MIC Electronics Conducts EGM for Strategic Acquisition of Neo Semi SG Pte. Ltd

MIC Electronics Limited successfully conducted its Extra-Ordinary General Meeting (EGM) on April 29, 2026, to deliberate on a strategic acquisition that marks a significant expansion in the company's business portfolio. The meeting, held at the company's registered office in Hyderabad, addressed crucial resolutions related to the acquisition of Singapore-based Neo Semi SG Pte. Ltd.

Meeting Details and Governance

The EGM commenced at 11:45 AM IST and concluded at 12:30 PM IST, with Mr. Penumaka Venkata Ramesh, Independent Director, chairing the proceedings. The meeting was conducted in full compliance with the Companies Act, 2013, and relevant regulatory guidelines from the Ministry of Corporate Affairs and SEBI.

Parameter: Details Meeting Date: April 29, 2026 Start Time: 11:45 AM IST End Time: 12:30 PM IST Venue: Registered Office, Hyderabad Meeting Type: 01/2026-27 EGM

The board was well-represented with five directors in attendance, including Managing Director Mr. Kaushik Yalamanchili, Whole-Time Director Mr. Sivanand Swamy Mitikiri, and Independent Directors Mr. Kolli Srinivas Rao and Mrs. Karuna Gayathri Upadhyayula.

Strategic Acquisition Resolutions

The EGM focused on three critical resolutions related to the Neo Semi acquisition and corporate governance changes. The primary resolution involved the acquisition of 71,72,090 equity shares of USD 1 each, representing 89.65% fully paid-up equity shares of Neo Semi SG Pte. Ltd on a fully diluted basis.

Resolution: Type Description 1: Special Resolution Acquisition of 71,72,090 equity shares (89.65% stake) in Neo Semi SG 2: Special Resolution Preferential allotment of up to 5,68,73,418 equity shares for share swap 3: Ordinary Resolution Change in Mr. Deepayan Mohanty's designation

The second resolution addressed the preferential issue and allotment of up to 5,68,73,418 equity shares on a preferential basis for consideration other than cash. This share swap arrangement covers the acquisition of 47,20,060 equity shares, representing 59% of Neo Semi's fully paid-up equity shares.

Voting Process and Compliance

The company implemented a comprehensive voting mechanism to ensure maximum shareholder participation. Remote e-voting was facilitated through the CDSL platform from April 26, 2026 (9:00 AM IST) to April 28, 2026 (5:00 PM IST). Members who did not participate in remote e-voting were provided ballot voting facilities at the venue.

Mr. Y. Ravi Prasada Reddy, Proprietor of M/s. RPR & Associates, Practicing Company Secretaries, was appointed as the Scrutinizer to oversee both remote e-voting and ballot voting processes. The appointment was made by the Board of Directors in their meeting held on March 30, 2026.

Corporate Governance Changes

Beyond the acquisition matters, the EGM also addressed an important governance change involving Mr. Deepayan Mohanty (DIN: 00196042). The ordinary resolution proposed changing his designation from Independent Director to Non-Executive Non-Independent Director, reflecting the evolving board composition aligned with the company's strategic direction.

Next Steps and Compliance

Following the conclusion of voting procedures, the company committed to publishing detailed voting results on stock exchanges, the company website, and the CDSL portal, along with the Scrutinizer's Report. This transparency measure complies with Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The resolutions will be deemed passed subject to receiving the requisite majority of votes, with results to be communicated through proper regulatory channels.

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