Aravali Securities & Finance Limited successfully conducted its Extra Ordinary General Meeting on February 11, 2026, marking a significant milestone in the company's leadership structure. The meeting was held through video conferencing facilities in compliance with regulatory requirements and concluded with the appointment of a new Managing Director.

Meeting Overview and Attendance

The EGM commenced at 12:00 noon and concluded at 12:07 p.m., demonstrating efficient conduct of corporate proceedings. Ms. Chandra Lekha Poddar, Additional Director, was elected as the Chairperson for the meeting. The meeting witnessed comprehensive attendance from the board of directors, including multiple independent directors and key management personnel.

The board composition included independent directors Mr. Subhash Chand, Mr. Rakesh Bhartia, Mr. Tara Chand Sagar, Mr. Ved Prakash Arya, and Mr. Naresh Kumar Magoo, along with Additional Directors Mr. Shiv Poddar and Ms. Malvika Poddar. Key management personnel including Chief Financial Officer Mr. Sushil Kumar and Company Secretary Ms. Aakanksha Jaiswal were also in attendance.

Key Resolution and Appointment

The meeting's primary agenda focused on a crucial leadership appointment that will shape the company's future direction. The shareholders deliberated on the appointment of Mr. Naresh Kumar Magoo as Managing Director, representing a strategic decision for the organization's management structure.

The resolution was classified as ordinary business and received approval through the electronic voting process, demonstrating shareholder confidence in the proposed leadership appointment.

Electronic Voting Process

The company implemented a comprehensive electronic voting system to ensure maximum shareholder participation and transparency. Remote e-voting facilities were made available to members for three days prior to the meeting, providing ample opportunity for shareholders to exercise their voting rights.

The company ensured compliance with Section 107 of the Companies Act, 2013, by providing equal voting rights to all members. Mr. Gaurav Arora was appointed as the Scrutinizer to conduct the e-voting process in a fair and transparent manner, with authority to scrutinize votes cast through both remote e-voting and during the EGM.

Regulatory Compliance and Documentation

The meeting was conducted in strict adherence to regulatory requirements under the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, and the Companies Act, 2013. The company fulfilled all documentation and disclosure obligations as mandated by Regulation 30 of the SEBI regulations.

Pursuant to Sections 170 & 171 of the Companies Act, 2013, the Register of Directors and Key Managerial Personnel with their shareholding was made available for inspection during the meeting. The notice convening the EGM, along with the explanatory statement required under Section 102 of the Companies Act, 2013, was circulated to all members in advance. The detailed voting results as required under Regulation 44(3) of the SEBI Listing Regulations will be submitted separately, ensuring complete transparency in the corporate governance process.

Aravali Securities and Finance Limited has disclosed receiving a fine of ₹14,26,620 from BSE Limited for non-compliance with various SEBI Listing Regulations. The company received the communication from BSE on January 06, 2026, regarding violations that occurred during the quarters ended March 2020 and June 2025.

Regulatory Violations and Fine Details

The BSE has imposed penalties for non-compliance with specific provisions of the SEBI Listing Regulations across two distinct periods. The violations encompass multiple regulatory requirements related to corporate governance structures.

Committee Composition Issues

The company's non-compliance primarily relates to the composition of key committees including the Board, Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee. Aravali Securities has maintained that it has been regularly compliant with the provisions and has properly constituted its committees as per applicable regulations.

The company had originally constituted the Audit Committee and Nomination & Remuneration Committee on November 12, 2019. These committees were subsequently reconstituted on August 7, 2024, and again on May 23, 2025, following the resignation of Mr. Durga Prasad (Independent Director) and the appointment of new chairpersons.

Company's Response and Remedial Actions

Aravali Securities has attributed the recent violations to clerical errors in preparing the Integrated Governance Report, where the cessation date of a director was inadvertently not updated. The company explained that this led to a temporary mismatch in the reported composition of committees, though the actual committee structure remained compliant.

Financial Impact and Explanation

The financial implication is limited to the fine amount of ₹14,26,620 including GST. The company has clarified that the non-compliance occurred due to unforeseen circumstances, including medical complications faced by the Company Secretary following childbirth, which temporarily affected internal communication and timely reporting.

Aravali Securities has emphasized that there was no intention to ignore or delay compliance, and the company deeply regrets the lapse. The organization is actively seeking a waiver of the imposed fine through the prescribed BSE process and has requested the exchange to unfreeze promoter demat accounts as per the applicable SEBI Master Circular provisions.