Meeting Details
- Date: Friday, July 31, 2026
- Time: Commenced at 3:30 PM, concluded at 5:33 PM
- Location: Virtual meeting through Video Conferencing (VC) / Other Audio Visual Means (OAVM)
- Deemed Venue: SWELECT House, No.5, Sir P.S. Sivasamy Salai, Mylapore, Chennai - 600 004, Tamil Nadu, India
- Type: 31st Annual General Meeting
Proposed Resolutions and Implications
The meeting considered 17 resolutions covering ordinary and special business:
Ordinary Business (4 Resolutions)
1. Adoption of audited financial statements for FY ended March 31, 2026
2. Declaration of final dividend of Rs.3.50 per equity share
3. Reappointment of Mr. K V Nachiappan (DIN: 00017182) as Director liable to retire by rotation
4. Reappointment of Mrs. Jayashree Nachiappan (DIN: 03173327) as Director liable to retire by rotation
Special Business (13 Resolutions)
5. Approval of remuneration for Mr. K V Nachiappan, Whole-time Director (Aug 1, 2026 - Apr 19, 2028)
6. Revision of remuneration for Mr. V C Raghunath, Whole-time Director (Apr 1, 2026 - Jul 27, 2027)
7. Revision of remuneration for Ms. V C Mirunalini, Whole-time Director (Apr 1, 2026 - Jun 27, 2027)
8. Approval of remuneration for Ms. Aarthi Balan, relative of Director (Vice President - MARCOM, IT and Channels)
9. Approval of remuneration for Ms. Preetha Balan, relative of Director (Vice President - Process Automation, Admin and HR)
10. Ratification of remuneration for Cost Auditors M/s. Ravichandran Bhagyalakshmi & Associates (Rs.1,50,000 + taxes)
11. Increasing borrowing powers limit to Rs.2000 crore
12. Authorization to create charge on company properties (present and future)
13. Increasing limit for giving loans/guarantees under Section 185 to Rs.2000 crore
14. Increasing limit for loans/guarantees/investments under Section 186 to Rs.2000 crore
15. Material Related Party Transactions with USolar Assetco Four Private Limited (up to Rs.22,990 lakhs)
16. Material Related Party Transactions of SWELECT SolarKraft Private Limited with Gridnex Solar Power Private Limited (up to Rs.38,736 lakhs)
17. Material Related Party Transactions between Company and Gridnex Solar Power Private Limited (up to Rs.39,012 lakhs)
Voting Process and Methods
- Remote e-voting: Available through CDSL platform from July 28, 2026 (9:00 AM) to July 30, 2026 (5:00 PM)
- E-voting during meeting: Available for shareholders who hadn't voted remotely
- Scrutinizer: M/s. P. Eswaramoorthy and Company, Company Secretaries (Mr. P. Eswaramoorthy, Proprietor)
- Record date: July 24, 2026
- Voting rights: One share one vote principle
Key Voting Outcomes
All 17 resolutions were passed with requisite majority. Detailed results:
Resolution 1 (Ordinary Business)
- Total members voted: 109 (Remote: 105, AGM: 4)
- Total shares voted: 9,565,654
- In favor: 9,564,752 (99.9906%)
- Against: 902 (0.0094%)
Resolution 2 (Dividend Declaration)
- Total members voted: 109 (Remote: 105, AGM: 4)
- Total shares voted: 9,565,654
- In favor: 9,564,752 (99.9906%)
- Against: 902 (0.0094%)
Resolution 3 (Director Reappointment - K V Nachiappan)
- Total members voted: 109 (Remote: 105, AGM: 4)
- Total shares voted: 9,565,654
- In favor: 9,564,751 (99.9906%)
- Against: 903 (0.0094%)
Resolution 4 (Director Reappointment - Jayashree Nachiappan)
- Total members voted: 109 (Remote: 105, AGM: 4)
- Total shares voted: 9,565,654
- In favor: 9,564,751 (99.9906%)
- Against: 903 (0.0094%)
Resolution 5 (Remuneration - K V Nachiappan)
- Total members voted: 109 (Remote: 105, AGM: 4)
- Total shares voted: 9,565,654
