SAR Televenture shareholders approve 90.82% Fusionnet sale

SAR Televenture Limited shareholders approved the sale of 1,28,09,761 equity shares, representing 90.82% of Fusionnet Web Services Limited, to Tikona Communication Limited on November 5, 2026. All 53.85 lakh valid remote e-votes supported the special resolution, with no votes against, abstentions or invalid votes reported by the scrutinizer.

What did SAR Televenture shareholders approve?

SAR Televenture approved a special resolution for the disinvestment or sale of 1,28,09,761 equity shares in Fusionnet to Tikona. The shares represent 90.82% of Fusionnet's equity share capital, meaning the resolution covers a controlling stake rather than a minority holding.

The approval was obtained through a postal ballot conducted solely through remote e-voting. SAR Televenture issued the postal-ballot notice on October 1, 2026, emailed it to eligible members on October 6, 2026, and used October 2, 2026 as the cut-off date for deciding voting eligibility.

The voting-results filing identifies the proposal as a special resolution and states that the promoter and promoter group were interested in the agenda. The result confirms that shareholder approval for the stated sale resolution was obtained, but the November 5, 2026 filing does not disclose sale consideration, a closing date, conditions to completion or the planned use of proceeds.

How decisive was the vote on the Fusionnet sale?

The vote was unanimous among valid votes cast: 18 members cast 53.85 lakh votes in favour of the Fusionnet stake sale, while no member voted against it. Loveleen Gupta of L. Gupta & Associates, the scrutinizer, reported nil abstained or invalid votes for the single resolution in the postal ballot.

The 100% approval figure applies to votes actually polled, rather than to every shareholder category. Remote e-voting opened at 9:00 a.m. Indian Standard Time on October 7, 2026 and closed at 5:00 p.m. on November 5, 2026, after which the facility was disabled and votes were unblocked at 5:20 p.m.

The scrutinizer reconciled voting data from MUFG Intime India Private Limited, the e-voting provider, with the register of members and beneficial-owner list as of October 2, 2026. The report, dated November 5, 2026, concluded that the special resolution had passed with the requisite majority.

Which shareholder groups voted on the SAR Televenture resolution?

Only public non-institutional shareholders recorded votes on the resolution, with all 53.85 lakh votes cast in favour. This category held 2,28,72,275 shares, and the votes polled represented 23.5438% of its outstanding holding, according to the voting-results table.

Promoters and the promoter group held 2,28,33,225 shares but cast no votes, while public institutions held 44.42 lakh shares and also cast no votes. The filing records that the promoter and promoter group were interested in the resolution, alongside their zero participation in the special resolution.

Across all shareholder categories, 53.85 lakh votes represented 10.7383% of the 5,01,47,500 shares in the voting-results table. Participation was therefore concentrated among public non-institutional shareholders, whose 23.5438% category turnout contrasted with zero turnout from promoters, the promoter group and public institutions.

What does the postal-ballot result authorise?

The result authorises SAR Televenture's stated disinvestment or sale of the specified 90.82% Fusionnet stake to Tikona. It does not establish, based on the November 5, 2026 filing, that the share transfer has closed or that SAR Televenture has received any consideration.

The approval concerns exactly 1,28,09,761 Fusionnet equity shares and names Tikona as the purchaser. Tikona was previously known as Grand Foundry Limited, according to the resolution, but the filing does not provide a purchase price, payment timetable, valuation, regulatory condition or SAR Televenture's post-sale ownership in Fusionnet.

The formal process covered one resolution, and November 5, 2026 was the final date for receiving postal-ballot votes. The board appointed Loveleen Gupta as scrutinizer on October 1, 2026, and her report was issued to SAR Televenture on November 5, 2026.

The scrutinizer said electronic voting data and related records would remain in her safe custody until handover to company secretary and compliance officer Mayank Jain after the chairman considers, approves and signs the postal-ballot minutes. This step concerns preservation of voting records and does not provide a timetable for completing the Fusionnet share sale.

Conclusion

SAR Televenture has obtained the shareholder mandate required for the proposed sale of a 90.82% Fusionnet stake to Tikona. The resolution received 53.85 lakh valid votes from 18 members, all in favour, while promoters, the promoter group and public institutions recorded no votes.

The next disclosed procedural event is the chairman's consideration, approval and signing of the postal-ballot minutes, after which the scrutinizer is to transfer the electronic records to the company secretary. The November 5, 2026 filing leaves the transaction's closing date, consideration, payment terms and any remaining completion conditions unresolved.