Quest Capital Markets shareholders approved the appointment of Alok Kalani and Gopal Rathi as non-executive, non-independent directors through a postal ballot process. The voting concluded on September 18, 2026.

The company disclosed the results on September 21, 2026, under Regulation 44(3) of the SEBI Listing Regulations. Both ordinary resolutions were passed with requisite majority.

Voting Details

The remote e-voting facility was available from August 20, 2026, to September 18, 2026. Shareholders holding equity shares as of the record date, August 7, 2026, were eligible to vote. Central Depository Services (India) Limited facilitated the e-voting platform.

A total of 74 shareholders participated in the voting process. The promoters and promoter group held 75,00,000 shares, representing 75% of the total outstanding shares of 1,00,00,000. Public institutions held 5,48,142 shares, while public non-institutions held 19,51,858 shares.

Resolution Results

Both resolutions received overwhelming support from the promoter group, which voted in favor with all its holdings. No votes were cast by institutional investors. Non-institutional public shareholders showed mixed sentiment, though their overall impact on the final outcome was minimal due to low participation.

The scrutinizer's report was issued by K. Arun & Co., Company Secretaries. The votes were unblocked on September 18, 2026, at 7:18 pm in the presence of two independent witnesses.

What the Numbers Show

The voting pattern highlights a significant divergence between promoter and public shareholder engagement. While the promoter group cast 100% of its votes in favor, only 0.40% of the outstanding shares held by public non-institutions were polled. Of the votes cast by this segment, 24.07% were against the resolutions, indicating dissent among the few retail participants who engaged with the ballot.

Quest Capital Markets Limited reported a net profit of ₹72.51 lakh for the first quarter ended June 30, 2026, marking a 52.8% year-on-year decline from the ₹153.63 lakh earned in Q1FY25. The drop was primarily driven by a sharp contraction in income from its venture capital fund and reduced profits on the sale of right entitlements. Despite the operational slowdown, the company recorded a substantial total comprehensive income of ₹24,901.72 lakh, largely fueled by unrealized gains in other comprehensive income. Shareholders must act via postal ballot to approve the appointment of two new non-executive directors.

The Board of Directors approved the unaudited financial results at its meeting held on August 11, 2026, pursuant to Regulation 30 and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by the Audit Committee and subjected to a limited review by statutory auditors V. Singhi & Associates, who issued an unmodified opinion. Mr. Sunil Kumar Sanganeria, Director (DIN: 03568648), was authorized to sign the results. An extract of the results will be published in newspapers with a QR code, while complete details are available on the BSE Limited and company websites.

Financial Performance

Revenue from operations fell by approximately 47% year-on-year to ₹115.07 lakh. Income from the venture capital fund dropped significantly to ₹0.27 lakh from ₹10.94 lakh in the corresponding period of FY25. Profit on the sale of right entitlements also contracted to ₹109.35 lakh from ₹204.65 lakh. However, dividend income rose to ₹5.44 lakh from ₹1.18 lakh. Net gain on fair value changes remained minimal at ₹0.01 lakh.

Total expenses increased slightly to ₹15.06 lakh from ₹12.10 lakh in Q1FY25, driven by higher employee benefits expense (₹7.29 lakh vs ₹5.81 lakh) and administrative costs (₹6.96 lakh vs ₹5.48 lakh). Tax expense for the quarter was ₹27.50 lakh, comprising entirely of deferred tax with no current tax provision.

Board Appointments and Postal Ballot Details

The Board approved the appointment of Mr. Alok Kalani (DIN: 03082801) and Mr. Gopal Rathi (DIN: 00553066) as Additional Directors (Non-Executive, Non-Independent) effective August 11, 2026. This follows prior approval from the Reserve Bank of India under the RBI (Non-Banking Finance Companies – Registration, Exemptions and Framework of Scale Based Regulation) Directions, 2025, dated November 28, 2025, read with RBI (Non-Banking Finance Companies- Governance Directions) 2025. The RBI granted approval via letter dated July 30, 2026, for their tenure until July 1, 2031.

Mr. Alok Kalani, Executive Director (Corporate Finance) at the RP-Sanjiv Goenka Group, brings over three decades of experience in corporate finance and governance. Mr. Gopal Rathi, a Chartered Accountant heading Strategy and M&A at the same group, has over 21 years of experience in acquisitions and corporate strategy. Both are liable to retire by rotation and seek shareholder approval via postal ballot for their continuation as Non-Executive Directors.

The cut-off date for determining voting eligibility for the postal ballot was fixed as August 7, 2026. M/s. K. Arun & Co., Practicing Company Secretaries, Kolkata, were appointed as the scrutinizer to conduct the e-voting process in compliance with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The remote e-voting period commences from 9:00 am on Thursday, August 20, 2026 and ends at 5:00 pm on Friday, September 18, 2026. Central Depository Services Limited (CDSL) has been engaged to provide the remote e-voting facility.