- In favor: 9,564,750 (99.9905%)
- Against: 904 (0.0095%)
Resolution 6 (Remuneration Revision - V C Raghunath)
- Total members voted: 109 (Remote: 105, AGM: 4)
- Total shares voted: 9,565,654
- In favor: 9,564,739 (99.9904%)
- Against: 915 (0.0096%)
Resolution 7 (Remuneration Revision - V C Mirunalini)
- Total members voted: 109 (Remote: 105, AGM: 4)
- Total shares voted: 9,565,654
- In favor: 9,564,739 (99.9904%)
- Against: 915 (0.0096%)
Resolution 8 (Remuneration - Aarthi Balan)
- Total members voted: 104 (Remote: 100, AGM: 4)
- Total shares voted: 9,030,326
- In favor: 9,023,114 (99.9201%)
- Against: 7,212 (0.0799%)
Resolution 9 (Remuneration - Preetha Balan)
- Total members voted: 104 (Remote: 100, AGM: 4)
- Total shares voted: 9,030,326
- In favor: 9,023,114 (99.9201%)
- Against: 7,212 (0.0799%)
Resolution 10 (Cost Auditor Remuneration)
- Total members voted: 109 (Remote: 105, AGM: 4)
- Total shares voted: 9,565,654
- In favor: 9,564,749 (99.9905%)
- Against: 905 (0.0095%)
Resolution 11 (Borrowing Powers Increase)
- Total members voted: 109 (Remote: 105, AGM: 4)
- Total shares voted: 9,565,654
- In favor: 9,564,750 (99.9905%)
- Against: 904 (0.0095%)
Resolution 12 (Charge Creation Authorization)
- Total members voted: 109 (Remote: 105, AGM: 4)
- Total shares voted: 9,565,654
- In favor: 9,564,751 (99.9906%)
- Against: 903 (0.0094%)
Resolution 13 (Section 185 Limits Increase)
- Total members voted: 109 (Remote: 105, AGM: 4)
- Total shares voted: 9,565,654
- In favor: 9,560,243 (99.9434%)
- Against: 5,411 (0.0566%)
Resolution 14 (Section 186 Limits Increase)
- Total members voted: 109 (Remote: 105, AGM: 4)
- Total shares voted: 9,565,654
- In favor: 9,560,242 (99.9434%)
- Against: 5,412 (0.0566%)
Resolution 15 (RPT with USolar Assetco Four)
- Total members voted: 84 (Remote: 81, AGM: 3)
- Total shares voted: 1,012,325
- In favor: 1,011,423 (99.9109%)
- Against: 902 (0.0891%)
Resolution 16 (RPT of SolarKraft with Gridnex)
- Total members voted: 84 (Remote: 81, AGM: 3)
- Total shares voted: 1,012,325
- In favor: 1,011,423 (99.9109%)
- Against: 902 (0.0891%)
Resolution 17 (RPT with Gridnex Solar Power)
- Total members voted: 84 (Remote: 81, AGM: 3)
- Total shares voted: 1,012,325
- In favor: 1,011,422 (99.9108%)
- Against: 903 (0.0892%)
Scrutinizer's Role and Findings
- M/s. P. Eswaramoorthy and Company appointed as Scrutinizer
- Submitted report to Chairman on August 3, 2026
- Confirmed all resolutions passed with requisite majority
- Results declared by Chairman on August 4, 2026
Compliance Confirmation
- Meeting conducted in compliance with MCA and SEBI circulars permitting virtual meetings
- Notice and Annual Report circulated electronically to members with registered email addresses
- Physical copies provided to shareholders who requested them
- Register of Directors and Key Managerial Personnel, Register of Contracts, and ESOP implementation certificate made available on www.evotingindia.com during meeting
- Statutory Auditors (M/s. Deloitte Haskins & Sells LLP) provided unmodified opinion on financial statements
- Secretarial Audit Report had no qualifications, observations, or comments
Attendance
- 55 shareholders participated (including 8 Directors holding shares)
- Directors and invitees participated through VC including Chairman, Vice Chairman, CEO & Managing Director, Whole-time Directors, Independent Directors, and Key Managerial Personnel
- Representatives from Statutory Auditors, Secretarial Auditor, Internal Auditor, and Cost Auditor attended