Mercantile Ventures Limited has formally announced the results of its postal ballot conducted through remote e-voting, marking an important corporate governance milestone for the Chennai-headquartered listed company. The results, declared on December 17, 2025, confirm that shareholders have approved all resolutions placed before them, including the appointment of Mr. N Umasankar as a Director and as Whole-time Director (Finance) and Chief Financial Officer of the company.

The company communicated the outcome to BSE Limited under Scrip Code 538942, submitting the Scrutinizer’s Report and detailed voting results in compliance with Regulation 44(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure also included the formal declaration of results by the Whole-time Director, reinforcing Mercantile Ventures’ adherence to regulatory transparency and governance norms.

Background of the Postal Ballot Process

The postal ballot process was initiated pursuant to the provisions of Section 110 and Section 108 of the Companies Act, 2013, read with Rule 22 and Rule 20 of the Companies (Management and Administration) Rules, 2014. The company issued the Notice of Postal Ballot on October 27, 2025, seeking shareholder approval for two key items of special business through remote e-voting.

In line with the Ministry of Corporate Affairs General Circular dated September 22, 2025, and the SEBI circular dated October 3, 2024, Mercantile Ventures Limited provided shareholders with the facility to cast their votes electronically. The remote e-voting window opened at 9:00 am IST on November 17, 2025, and closed at 5:00 pm IST on December 16, 2025. The resolutions are deemed to have been passed on December 16, 2025, being the last date of the voting period.

The record date for determining shareholder eligibility was fixed as November 7, 2025, on which date the company had 51,556 shareholders eligible to participate in the postal ballot.

Role of the Scrutinizer

The Board of Directors of Mercantile Ventures Limited appointed M/s. KRA and Associates, Practising Company Secretaries, Chennai, as the independent Scrutinizer to oversee the postal ballot process. The firm was tasked with ensuring that the voting was conducted in a fair, transparent, and compliant manner.

According to the Scrutinizer’s Report, the e-voting process was carried out using the platform provided by Central Depository Services (India) Limited (CDSL), which acted as the authorised agency. After the close of the voting period, the Scrutinizer accessed the electronic voting data and prepared a consolidated report detailing votes cast in favour of and against each resolution.

The report confirmed that the entire process complied with applicable provisions of the Companies Act, SEBI LODR Regulations, Secretarial Standards on General Meetings, and other relevant statutory guidelines.

Ordinary Resolution: Appointment of Director

The first resolution placed before shareholders was an Ordinary Resolution seeking approval for the appointment of Mr. N Umasankar (DIN: 07975664) as a Director of Mercantile Ventures Limited.

The voting results demonstrated overwhelming shareholder support. Out of the total 111.91 crore equity shares, votes representing 100.60 crore shares, or 89.8881 percent, were polled. Of these, 100.60 crore votes were cast in favour of the resolution, while only 202 votes were cast against, translating into 99.9998 percent support among votes polled.

The resolution received full backing from the promoter and promoter group, with 100 percent votes in favour, and strong support from public non-institutional shareholders as well. There were no material objections or dissenting opinions of significance recorded during the voting process. Based on these results, the Scrutinizer concluded that the ordinary resolution was passed with the requisite majority.

Special Resolution: Appointment as Whole-time Director and CFO

The second item of business was a Special Resolution proposing the appointment of Mr. N Umasankar as Whole-time Director (Finance) and Chief Financial Officer of the company. This resolution also attracted strong shareholder endorsement.

The voting pattern for the special resolution mirrored that of the ordinary resolution, with 100.60 crore votes in favour out of 100.60 crore votes polled, and only 202 votes against. The percentage of votes in favour stood at 99.9998 percent, comfortably exceeding the statutory threshold required for passing a special resolution.

Importantly, the company disclosed that neither the promoter nor the promoter group had any interest in the resolution, underscoring the independent nature of the shareholder decision. The Scrutinizer confirmed that the special resolution was duly passed with the requisite majority.

Declaration and Regulatory Compliance

Following receipt of the Scrutinizer’s Report, Mr. E N Rangaswami, Whole-time Director of Mercantile Ventures Limited, formally declared the results of the postal ballot on December 17, 2025. The company submitted the Scrutinizer’s Report, voting results, and declaration to BSE Limited for dissemination to investors and the public.

The company stated that all disclosures were made strictly in accordance with Regulation 44 of the SEBI LODR Regulations, ensuring that shareholders and market participants receive accurate and timely information. The detailed voting data, including category-wise shareholding, votes polled, votes in favour, and votes against, were also published as part of the disclosure.

Significance of the Appointments

The appointment of Mr. N Umasankar as Director and as Whole-time Director (Finance) and CFO is seen as a strategic step aimed at strengthening Mercantile Ventures Limited’s financial leadership and governance framework. The role of a CFO is particularly critical in a listed entity, encompassing financial planning, compliance, risk management, and investor relations.

By securing strong shareholder approval through a transparent postal ballot process, the company has reinforced confidence in its leadership choices. Market observers often view such high levels of shareholder support as an indicator of trust in management and alignment with the company’s long-term objectives.

Corporate Governance Perspective

Postal ballots and remote e-voting have become integral tools for shareholder democracy, especially in ensuring wider participation across geographies. Mercantile Ventures Limited’s postal ballot process reflects the evolving governance landscape in India, where digital voting mechanisms are increasingly used to enhance accessibility and transparency.

The involvement of an independent Scrutinizer and the publication of granular voting data further strengthen governance standards. Such practices not only meet regulatory requirements but also help build credibility among institutional and retail investors alike.

Conclusion

The successful conclusion of the postal ballot marks an important development for Mercantile Ventures Limited. With shareholders approving both the ordinary and special resolutions by an overwhelming margin, the company has received a clear mandate to move forward with the appointment of Mr. N Umasankar in key leadership roles.

The outcome underscores Mercantile Ventures Limited’s commitment to regulatory compliance, transparent disclosures, and sound corporate governance. As the company continues its operations in the financial services space, the strengthened leadership structure is expected to play a crucial role in guiding strategy, ensuring financial discipline, and creating long-term value for shareholders.

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