in relation to the proposed reclassification, which may involve filing a new application with the necessary documentation and fees.