Promoter Anjan Sarma gifted 23,44,025 equity shares, representing 3.50% of the paid-up capital, to his brother Tangirala Venkata Subbiah Sarma on June 30, 2026. The off-market transfer resulted in Anjan Sarma's shareholding in Updater Services Limited reducing to zero, while Tangirala Venkata Subbiah Sarma's holding increased to 3.50%. The aggregate shareholding of the promoters remains unchanged following this inter-se transfer.

The disclosures were submitted to the stock exchanges in compliance with Regulation 29(1) and 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The transaction was executed as a gift, with the mode of transfer recorded as off-market. The equity share capital of the company stands at Rs. 66,95,32,410, divided into 6,69,53,241 equity shares of Rs. 10 each.

Transaction Details

Updater Services announced that its shareholders have approved the appointment of Mr. Amitabh Jaipuria as Whole-time Director and Key Managerial Personnel, changing his designation from Non-Executive Director to Senior Executive Director. The resolution was passed through a postal ballot process, receiving 99.77% assent from the votes cast. The appointment is effective from April 01, 2026, for a period of three years with the possibility of extension as mutually agreed.

The postal ballot voting, conducted via remote e-voting, concluded on June 25, 2026. A total of 195 members participated, casting 50,087,330 votes. The resolution received 49,971,087 votes in favour and 116,243 votes against. The scrutiny of the votes was carried out by Alagar & Associates LLP, Company Secretaries, who were appointed as the Scrutinizer.

Voting Breakdown

The detailed voting results showed strong support across different shareholder categories. Promoters and the Promoter Group cast all their votes in favour of the resolution.

Remuneration Details

Shareholders also approved the remuneration package for Mr. Jaipuria. The remuneration structure includes a fixed salary and other benefits as per the company's policy.

The resolution ensures that in the event of absence or inadequacy of profits in any financial year, the remuneration payable to Mr. Jaipuria shall be given over and above the limits prescribed under Schedule V to the Companies Act, 2013. The Board is authorized to vary the terms of appointment and remuneration in accordance with applicable laws.