Manappuram Finance Limited successfully concluded its Extra-ordinary General Meeting (EGM) on January 22, 2026, with all three proposed resolutions receiving strong shareholder approval. The meeting was conducted through video conferencing in compliance with regulatory requirements, demonstrating the company's commitment to transparent corporate governance.

Meeting Overview and Participation

The EGM recorded substantial shareholder participation with comprehensive voting statistics. The company maintained detailed records of attendance and voting patterns across different shareholder categories.

Resolution Results and Voting Outcomes

All three resolutions presented at the EGM received overwhelming shareholder support, reflecting strong confidence in the company's strategic direction. The voting was conducted through e-voting mechanisms with detailed category-wise breakdowns.

Special Resolution 1: Borrowing Powers Approval

The first special resolution seeking approval to borrow in excess of the aggregate of paid-up share capital and free reserves under Section 180(1)(c) of the Companies Act, 2013 achieved remarkable success.

Special Resolution 2: Mortgage Creation Powers

The second special resolution for approval to create charge/mortgage over company properties under Section 180(1)(a) of the Companies Act, 2013 received similar strong support.

Ordinary Resolution: Director Remuneration Revision

The ordinary resolution for revision in remuneration terms for Dr. Sumitha Nandan (DIN: 03625120), Whole-time Director, also secured substantial approval despite relatively higher opposition from institutional investors.

E-Voting Process and Compliance

The company ensured comprehensive compliance with regulatory requirements through a well-structured e-voting process. Central Depository Services Limited (CDSL) served as the e-voting platform provider, facilitating both remote e-voting and voting during the meeting.

The remote e-voting window remained open from January 18, 2026 (09:00 AM IST) to January 21, 2026 (05:00 PM IST). Additionally, shareholders attending the video conference meeting could vote electronically during the session. The scrutinizer's report confirmed that 678 members participated through remote e-voting, while 10 members exercised their voting rights during the EGM.

Regulatory Compliance and Documentation

The company fulfilled all disclosure obligations under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary Manoj Kumar V R submitted the comprehensive e-voting results along with the scrutinizer's report to BSE Limited, National Stock Exchange of India Limited, and India International Exchange (IFSC) Ltd. The scrutinizer, Suresh M.V. (FCS 9741), provided detailed verification of the voting process and results, ensuring complete transparency and regulatory compliance.

Manappuram Finance shares witnessed strong buying momentum on January 12, surging 4.5% to hit the day's high of ₹298.70 after the gold loan financier issued a clarification addressing media reports about its proposed deal with Bain Capital.

Market Response to Company Clarification

The stock's recovery came after a sharp decline on Friday, when shares crashed nearly 8% following Reuters reports citing sources that the Reserve Bank of India (RBI) had raised objections to Bain Capital's plans to acquire a controlling stake in the company. The exchanges subsequently sought clarification on January 9 regarding these media reports.

Company's Official Response

In its regulatory filing dated January 9, Manappuram Finance categorically denied the media reports, stating that "The media report is denied, factually incorrect, and speculative in nature." The company emphasized that it has provided regular updates regarding the proposed investment by BC Asia Investments XIV Limited and BC Asia Investments XXV Limited, as well as the acquisition of joint control in the company and its subsidiaries, including Asirvad Micro Finance Limited and Manappuram Home Finance Limited.

The company confirmed that it has also provided regular updates regarding the RBI's approval for a change in management. "In respect of the change of control application filed with the RBI in relation to the proposed transaction, the necessary filings (including responses to clarifications sought by the RBI) have been made, and the final approval of the RBI for the proposed transaction is pending," the company stated.

Stock Performance and Gold Price Impact

Beyond company-specific developments, sharp volatility in gold prices has impacted the stock's performance, with shares down 4.5% in January. However, the stock closed 2025 with impressive gains of 65%, coinciding with a record-breaking rally in gold prices and marking the third consecutive year of positive performance.

Sector Outlook and Expert Views

Harshal Dasani, Business Head at INVasset PMS, highlighted the positive impact of elevated gold prices on the sector. "Gold had seen an extended upside over the past year, which significantly boosted collateral values and loan growth for gold-focused lenders," he noted. Dasani added that demand for gold loans remains strong, asset quality is stable, and balance sheets are well cushioned due to conservative loan-to-value norms.

Key sector strengths include:

• Strong demand for gold loans
• Stable asset quality
• Well-cushioned balance sheets
• Conservative loan-to-value norms
• Structurally strengthened collateral base

"The medium-term outlook for gold-loan NBFCs remains positive, with temporary volatility offering selective opportunities rather than signalling a trend reversal," Dasani concluded, emphasizing the sector's resilience despite short-term market fluctuations.