Accel has announced the results of its Extra Ordinary General Meeting (EGM) held on August 9, revealing unanimous shareholder approval for a significant corporate restructuring initiative.

Key Highlights

• The EGM saw participation from 46 shareholders, including 4 promoters and 42 public shareholders.
• A special resolution for the amalgamation of Accel Media Ventures Limited with Accel received 100% approval.
• The resolution garnered 37,58,327 votes in favor, with zero votes against.
• Voting methods included remote e-voting, e-voting at the EGM, and ballot paper.

Shareholder Participation and Voting Details

The EGM, which took place at the company's registered office, saw a turnout of 46 shareholders out of a total of 12,436 shareholders on the record date. Notably, no shareholders attended through video conferencing, highlighting the in-person nature of the meeting.

The voting results, as scrutinized by Mr. F. Raymond Albyness, an advocate appointed by the National Company Law Tribunal (NCLT), Chennai, showed strong support for the proposed amalgamation:

Implications of the Amalgamation

The unanimous approval for the amalgamation of Accel Media Ventures Limited with Accel signifies a strategic move that could potentially streamline operations and enhance synergies between the two entities. While specific details of the amalgamation scheme were not provided, such corporate actions often aim to improve operational efficiency, reduce costs, and create a stronger combined entity.

Regulatory Compliance

Accel has adhered to the regulatory requirements set forth by the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015. The company promptly filed the voting results and the scrutinizer's report with the BSE Limited, demonstrating its commitment to transparency and corporate governance.

Looking Ahead

With shareholder approval secured, Accel is now poised to move forward with the amalgamation process, subject to other regulatory approvals. Investors and stakeholders will likely be keen to observe how this corporate restructuring impacts the company's future performance and market position.

As the amalgamation process unfolds, market participants will be watching closely for any updates on the integration timeline, potential synergies, and the strategic vision for the combined entity in the evolving business landscape.

Accel held two crucial meetings on August 9, 2025, in Chennai to seek approval for a significant corporate restructuring. The primary agenda was the approval of a scheme of amalgamation between Accel and Accel Media Ventures.

Unsecured Creditors' Meeting

A meeting of unsecured creditors was conducted pursuant to directions from the National Company Law Tribunal (NCLT), Chennai Bench. Justice (Rtd) Ilangovan G of High Court of Madras served as the appointed Chairperson, while Adv. Raymond A was appointed as scrutinizer for ballot voting.

The meeting details were as follows:

• Commenced: 3:30 PM
• Adjourned: 30 minutes due to lack of quorum
• Resumed: 4:00 PM
• Concluded: 4:30 PM

Key attendees included Managing Director N.R. Panicker, Executive Director S.V. Rao, CFO Rajesh Kumar Nandhi, and Company Secretary Vishnu S.

The unsecured creditors approved the amalgamation scheme with the requisite majority as required by the tribunal's directions.

Extraordinary General Meeting (EGM)

An EGM was held earlier the same day at the 3rd Floor of SFI Complex in Nungambakkam, Chennai, following an order from the NCLT, Chennai Bench. Justice (Rtd) Ilangovan G presided over this meeting as well.

The EGM schedule was as follows:

• Scheduled start: 11:30 AM
• Adjourned: 30 minutes due to lack of quorum
• Resumed: 12:10 PM
• Concluded: 1:10 PM

Key Attendees

Several key figures were present at both meetings:

Additionally, representatives from the company's tax auditors, statutory auditors (M/s. K.S. Aiyar & Associates), and a practicing company secretary attended the EGM.

Voting Process

For the EGM, Accel provided multiple voting options for its shareholders:

1. Remote e-voting from August 6-8, 2025
2. E-voting during the meeting via the National Securities Depository Limited (NSDL) platform

Adv. Raymond A was appointed as the scrutinizer to oversee the voting process for both meetings, as per the NCLT's directive.

Meeting Proceedings

At the EGM, Mr. N.R. Panicker, the Managing Director, addressed the shareholders, providing insights into the business performance of both Accel and Accel Media Ventures. He elaborated on the strategic rationale behind the proposed merger, emphasizing its potential benefits for the company and its stakeholders.

Next Steps

The company has announced that the consolidated voting results will be made available on its website within 48 hours of the meetings' conclusion. These results will be crucial in determining the fate of the proposed amalgamation.

Regulatory Compliance

These meetings and their proceedings comply with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has assured that it will forward the detailed voting results in the format prescribed under Regulation 44(3) of the same SEBI regulations.

As Accel moves forward with this significant corporate action, stakeholders and market observers will be keenly watching for the final voting outcome and its implications for the company's future structure and operations.