Refex Renewables & Infrastructure Limited has disclosed that its Board of Directors approved a Binding Memorandum of Understanding (MOU) for settlement of ongoing disputes through a circular resolution passed on August 07, 2026. This is in continuation of earlier intimations dated May 21, 2025, November 18, 2025, and February 04, 2026.

The settlement resolves multiple legal proceedings between the company and SILRES Energy Solutions Private Limited:

1. Full and Final Settlement of Insolvency Proceedings

  • Sherisha Solar LLP (SS-LLP), a strategically important step-down wholly-owned subsidiary of Refex Renewables, will pay ₹16,51,26,975 to SILRES as full and final settlement against a loan liability of ₹33,39,39,339
  • This represents a settlement at approximately 49.4% of the original liability
  • Upon receipt of payment, SILRES will withdraw its Section 7 Insolvency and Bankruptcy Code, 2016 petition filed against SS-LLP before NCLT Chennai Bench
  • SS-LLP will withdraw its application against SILRES under Section 65 of the Insolvency and Bankruptcy Code, 2016

2. Implementation of Corporate Actions

a) Transfer of Ishaan Solar Power Private Limited

  • Refex Renewables will transfer its wholly-owned subsidiary Ishaan Solar to SILRES for ₹3,92,58,420
  • Ishaan Solar holds the entire share capital of SEI Tejas, which is its wholly-owned subsidiary

b) Equity Share Transfer

  • Refex Renewables will transfer its 0.064% equity shareholding (on fully diluted basis) in SILRES to Avyan Pashupathy Capital Advisors Private Limited for ₹10,00,000

c) Trademark Transfer

  • Refex Renewables will transfer "SUNEDISON" trademarks to SILRES for ₹1,00,00,000
  • The company noted these trademarks have not been used since the company changed its name from SunEdison Infrastructure Limited to Refex Renewables & Infrastructure Limited on October 25, 2022

3. Legal Proceedings Resolution

  • The company will withdraw its petition against SILRES under Sections 241 and 242 of the Companies Act, 2013 filed before NCLT Chennai Bench

4. Implementation Requirements

  • The concerned parties will enter into definitive agreements and transaction documents to give effect to these actions
  • The actions remain subject to receipt of regulatory, statutory, contractual and other approvals, consents and compliances as may be applicable
  • The company will make appropriate disclosures to stock exchanges upon execution of definitive agreements

The total consideration value of the settlement and asset transfers amounts to ₹21,44,85,395, comprising the settlement payment (₹16,51,26,975), subsidiary transfer (₹3,92,58,420), share transfer (₹10,00,000), and trademark transfer (₹1,00,00,000).