Indiabulls Limited has announced the modification of the Trust Deed of Udaan Employee Welfare Trust following the completion of a major corporate restructuring. The company informed stock exchanges about changes made through a Supplementary Trust Deed registered on February 20, 2026, in compliance with applicable SEBI regulations.

Corporate Restructuring Details

The modification stems from an NCLT-approved Scheme of Arrangement that became effective on October 14, 2025. Under this scheme, Dhani Services Limited was merged with and into Indiabulls Limited, which was formerly known as Yaari Digital Integrated Services Limited.

Trust Deed Modifications

The primary change involves the transfer of settlor responsibilities from Dhani Services Limited to Indiabulls Limited. This modification ensures the trust structure remains compliant with the new corporate arrangement following the merger completion.

The company has filed the modified Trust Deed along with all amendments under the provisions of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, as amended. The documentation includes comprehensive details of the changes made to reflect the new corporate structure.

Regulatory Compliance

Indiabulls Limited has ensured full compliance with applicable securities regulations throughout the modification process. The company submitted the complete Trust Deed documentation to both BSE Limited and National Stock Exchange of India Limited, maintaining transparency with regulatory authorities and stakeholders.

The notification was signed by Ram Mehar, Company Secretary of Indiabulls Limited, and includes all necessary enclosures as required under the regulatory framework. This modification represents the final step in aligning the trust structure with the completed merger arrangement.

Indiabulls Limited has successfully concluded its postal ballot process with shareholders approving all nine proposed resolutions with overwhelming majority. The company announced the voting results on January 29, 2026, following the completion of e-voting that closed on January 28, 2026.

Key Leadership Appointments Approved

Shareholders endorsed several critical leadership appointments that will shape the company's future direction. The most significant approvals include the appointment of Gurbans Singh as Whole-time Director and Executive Chairman for a five-year term effective October 31, 2025, and Divyesh B. Shah as Whole-time Director and Chief Executive Officer for the same duration.

Independent Director Appointments

The company secured approval for three independent director appointments, each for three-year terms beginning October 31, 2025. These appointments strengthen the board's independence and governance structure.

Voting Participation and Results

The postal ballot process demonstrated strong shareholder engagement with significant participation across all categories. The company had 260,181 total shareholders as of the December 26, 2025 cut-off date. All resolutions received approval rates exceeding 98%, indicating strong shareholder confidence in the proposed measures.

Corporate Governance and Policy Changes

Shareholders also approved important corporate governance measures including alterations to the Main Objects clause of the Memorandum of Association and authorization for donations/contributions under Section 181 of the Companies Act 2013. Additionally, the increase in statutory auditors' remuneration for FY 2025-26 and 2026-27 received approval.

Scrutinizer Validation

CA Raj Kumar from AMRK & Associates served as the scrutinizer for the postal ballot process, ensuring compliance with regulatory requirements. The e-voting module operated by KFin Technologies Limited was disabled on January 28, 2026, at 5:02 PM, with vote counting conducted in the presence of independent witnesses.

The comprehensive approval of all resolutions positions Indiabulls Limited for its strategic initiatives under new leadership while maintaining strong corporate governance standards. The results reflect shareholder confidence in the company's direction and management appointments.