Shareholders of Amalgamated Electricity Company Limited approved a special resolution to increase the aggregate outstanding limit for investments, loans, guarantees, or security under Section 186 of the Companies Act, 2013, to ₹700 crore. This decision was taken during the company's 91st Annual General Meeting held on September 25, 2026.

The meeting also ratified the appointment of Aradhana Kurup as Managing Director for a five-year term effective August 21, 2026, with no remuneration. Additionally, members appointed M/s. Vatsaraj & Co, Chartered Accountants, as Statutory Auditors for a five-year term ending in FY30, and M/s. Sharvari Kulkarni and Associates as Secretarial Auditors for FY27 through FY31.

Voting Results and Scrutinizer Report

The scrutinizer’s report, submitted by Anushree Keshav & Associates on September 26, 2026, confirmed that all resolutions were passed with requisite majorities. For every agenda item, including the adoption of accounts, re-appointment of directors, and auditor appointments, the voting pattern remained consistent: 99.68% of valid votes cast were in favour, while 0.32% were against.

A total of 658,615 votes were polled out of 2,776,512 outstanding shares, representing a turnout of approximately 23.72%. Notably, the Promoter and Promoter Group, holding 652,970 shares (23.52% of paid-up capital), voted entirely in favour of all resolutions. Public Institutions did not participate in the voting process, casting zero votes across all items.

Leadership and Audit Appointments

Aradhana Kurup, who previously served as a Director, assumes the role of Managing Director following board approval on August 21, 2026. She is liable to retire by rotation. Her profile highlights over 27 years of experience in technology consulting, digital transformation, and enterprise architecture, with specific expertise in Artificial Intelligence and Global Capability Centres. She is not related to any other Directors or Key Managerial Personnel of the company.

In addition to the leadership change, shareholders approved the appointment of M/s. Sharvari Kulkarni and Associates as Secretarial Auditor for a fresh term of five consecutive financial years commencing from FY27. The firm, represented by CS Sharvari Kulkarni, had earlier been appointed by the Board on May 18, 2026, to fill a casual vacancy for FY26. That interim appointment ceased upon the conclusion of the current AGM. CS Sharvari Kulkarni is an Associate Member of the Institute of Company Secretaries of India with 10 years of experience.

Statutory Auditor Appointment

Members appointed M/s. Vatsaraj & Co, Chartered Accountants (Firm Registration No. 111327W), as the Statutory Auditors of the company. They will hold office from the conclusion of this AGM until the conclusion of the AGM to be held in the year 2030. The audited standalone financial statements for the financial year ended March 31, 2026, along with the Board of Directors' and Auditors' reports, were adopted by the shareholders.

Summary of AGM Proceedings

The 91st AGM was conducted via Video Conferencing/Other Audio Visual Means in compliance with MCA and SEBI circulars. Ashith Nagindas Kampani, Independent Director, chaired the meeting. The following directors were present:

• Aradhana Kurup: Executive Director
• Ashith Nagindas Kampani: Independent Director
• Ravindranath Reddy Banka: Independent Director
• Jay Nareshbhai Tillani: Independent Director
• Somesh Yag Ratanchand Kapai: Non-Executive, Non-Independent Director

All items of business listed in the Notice dated August 21, 2026, were transacted, and all resolutions were passed by requisite majority via remote e-voting or e-voting during the meeting.

Key Approvals at 91st AGM

What the Numbers Show

The voting data reveals a stark concentration of influence within the shareholder base. With the Promoter Group holding 23.52% of the paid-up capital and voting unanimously in favour, they accounted for nearly 99.14% of the total votes cast in favour (652,970 out of 656,479). This indicates that the outcome of the AGM was effectively determined by the promoter's stance, as the dissenting votes from public non-institutional shareholders (2,136 votes) were negligible in comparison to the promoter bloc.

The Phoenix Mills Limited recommended a final dividend of ₹2.50 per equity share for the financial year ended March 31, 2026, subject to shareholder approval. The Board of Directors approved the payout during its meeting held on April 27, 2026.

Dividend Details

The proposed dividend represents 125% of the face value of ₹2 per equity share. If approved by shareholders at the Annual General Meeting (AGM), the company will pay the dividend on or after September 30, 2026. The payment will be subject to deduction of tax at source (TDS) as applicable under the Income Tax Act, 2025, as amended by the Finance Act, 2026.

Shareholders must hold their shares as of the record date to be eligible for the payout. The company has specified distinct record dates for electronic and physical holdings:

The company emphasized that dividends will be paid electronically only. Holders of physical shares must ensure their folios are KYC compliant and bank details are updated with MUFG Intime India Private Limited to avoid withholding of dividends.

AGM Schedule and E-Voting

The 12th AGM is scheduled for Monday, September 28, 2026, at 2:30 pm through Video Conferencing (VC) or Other Audio Visual Means (OAVM). The meeting aims to transact ordinary and special businesses, including the ratification of the final dividend.

Members can participate remotely via the VC/OAVM facility provided by MUFG Intime India Private Limited. The company has dispatched the Notice of AGM and the Integrated Annual Report for FY26 electronically to members with registered email addresses. Those without registered emails will receive a letter with web-links to access these documents.

E-voting facilities are available for all members holding shares in physical or dematerialized form. Remote e-voting credentials have been sent to registered email addresses. Members attending the AGM who have not voted remotely can cast their votes electronically during the meeting.