Amalgamated Electricity Company Limited has published the notice convening a postal ballot, seeking shareholder approval for key corporate actions including a preferential allotment of equity shares. The electronic despatch of the notice was completed on October 1, 2026.

The company filed an intimation with BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notice was published in newspapers on October 2, 2026. The resolutions proposed include changes to the object clause, approval for the issuance of equity shares via private placement, and the appointment of a scrutinizer.

Voting timeline and process

Shareholders can exercise their voting rights exclusively through remote e-voting. The voting period commenced at 9:00 am on Friday, October 2, 2026, and will conclude at 5:00 pm on Saturday, October 31, 2026. The results of the ballot are scheduled to be declared on or before Tuesday, November 3, 2026.

The cut-off date for determining eligible shareholders was September 30, 2026. Only persons whose names are recorded in the register of members or beneficial owners as of this date are entitled to participate in the e-voting process.

Key agenda items

The postal ballot covers several structural and governance changes approved by the board earlier:

The preferential issue is directed to specified allottees, subject to regulatory approvals and shareholder consent. The appointment of a scrutinizer ensures transparency and compliance with SEBI guidelines for conducting remote e-voting.

Accessing documents

The Postal Ballot Notice and related documents are available on the company's website and the BSE website. Shareholders who did not receive the notice electronically may download it from these sources. For inspection of referenced documents, shareholders can email their folio or DP details to the company secretary.

Amalgamated Electricity Company Limited reported a net loss of ₹20.69 lakh for the quarter ended June 30, 2026, marking a significant deterioration from the ₹5.35 lakh loss recorded in Q1FY26. The Mumbai-based power utility recorded nil revenue from operations for the period, with total income restricted to ₹0.51 lakh from other sources. The widening deficit underscores operational challenges, as total expenses surged to ₹21.21 lakh compared to ₹5.35 lakh in the same quarter last year.

The Board of Directors approved the unaudited financial results at a meeting held on August 10, 2026. The filings were submitted in compliance with Regulation 30, 33, and Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by the Audit Committee before board approval. Vatsaraj & Co., Chartered Accountants (FRN 111327W), served as the independent auditor, conducting the review in accordance with Standard on Review Engagements (SRE) 2410 issued by the Institute of Chartered Accountants of India.

Financial Performance Highlights

The company’s financial position reflects a complete absence of operational revenue during the quarter. While other income increased slightly to ₹0.51 lakh from nil in Q1FY26, this gain was insufficient to offset rising costs. Finance costs more than doubled to ₹1.18 lakh from nil in the prior year, and depreciation and amortization expenses stood at ₹2.76 lakh. Other expenses rose sharply to ₹17.27 lakh, up from ₹5.35 lakh in Q1FY26, driving the overall loss expansion.

Auditor Concerns on Going Concern

A critical aspect of the filing is the material uncertainty noted by the independent auditor regarding the company’s status as a going concern. Vatsaraj & Co. stated that the company’s total liabilities exceeded its total assets by ₹93.47 lakhs. The auditor emphasized that the company’s ability to continue business operations is largely dependent on future operations and the availability of substantial financial support. This balance sheet deficit represents a significant risk factor for shareholders and creditors alike.

What the Numbers Show

The divergence between nil operational revenue and rising fixed costs highlights a structural imbalance in the company’s current financial model. With no income generated from core electricity operations, the company is burning through capital to cover finance costs, depreciation, and administrative overheads. The tripling of other expenses to ₹17.27 lakh suggests either one-time charges or sustained operational inefficiencies that are not being offset by any revenue stream. The deepening loss per share to ₹-0.75 indicates eroding shareholder value in the absence of operational turnaround or external capital infusion.