AGM Details

The 39th Annual General Meeting will be held on Wednesday, September 30, 2026 at 4:00 PM (IST) through Video Conferencing (VC) / Other Audio Visual Means (OAVM) in accordance with MCA and SEBI circulars.

Key Dates

  • Cut-off Date: Wednesday, September 23, 2026
  • Remote e-Voting Period: Saturday, September 26, 2026 at 9:00 AM to Tuesday, September 29, 2026 at 5:00 PM
  • Register of Members and Share Transfer Books Closure: Thursday, September 24, 2026 to Wednesday, September 30, 2026 (both days inclusive)

Background and Corporate Status

The Corporate Insolvency Resolution Process (CIRP) of XL Energy Limited was initiated by M/s Invent Assets Securitization and Reconstruction Pvt Ltd pursuant to Company Petition CP(IB) No. 16/7/HDB/2023 under section 7 of IBC 2016.

NCLT Hyderabad Bench commenced CIRP on March 27, 2023 (Insolvency Commencement Date) and appointed Mr. Vijay P Lulla (IBBI Reg. No. IBBI/IPA-001/IP-P00323/2017-18/10593) as Interim Resolution Professional, later confirmed as Resolution Professional.

NCLT approved the Resolution Plan submitted by the Consortium comprising Ms. Karishma Jain; M/s Jupiter City Developers (I) Limited & M/s Adwaita Navigations Private Limited (Successful Resolution Applicant) vide order dated April 19, 2024 in IA No. 5 of 2024 in CP (IB) No. 16/2023.

Relisting Status and Legal Proceedings

NCLT Hyderabad Bench directed relisting of equity shares vide order dated May 2, 2025 in IA no IA (IBC)/1726/2024. Consequently, NSE and BSE changed company status from 'delisted' to 'suspended' with effect from May 28, 2025.

NSE filed an appeal against NCLT directions. NCLAT directed continuation of actions as per operative portion of impugned order vide June 23, 2025 order.

NSE preferred Civil Appeal No. 9667 of 2025 before Supreme Court challenging NCLAT order. Supreme Court disposed of appeal with observation that relisting shall not be carried out subject to final outcome of main appeal pending before NCLAT.

Process relating to relisting and capital restructuring recognition remained pending as at March 31, 2026, subject to regulatory approvals and appeal outcome.

Business Items

Ordinary Business

1. Adoption of Accounts: To receive, consider and adopt Audited Financial Statement for year ended March 31, 2026 including reports of Board of Directors and Auditors (Ordinary Resolution)

2. Retirement by Rotation: To re-appoint Mr. Naresh Manakchand Jain (DIN: 00291963) who retires by rotation (Ordinary Resolution)

Special Business

3. Appointment of Independent Director: Appointment of Mr. Pankaj Jain (DIN: 11114458) as Non-Executive, Independent Director for 5 years from August 4, 2026 to August 3, 2031 (Special Resolution)

  • Sitting fees: ₹10,000 per meeting
  • Currently serves as Independent Director in PFL Infotech Limited and 52 Weeks Entertainment Limited

4. Appointment of Manager: Appointment of Mr. Harsh Jain as Manager for 5 years from August 4, 2026 to August 3, 2031 (Ordinary Resolution)

  • Remuneration: ₹20,000 per month
  • Qualification: Commerce Graduate
  • Relationship: Son of Mr. Naresh Manakchand Jain (Director) and brother of Ms. Karishma Jain (Executive Director & CFO)

5. Confirmation of Independent Director: Confirmation of Mr. Suryakant Kadakane Maruti (DIN: 02272617) as Non-Executive Independent Director for term from December 9, 2025 to December 8, 2030 (Special Resolution)

  • Sitting fees: ₹10,000 per meeting
  • Currently serves as Independent Director in Aagam Capital Limited, 52 Weeks Entertainment Limited, Monotype India Ltd, and Risa International Limited

E-Voting Arrangements

The Company has appointed M/s. Bigshare Services Private Limited as RTA to provide VC/OAVM and e-voting facilities.

Remote e-voting will be available through EVSN sequence number 1380 from September 26, 2026 at 9:00 AM to September 29, 2026 at 5:00 PM.

Members can vote through their demat accounts with CDSL or NSDL, or through physical folio numbers on Bigshare's i-Vote platform.

Document Availability

Notice and Annual Report available electronically at: https://drive.google.com/drive/folders/1zJs-mtCWm2k9Ty1-qHjj_M4BV6iZ1aLw

Also available on BSE (www.bseindia.com), NSE (www.nseindia.com), and Bigshare website (https://ivote.bigshareonline.com)