India Futuristic Marine Private Limited (IFMPL), a promoter group entity of Quest Flow Controls Limited , sold 2,45,000 equity shares through an off-market transaction on September 30, 2026. The sale reduced the promoter group's voting rights holding in the company.

The disclosure was made under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The shares were sold by IFMPL, with Vivekanand Maruti Redekar signing as Director for the promoter entity. The transaction was executed on the BSE SME Platform where Quest Flow Controls is listed.

Pre and post-transaction holdings

Before the sale, IFMPL held 28,74,199 equity shares carrying voting rights, representing 28.02% of the total share capital. The Persons Acting in Concert (PACs), including Vivekanand Maruti Redekar, Swaroop Raghuvir Natekar, and Brijesh Madhav Manerikar Madhav, held a negligible 150 shares. The total diluted holding for the seller and PACs stood at 27.54% of the diluted share capital, accounting for 2,00,000 warrants held by PACs.

Following the off-market sale of 2,45,000 shares, IFMPL's direct equity holding dropped to 26,29,199 shares. This represents a decline in voting rights percentage from 28.02% to 25.63%. The total diluted holding for the promoter group decreased to 25.35% of the diluted share capital.

Capital structure details

The total equity share capital of Quest Flow Controls remained unchanged at 1,02,57,623 equity shares of face value ₹10 each before and after the transaction. However, the total diluted share capital, which includes convertible securities and warrants, stands at 1,11,60,403 equity shares equivalent. The warrants held by the PACs remain outstanding post-transaction, contributing to the diluted capital base but not affecting the immediate voting rights percentage of the sold shares.

The transaction mode was explicitly recorded as an off-market sale, distinct from open market operations or preferential allotments. No encumbrances such as pledges or liens were reported against the sold shares prior to the transaction.

Quest Flow Controls Limited (formerly Meson Valves India Limited) held its 10th Annual General Meeting on September 25, 2026, approving the audited standalone and consolidated financial statements for the year ended March 31, 2026.

The meeting, conducted at the company’s registered office in Chakan, Pune, saw shareholders approve several key governance matters. The statutory auditors did not make any qualifications, observations, or comments in their audit report for FY26. Voting results were formally declared on September 26, 2026, confirming that all seven resolutions set out in the notice were passed with requisite majority.

Key approvals

Shareholders approved the appointment of Lalit Varshney as a non-executive director liable to retire by rotation. Additionally, the meeting ratified the re-appointment of Brijesh Madhav Manerikar as Managing Director and Swaroop Raghu Vir Natekar as Whole Time Director.

A significant administrative change was also approved: the appointment of M/S Apra & Associates LLP as statutory auditors to fill the casual vacancy caused by the resignation of M/S Bilimoria Mehta & Co.

Governance and remuneration

The agenda included the approval of remuneration to directors exceeding the overall managerial remuneration limit under Section 197 of the Companies Act, 2013. The Chairman noted that remote e-voting facilities were provided via NSDL, with voting concluded on September 24, 2026.

Voting outcome details

The scrutinizer’s report confirmed high shareholder support across all agenda items. For ordinary resolutions regarding financial statements, new director appointments, and auditor appointments, votes in favour accounted for 99.98% of valid votes cast. Special resolutions concerning the re-appointment of directors received 99.94% support, while the resolution on managerial remuneration received 99.80% support.

The meeting concluded at 2:30 pm after the Chief Financial Officer proposed a vote of thanks to the Chair.