Key Board Resolutions
1. Increase of Authorized Share Capital: Approved increase of Authorized Share Capital from ₹2,25,00,000 (2.25 crore) divided into 45,00,000 equity shares of ₹5 each to ₹2000,00,00,000 (2000 crore) divided into 400,00,00,000 equity shares of ₹5 each. This requires consequential amendment to Clause V of the Memorandum of Association and is subject to shareholder approval.
2. Alteration of Articles of Association: Approved alteration of Articles of Association and adoption of a new set of AOA to align with Companies Act, 2013, SEBI Regulations, and other statutory amendments, subject to shareholder approval.
3. Change of Object Clause: Approved alteration of the main object clause of the Memorandum of Association, subject to necessary approvals. The new object clauses fundamentally change the company's business from electricity to:
- Artificial intelligence and applied AI development
- Technology support services and IT infrastructure management
- Technology-enabled and integrated healthcare services
- Vehicle distribution, electric vehicles, tires, and auto-ancillary parts
- Marketing, media, advertising, and communications
- Investment holding and strategic stakes in operating companies
4. Preferential Issue of Equity Shares: Approved issuance of up to 130,00,00,000 (130 crore) equity shares of ₹5 each at par (issue price ₹5 per share) aggregating up to ₹650,00,00,000 (₹650 crore) to identified non-promoter investors on preferential basis. The allottees are:
- Almontroz Trust Fund: Up to 54,00,00,000 shares (₹270 crore)
- Uni Growth Fund: Up to 54,00,00,000 shares (₹270 crore)
- Candorhub Venture LLP: Up to 54,60,00,000 shares (₹273 crore)
- Roohani Jazbat LLP: Up to 54,60,00,000 shares (₹273 crore)
- VP Venture LLP: Up to 54,60,00,000 shares (₹273 crore)
- Sathvik Universal LLP: Up to 24,00,00,000 shares (₹120 crore)
The issue is subject to provisions of Section 42 and 62 of Companies Act, 2013, SEBI ICDR Regulations, 2018, and other applicable laws, and requires shareholder and regulatory approvals.
5. Change of Registered Office: Approved change from "G-1, Ground Floor, Nirmal Nest CHSL, Vayu Devta Mandir Complex, Borivali - (West), Mumbai City, Mumbai, Maharashtra, India, 400103" to "Flat No.303, T F Pocket -B, DDA, HIG Flat, Block-1, Rani Jhansi Complex, D.B. Gupta Road, Motia Khan, Pahar Ganj, New Delhi - 110055".
6. Director Appointments:
- Appointed Somesh Yag Ratanchand Kapai (DIN: 02461397) as Additional Director (Non-Executive), to be regularized as Non-Executive Nominee Director subject to shareholder approval
- Appointed Jay Nareshbhai Tillani (DIN: 11812895) as Additional Non-Executive Independent Director
7. Postal Ballot: Approved conducting postal ballot process with last date for remote e-voting fixed as August 12, 2026. Appointed Ms. Anushree Keshav (Practicing Company Secretary, Membership No. A26984, COP No. 22816) as Scrutinizer.
Financial Impact
The preferential issue will result in cash inflow of ₹650 crore upon completion. The increase in authorized capital enables future equity fundraising. Financial impact of other resolutions not quantified in the disclosure.
Capital Structure Impact
The preferential issue of 130 crore equity shares will significantly dilute existing shareholding. Post-issue share capital details not provided.