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.

Amalgamated Electricity has rescheduled its board meeting to June 11, 2026, to consider raising funds through the issuance of equity shares and convertible securities. The meeting was originally set for June 8, 2026, but was postponed due to unavoidable circumstances. The session will now take place at 3:00 pm at the company's corporate office in Bengaluru, addressing a proposal to issue equity shares or other equity-linked instruments, including warrants, via preferential issue or other permissible modes. This move is aimed at bolstering the company's capital structure in accordance with the Companies Act, 2013, and Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2018.

Fund Raising Proposal

The board's primary agenda is to approve the fund-raising mechanism, which may involve a mix of equity shares, warrants, or other convertible securities. The proposal is subject to the approval of the company's members and other statutory or regulatory approvals as may be applicable. The decision aligns with the company's strategic objectives to secure necessary capital for growth and operational requirements.

Shareholder Approval Process

To facilitate the fund-raising initiative, the board will also consider convening an extraordinary general meeting or initiating a postal ballot process. This step is essential to seek the requisite approval from shareholders regarding the proposed issuance of securities. The specific modality—whether a physical meeting or a postal ballot—will be determined by the board based on regulatory requirements and logistical considerations.

Trading Window Closure

In compliance with the Company’s Code of Conduct for Prevention of Insider Trading, the trading window for dealing in the company's securities by Designated Persons and their immediate relatives will remain closed. This restriction will stay in effect until 48 hours after the declaration of the outcome of the board meeting on June 11, 2026, ensuring adherence to SEBI (Prohibition of Insider Trading) Regulations, 2015.