Amalgamated Electricity Company Limited accepted the resignation of Krishnaprasad Ramanathan as Non-Executive Independent Director effective July 8, 2026. The resignation, attributed to personal reasons, was communicated via email to the company on the same date. Ramanathan also stepped down from all board committees of the company.

The Board of Directors acknowledged his contribution during his tenure. The company submitted a revised disclosure to BSE Limited under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 to correct a discrepancy in the initial filing. The revised filing included specific confirmations regarding the director's other commitments and the reasons for his departure.

Ramanathan was appointed to the board on September 3, 2025. In his disclosures, he confirmed that he is not a director in any other listed company and does not hold any positions on other board committees. He also verified that there were no material reasons for his resignation other than the personal reasons stated in his resignation letter.

Key Disclosures

The intimation was signed by Aradhana Kurup, Additional Director, on behalf of Amalgamated Electricity Company Limited.

Amalgamated Electricity Company Limited has deferred the approval of its Business Revival Plan and a proposal for raising funds through a preferential allotment of equity shares. The Board of Directors, which met on June 22, 2026, decided to postpone these decisions pending the receipt of critical inputs and additional information from the management. The meeting was held via video conference, starting at 10:00 am and concluding at 11:22 am.

The Board extensively reviewed the revival strategy and discussed various operational, financial, and business initiatives. However, it determined that further clarifications were necessary to enable a comprehensive evaluation of the proposed plan. Consequently, the consideration and approval of the Business Revival Plan were deferred until the management provides the required data.

The proposal to issue equity shares to certain identified persons or entities on a preferential basis could not be taken up for final consideration. The Board noted that the extended time devoted to discussions on the revival plan necessitated the deferment of the preferential issue proposal. The Board clarified that no approval has been granted for the preferential allotment at this stage, and the matter will be addressed at a future meeting.

Additionally, the Board deferred several other agenda items for consideration at a subsequent meeting. These include the increase in authorised share capital and consequential amendments to the Memorandum of Association, alteration of the object clause, and the adoption of new Articles of Association. Decisions regarding the change in registered office and the approval of the postal ballot notice were also postponed.

Key Meeting Details

The company stated that a fresh prior intimation and requisite disclosures would be made to the stock exchanges in accordance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 once the proposals are finalized.