Avantel has secured a firm purchase order worth ₹83.80 crores from Zetwerk Manufacturing Businesses Limited for the supply of satellite communication equipment. The order, inclusive of applicable taxes, is pursuant to a rate contract awarded earlier and is scheduled for execution by March 2027, reinforcing the company's position in the specialized communication systems segment.

Order Details

The key parameters of the order are outlined below:

Contract Highlights

The order encompasses the supply of satellite communication equipment to a domestic entity, with execution expected to be completed by March 2027. As part of the contractual obligations, Avantel will provide a one-year comprehensive onsite warranty upon delivery. The company confirmed that the transaction does not involve any related party interests and is conducted at arm's length.

Avantel Limited shareholders approved a final dividend of ₹0.20 per equity share for the financial year ended March 31, 2026, at its 36th Annual General Meeting held on June 24, 2026. The meeting, conducted via video conferencing, saw the re-appointment of M/s. Grandhy & Co., Chartered Accountants, as statutory auditors and the appointment of two new independent directors. All nine resolutions on the agenda were passed with the requisite majority, including approvals to increase borrowing limits and create charges on company assets.

The re-appointment of M/s. Grandhy & Co. as statutory auditors was approved for a second term. The firm, a Peer Reviewed entity established in 1976, is empanelled with regulatory authorities such as RBI, CAG, and NABARD. Shareholders also ratified the remuneration payable to cost auditors for the financial year 2026-27.

Dr. Tamilmani Kandasamy (DIN: 07617444) and Mr. Lakshminarasimha Acharyulu Muktevi (DIN: 02118771) were appointed as independent directors for a term of five years commencing from April 26, 2026, to April 25, 2031. Dr. Kandasamy is a former Director General (Aeronautics) at DRDO with over four decades of experience in defence research, while Mr. Muktevi brings over 40 years of corporate management experience across infrastructure and financial services.

Special resolutions to increase the company's borrowing limits under Section 180(1)(c) of the Companies Act, 2013, and to create charges on movable and immovable properties under Section 180(1)(a) were also approved. These resolutions received significant support, though public institutions voted against them, with approximately 70% of institutional votes cast against the borrowing limit increase.

Voting Summary for Key Resolutions

The scrutinizer's report confirmed that the remote e-voting facility was available from June 21 to June 23, 2026, and e-voting was conducted during the AGM on June 24, 2026. A total of 133 shareholders attended the meeting through video conferencing, comprising 5 from the promoter group and 128 from the public.