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.

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.