VB Desai Financial Services has declared the voting results for its 40th Annual General Meeting held on September 17, 2026. Shareholders approved all five resolutions, including the adoption of FY26 accounts and key boardroom appointments.

The meeting was conducted via video conferencing. The e-voting facility, provided by National Securities Depositories Limited (NSDL), was open from September 14, 2026, at 9:00 am to September 16, 2026, at 5:00 pm. Voting during the AGM concluded at 11:52 am. Mr. Amosh Archapelli of M/s. Amosh Archapelli & Associates served as the scrutinizer for the process.

Key Resolutions Passed

All resolutions were passed with the requisite majority. The promoter group held 1,913,765 shares, while public institutions held 42,600 shares and non-institutional public shareholders held 2,571,525 shares.

Resolution 1: Adoption of Financial Statements

Shareholders approved the audited financial statements for the year ended March 31, 2026. This ordinary resolution received overwhelming support from the promoter group, which voted in favor with all 1,844,367 polled votes. Public institutions also voted unanimously in favor.

Resolution 2: Reappointment of Manoj T. Shroff

Mr. Manoj T. Shroff (DIN 0330560) was reappointed as a director retiring by rotation. The promoter group did not vote on this resolution, abstaining from the poll. Public institutions voted unanimously in favor.

Resolution 3: Reappointment of Hemendra J. Shroff

Mr. Hemendra J. Shroff (DIN 00286509) was reappointed as Executive Director cum Chief Financial Officer via a special resolution. Similar to Resolution 2, the promoter group abstained from voting. The resolution passed with support from public shareholders.

Resolution 4: Appointment of Suraj R. Vishwakarma

Mr. Suraj R. Vishwakarma (DIN 07661216) was appointed as a Non-Executive Independent Director for five years. This ordinary resolution received strong backing from the promoter group, which cast 1,844,367 votes in favor.

Resolution 5: Related Party Transactions

Shareholders approved related party transactions through a special resolution. The promoter group abstained from voting on this item, while public institutions and non-institutional shareholders voted in favor.

Voting Participation

The total number of equity shares held by eligible voters was 4,527,890. For resolutions involving promoter voting (1 and 4), approximately 46.87% of outstanding shares were polled. For resolutions where promoters abstained (2, 3, and 5), the participation rate among public shareholders was lower, with around 6.09% of total outstanding shares polled.

V B Desai Financial Services reported a 55.68% rise in net profit after tax to ₹86.90 lakh for FY26, up from ₹55.82 lakh in the previous year. Gross income grew 18.27% to ₹393.58 lakh, supported by higher advisory fees and interest income.

The Category I Merchant Banker has scheduled its 40th Annual General Meeting (AGM) for September 17, 2026. The meeting will be held via Video Conferencing or Other Audio Visual Means (OAVM). Share transfer books will remain closed from September 11, 2026, to September 16, 2026.

Financial Performance

The company’s profit before tax stood at ₹116.80 lakh, compared to ₹76.82 lakh in FY25. Total expenses increased to ₹276.78 lakh from ₹255.97 lakh, primarily due to higher employee benefits and other operational costs. The Board did not recommend any dividend for FY26, citing working capital requirements.

What the Numbers Show

Other income contributed significantly to the bottom line, rising to ₹109.75 lakh from ₹49.74 lakh in FY25. This segment accounted for approximately 27.8% of total gross income, highlighting the company's reliance on interest income from deposits alongside its core merchant banking fees of ₹283.83 lakh.

AGM Agenda and Corporate Actions

Shareholders will consider several ordinary and special business items at the upcoming AGM:

• Re-appointment of Director: Mr. Manoj T. Shroff retires by rotation and has offered himself for re-appointment.
• Executive Director cum CFO: Appointment of Mr. Hemendra Jitendra Shroff for five years, effective August 17, 2026, with a monthly salary of ₹40,000.
• Independent Director: Appointment of Mr. Suraj R. Vishwakarma as Non-executive Independent Director for five years.
• Related Party Transactions: Omnibus consent for transactions with Aarayaa Advisory Services Private Limited (up to ₹3 crore), Desai Investments Private Limited (up to ₹2 crore), and VBD Capital Advisors Private Limited (up to ₹25 lakh).

E-Voting Details

Remote e-voting will commence on September 14, 2026, at 9:00 am and conclude on September 16, 2026, at 5:00 pm. The cut-off date for voting eligibility is September 10, 2026. National Securities Depository Limited (NSDL) will facilitate the e-voting process.