Aravali Securities & Finance Limited successfully conducted its Extra Ordinary General Meeting on February 11, 2026, and has now disclosed the comprehensive voting results pursuant to Regulation 44 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The meeting resulted in the overwhelming approval of Mr. Naresh Kumar Magoo's appointment as 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 Voting Results

The meeting's primary agenda focused on the appointment of Mr. Naresh Kumar Magoo as Managing Director, which received overwhelming shareholder support. The resolution was passed with requisite majority through the electronic voting process.

Comprehensive Voting Analysis

The company disclosed detailed voting results showing strong shareholder confidence in the leadership appointment. The voting was conducted through electronic means with participation across different shareholder categories.

Category-wise Voting Breakdown

The voting results demonstrated strong support across all shareholder categories, with promoter and promoter group showing 100% support for the resolution.

Electronic Voting Process and Compliance

The company implemented a comprehensive electronic voting system through NSDL to ensure maximum shareholder participation and transparency. Mr. Gaurav Arora, Practicing Company Secretary, served as the Scrutinizer for the voting process.

Regulatory Compliance and Documentation

The voting results disclosure was submitted to BSE Limited in compliance with SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company fulfilled all documentation and disclosure obligations as mandated by regulatory requirements.

The scrutinizer's consolidated report confirmed that the ordinary resolution was passed with requisite majority, with 78,71,164 votes constituting approximately 99.99% of the total valid votes cast. The company ensured complete transparency in the corporate governance process by providing detailed category-wise voting results and maintaining compliance with all regulatory requirements under the Companies Act, 2013 and SEBI regulations.

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.