News Stocks Magellanic Cloud Limited Conducts Extra-Ordinary General Meeting on February 03, 2026Magellanic Cloud Limited Conducts Extra-Ordinary General Meeting on February 03, 2026
Magellanic Cloud Limited held its Extra-Ordinary General Meeting on February 03, 2026, via video conferencing with 67 total shareholders participating. The meeting addressed five special resolutions including merger with IVIS International Private Limited, new director appointments, capital raising through qualified institutional placement, and leadership re-designations. Professional auditors supervised the proceedings to ensure regulatory compliance.
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Magellanic Cloud Limited conducted its Extra-Ordinary General Meeting on February 03, 2026, through video conferencing to address significant corporate developments. The meeting commenced at 12:00 P.M. (IST) and was held in compliance with the Companies Act, 2013 and circulars issued by the Ministry of Corporate Affairs and Securities and Exchange Board of India.
Meeting Participation and Leadership
The Extra-Ordinary General Meeting witnessed participation from stakeholders across different categories. Company Secretary & Compliance Officer Sameer Lalwani welcomed participants and ensured compliance with regulatory requirements for virtual meetings.
| Participant Category: | Count |
|---|---|
| Promoter Shareholders: | 2 |
| Public Shareholders: | 65 |
The meeting was chaired by Joseph Sudheer Reddy Thumma, Managing Director, with attendance from key leadership including Jagan Mohan Reddy Thumma (Managing Director), Pratik Harishbhai Bhatt (Chief Financial Officer), and Priyanka Dharmesh Pandey (Non-Executive Independent Director). Carwin Heierman, Executive Director, also participated in the proceedings.
Key Resolutions and Corporate Actions
The meeting addressed five special resolutions covering strategic corporate developments and leadership appointments. Each resolution required special approval from shareholders given their significance to the company's future direction.
| Resolution: | Description | Type |
|---|---|---|
| Merger Approval: | Scheme of Merger with IVIS International Private Limited through fast-track route under Section 233 | Special Resolution |
| Director Appointment: | Narasimha Rao Chundu (DIN: 11403461) as Independent Director for five years | Special Resolution |
| Capital Raising: | Qualified institutional placement for equity shares and eligible securities | Special Resolution |
| Whole Time Director: | Ameeruddin Syed (DIN: 06419899) as Whole Time Director for five years | Special Resolution |
| Re-designation: | Joseph Sudheer Reddy Thumma as Chairman and Managing Director for five years | Special Resolution |
Professional Support and Compliance
The company engaged professional services to ensure proper conduct of the meeting. M/s. Deep Shukla & Associates served as Secretarial Auditors and Scrutinizers, while Sajid Shaikh represented M/S SGCO & Co. LLP as Statutory Auditors. The scrutinizer's supervision of the e-voting process ensures transparency in the voting mechanism.
Meeting Conclusion and Next Steps
Chairman Joseph Sudheer Reddy Thumma addressed shareholders regarding future aspects and projections of the company during the proceedings. The meeting concluded at 12:22 P.M. (IST) with formal thanks extended to all participants. The company will notify the Scrutinizer's Report and e-voting results to Stock Exchanges under Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring complete regulatory compliance and transparency for all stakeholders.
Historical Stock Returns for Magellanic Cloud
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.52% | +3.54% | -9.65% | -72.07% | -69.16% | -69.16% |
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