Amalgamated Electricity Company Limited has scheduled a board meeting for June 22, 2026, to consider a proposal for raising funds. The meeting, to be held via video conference at 10:00 am, will evaluate the issuance of equity shares and other equity-linked or convertible securities, including warrants, through a preferential issue or other permissible modes. This move aims to secure capital in accordance with the Companies Act, 2013, and Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2018.

The board's decision is subject to approval by the company's members and other statutory or regulatory approvals. To facilitate this, the directors will also consider convening an extraordinary general meeting or initiating a postal ballot process to seek shareholder consent for the fund-raising proposal. The company has stated that all applicable laws will be adhered to during the process.

In compliance with the Company's Code of Conduct for Prevention of Insider Trading under the SEBI (Prohibition of Insider Trading) Regulations, 2015, the trading window for designated persons and their immediate relatives has been closed. This restriction will remain in effect until 48 hours after the declaration of the outcome of the board meeting on June 22, 2026.

Key Meeting Details

The preferential issue may include equity shares, warrants, or other convertible securities. The company has not yet specified the size of the fund-raising exercise or the pricing of the securities. Further details will be disclosed upon the board's decision and subsequent shareholder approvals.

Amalgamated Electricity Company Ltd submitted the correct Independent Auditor's Report for the financial year ended March 31, 2026, after identifying an inadvertent error in its initial submission to the Bombay Stock Exchange. The company clarified that the financial results already submitted remain unchanged and there is no impact on the figures disclosed therein. The correction follows an observation by the exchange on June 10, 2026, regarding the attachment of the wrong report.

The Board of Directors had approved the Audited Standalone Financial Results for the quarter and year ended March 31, 2026, in a meeting held on May 30, 2026. M/s. Vatsaraj & Co., Chartered Accountants, the statutory auditors, issued the audit report for Financial Year 2025-26 with an unmodified opinion. The auditors confirmed that the financial results are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Independent Auditor's Report highlighted a material uncertainty regarding the company's status as a going concern. The report stated that the company's total liabilities exceeded its total assets by Rs 72.77 lakhs. The ability of the company to continue as a going concern is largely dependent upon future operations and the availability of substantial financial support. Despite this, the auditors' conclusion was not modified in respect of this matter.

The Board also appointed NKS B & Associates, Chartered Accountants, Bengaluru, as internal auditors for conducting the internal audit for the financial year 2026-27. The meeting of the Board of Directors commenced at 3.00 P.M. and concluded at 4.00 P.M. on May 30, 2026.

The comparative financial information for the year ended March 31, 2025, was prepared in accordance with Ind AS and was audited by predecessor auditors. The reports of the predecessor auditor on this comparative financial information dated May 5, 2025, expressed an unmodified opinion. The auditors concluded that their opinion on the statement is not modified in respect of the above matter.