Clean Max Enviro Energy Solutions Limited announced significant board changes during its meeting held on March 17, 2026, involving the appointment of a new Independent Director and the resignation of an existing board member due to regulatory compliance requirements.

Board Meeting Outcomes

The Board of Directors approved two key leadership changes during the meeting held on March 17, 2026. The company appointed Mr. Dinesh Khara as Additional Non-Executive Independent Director while accepting the resignation of Mr. Arijit Basu from the same position.

New Director Profile and Experience

Mr. Dinesh Khara brings extensive banking expertise with nearly 40 years of experience in the banking sector. He previously served as Chairman of State Bank of India from October 2020 to August 2024. Before his appointment as Chairman, he held the position of Managing Director (Global Banking & Subsidiaries), where he led International Banking, Corporate Banking, and Treasury Operations.

Mr. Khara played a crucial role in the successful merger of five Associate Banks and Bharatiya Mahila Bank with SBI during his tenure as Managing Director (Associates & Subsidiaries). He also managed key functions including Risk, Information Technology, and Compliance.

Director Resignation Due to Regulatory Requirements

Mr. Arijit Basu (DIN: 06907779) resigned from his position as Non-Executive Independent Director effective March 17, 2026. His resignation was necessitated by his appointment as Chairman and Non-Executive Independent Director of IndusInd Bank effective January 31, 2026.

According to Reserve Bank of India regulations, a bank director cannot simultaneously hold directorship in a company that has borrowed from the bank. Since Clean Max Enviro Energy Solutions is a borrower of IndusInd Bank, Mr. Basu was required to step down from the Clean Max board to comply with regulatory requirements.

Regulatory Compliance and Confirmations

The company confirmed that Mr. Dinesh Khara meets the criteria of 'Independence' under the provisions of the Companies Act, 2013 and Listing Regulations. He has also confirmed that he is not debarred from accessing capital markets or restrained from holding director positions by any regulatory authority.

Mr. Basu confirmed in his resignation letter that there are no other material reasons for his resignation beyond the regulatory compliance requirement. He expressed appreciation for the opportunity to serve on the board and acknowledged the company's recent achievement of becoming a listed entity through one of the largest IPOs in the renewable energy sector.

Stock Exchange Notifications

The company filed the necessary disclosures with both BSE Limited (Scrip Code: 544717/973979/977267) and National Stock Exchange of India (Symbol: CLEANMAX) under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The ISIN codes for the company are INE647U01026/INE647U08013/INE647U08039.

Clean Max Enviro Energy Solutions Limited has announced a strategic acquisition to expand its renewable energy footprint in Gujarat. The company has entered into a Share Purchase Agreement on 16 March 2026 for the complete acquisition of Kintech Solarbikaner Private Limited for ₹38 crore, marking a significant step in its growth strategy to boost hybrid renewable energy capacity.

Transaction Overview

The acquisition involves a 100% equity stake purchase in Kintech Solarbikaner Private Limited for an enterprise value of ₹38 crore. The transaction is structured as a cash consideration deal, with completion targeted by 31 March 2026.

Target Company Profile

Kintech Solarbikaner Private Limited operates in the renewable energy generation sector and was incorporated on 31 May 2023. The company's current financial position reflects its early-stage status in the renewable energy market.

Strategic Rationale

The acquisition aligns with Clean Max Enviro Energy Solutions Limited's expansion strategy in the renewable energy sector. The company has identified specific strategic benefits from this transaction to boost its hybrid renewable energy capacity:

• Enable growth and development of wind-solar hybrid renewable energy capacity
• Establish stronger presence in Gujarat state
• Expand renewable energy generation capabilities
• Strengthen market position in the hybrid energy segment

Regulatory Compliance

The transaction has been disclosed under Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The acquisition does not fall within related party transactions, and no governmental or regulatory approvals are required for completion.

Company Leadership

The disclosure was signed by Ullash Parida, Company Secretary and Compliance Officer (Membership No.: FCS 8689), confirming the company's commitment to transparent corporate governance and regulatory compliance in this strategic acquisition.