Ceigall India Limited received the Completion Certificate for its ₹1,659.84 crore Delhi–Saharanpur Highway project on October 12, 2026. The certificate confirms the completion of all works for the six-lane access-controlled stretch of National Highway 709B in Uttar Pradesh.

The project, executed jointly with Gayatri Projects Limited for the National Highways Authority of India (NHAI), covers a 16.85-km section from the Delhi/UP Border to the Eastern Peripheral Expressway (EPE) Junction. This stretch is part of the Economic Corridor under Phase I of the Bharatmala Pariyojana, the government’s flagship programme to enhance highway connectivity.

Project Timeline and Execution Details

The Authority’s Engineer declared the highway fit for entry into operation with effect from September 12, 2024. This declaration occurred within the 30-day cure period following the extended completion date of August 15, 2024. The project was originally awarded on April 16, 2022, with a scheduled completion date of November 7, 2023.

Ceigall India will undertake Operation & Maintenance of the stretch at ₹2.88 crore per annum, plus escalation. Ramneek Sehgal, Chairman & Managing Director, stated that the certificate adds to the company’s track record of delivering large and complex highway works. He emphasized that such corridors are critical for regional connectivity and faster movement of goods into the National Capital Region.

Strategic Positioning

This milestone reinforces Ceigall India’s position as an infrastructure developer with over 24 years of EPC expertise. The company continues to execute projects across roads, metro, renewable energy, and power transmission sectors. It holds long-term and short-term credit ratings of IND AA-/A1+ from India Ratings.

Ceigall India Limited shareholders approved the appointment and re-appointment of five directors at their 24th Annual General Meeting held on September 29, 2026, while rejecting a special resolution on related-party loans.

The meeting saw the passage of 21 out of 22 agenda items. Key approvals included the adoption of audited standalone and consolidated financial statements for FY26, declaration of a final dividend, and various director appointments. However, the resolution seeking approval to advance loans or provide security to related parties under Section 185 of the Companies Act, 2013, failed to secure the necessary majority.

Director Appointments and Re-appointments

The company disclosed the outcome of the management changes via a filing to BSE and NSE on October 1, 2026. The following appointments were ratified by shareholders:

• Vishal Anand was re-appointed as Non-Executive Independent Director for a second term of five years, commencing October 26, 2026.
• Gurpreet Kaur was re-appointed as Non-Executive Independent Director for a second term of five years.
• Ankit Kumar Agarwal was appointed as a Non-Executive Independent Director for a first term of five years, effective July 1, 2026. He is the Co-founder and CEO of InsuranceDekho.
• Ayyalusamy Saravanan was appointed as Whole-Time Director for two years, effective July 1, 2026. He brings nearly 33 years of experience in the infrastructure sector.
• Dr. Pawan Kumar was appointed as Whole-Time Director. He holds a Ph.D. from IIT Roorkee and has over 33 years of experience in infrastructure and construction.

All appointed directors are not related to any other directors or key managerial personnel of the company and are not debarred from holding office by SEBI or other authorities.

Rejection of Related-Party Loan Approval

Resolution No. 10, which sought approval for advancing loans, giving guarantees, or providing security to persons specified under Section 185, failed to pass. Promoters and promoter group abstained from voting due to their interest in the transaction.

Among public shareholders, institutional investors voted against the resolution with 28.00% of their polled votes opposing it. Non-institutional public shareholders showed stronger support with only 3.10% voting against. Despite this, the overall weighted vote resulted in the failure of the special resolution.

Approval of Material Related Party Transactions

Shareholders approved material related party transactions with multiple subsidiaries and affiliates, including Ceigall Ambala Chandigarh Zirakpur Limited, Ceigall Ayodhya Bypass Private Limited, Ceigall Green Energy MH1 Limited, and Velgaon Power Transmission Limited.

In these cases, promoters abstained from voting. Public institutions voted overwhelmingly in favor, ensuring the passage of these ordinary resolutions.

What the Numbers Show

The voting pattern reveals a clear distinction between operational approvals and governance-related financial accommodations. While public institutions voted 100% in favor of all material related party transactions (Resolutions 11–22), they cast 28.00% of their votes against the Section 185 loan approval (Resolution 10). This suggests that institutional investors are comfortable with existing commercial arrangements but remain cautious about extending further financial security or loans to related parties, despite the promoters' abstention. The rejection highlights a specific investor concern regarding capital safety in related-party dealings.