Shalby Limited has formally confirmed that Mr. Shanay Vikram Shah ceased to hold office as an Additional Director and Whole Time Director effective September 10, 2026. This cessation follows the rejection of his appointment by shareholders at the company’s 22nd Annual General Meeting.

The disclosure, filed with stock exchanges on September 12, 2026, under Regulation 30 of the SEBI (LODR) Regulations, 2015, states that Mr. Shah’s appointment was conditional upon shareholder approval. Since the ordinary resolutions did not secure the requisite majority, he automatically ceased to hold the directorship on the date of the AGM.

AGM Voting Results Recap

The 22nd AGM, held on September 10, 2026, saw significant dissent against the management changes. While resolutions regarding financial statements and cost auditor remuneration passed with overwhelming support, the appointments of Mr. Shanay Shah were rejected.

Promoters abstained from voting on these specific resolutions, allowing public shareholders to determine the outcome. Among public institutions, 91.43% of votes were cast against the appointments.

Continued Role as President

Despite losing the directorship, the filing clarifies that Mr. Shanay Vikram Shah will continue to act as President of the Company. The Board had initially approved his appointment as Additional Director designated as Whole-time Director in its meeting held on August 12, 2026, subject to this shareholder approval.

Compliance and Audit Updates

The company successfully passed other key agenda items. Members approved the adoption of audited standalone and consolidated financial statements for the year ended March 31, 2026, with 99.98% affirmative votes. The statutory auditors, T R Chadha & Co. LLP, issued an unqualified report. Additionally, the remuneration payable to cost auditors for FY27 was ratified.

Remote e-voting for the AGM had commenced on September 5, 2026, and concluded on September 9, 2026. A total of 51,271 shareholders were on record as of the cut-off date.

Shalby Limited will hold its 22nd Annual General Meeting (AGM) on Thursday, September 10, 2026, at 4:00 p.m. IST through Video Conferencing (VC) or Other Audio Visual Means (OAVM). The meeting aims to transact ordinary business, including the adoption of audited financial statements for FY26, and special business centered on the appointment of Mr. Shanay Vikram Shah as a Whole-Time Director.

AGM Schedule and E-Voting Timeline

Shareholders holding shares as on the cut-off date of September 3, 2026, are eligible to vote electronically. The company has provided the facility for remote e-voting through the National Securities Depository Limited (NSDL). Chintan I Patel & Associates have been appointed as the Scrutinizer for the process.

Members who wish to express views or ask questions during the AGM must register as speakers by sending an email to companysecretary@shalby.in from their registered email address by September 3, 2026. The registration must include their name, demat account number or folio number, and mobile number.

Agenda Items

The AGM will address the following ordinary and special business:

Ordinary Business

• Adoption of the Audited Standalone Financial Statements for the financial year ended March 31, 2026, along with the reports of the Board of Directors and Auditors.
• Adoption of the Audited Consolidated Financial Statements for the financial year ended March 31, 2026, along with the report of the Auditors.

Special Business

• Ratification of remuneration for M/s. S A & Associates, Cost Accountants, Ahmedabad (Firm Registration No. 000347), as Cost Auditors for FY27 at ₹1,10,000 plus applicable taxes and out-of-pocket expenses.
• Appointment of Mr. Shanay Vikram Shah (DIN: 02726541) as a Director, liable to retire by rotation.
• Appointment of Mr. Shanay Vikram Shah (DIN: 02726541) as Whole-Time Director for a term of five consecutive years, effective from August 12, 2026.

Proposed Appointment of Whole-Time Director

The Board of Directors, based on the recommendation of the Nomination and Remuneration Committee, appointed Mr. Shanay Vikram Shah as an Additional Director (Whole-Time Director) for five years, subject to shareholder approval at the AGM.

Mr. Shanay Vikram Shah, aged 35, holds a Bachelor's degree in Science with Honours in Accounting and Finance from the University of Warwick, UK, and a Master's degree in International Health Management from Imperial College London, UK. He is also a Chartered Financial Analyst (CFA). With over 13 years of experience in the healthcare industry since joining the company in October 2013, he has expertise in international business, strategy, financial operations, human resources, and investor relations. He holds 1,37,525 equity shares, representing 0.13% of the paid-up equity share capital.

Key Terms of Appointment

Upon assuming the role of Whole-Time Director, Mr. Shanay Vikram Shah will cease to hold the office of President – International Business, and the associated remuneration will be discontinued effective August 12, 2026.

Related Party Disclosure

The appointment is classified as a related party transaction under Section 2(76) of the Companies Act, 2013, and Regulation 2(1)(zb) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as Mr. Shanay Vikram Shah is the son of Dr. Vikram Shah (DIN: 00011653), the Promoter and Chairman & Managing Director. Since the monthly remuneration exceeds ₹2,50,000, member approval by ordinary resolution is required under Section 188(1) of the Companies Act, 2013. The transaction is not deemed "material" under Regulation 23(1) of the SEBI Listing Regulations.

Book Closure and Other Details

The book closure period runs from Friday, September 4, 2026, to Thursday, September 10, 2026, inclusive. The Board has not recommended any dividend for FY26. The Annual Report for FY26 and the AGM Notice are available on the company's website and have been dispatched electronically to registered shareholders. For members without registered email addresses, individual letters containing the weblink to the Annual Report were sent in compliance with Regulation 36(1)(b) of the SEBI Listing Regulations.