Shareholders of Clean Max Enviro Energy Solutions Limited approved 43 resolutions authorizing material related party transactions with its subsidiaries, step-down subsidiaries, and joint ventures during the company's 16th Annual General Meeting. The approvals, which constitute the primary special business agenda, enable ongoing operational and financial interactions across the group's extensive renewable energy asset portfolio. The meeting also covered ordinary business items, including the adoption of audited financial statements for FY26.

The AGM was held on July 24, 2026, at 3:00 p.m. (IST) via video conference and other audio-visual means, in compliance with SEBI Listing Regulations and the Companies Act, 2013. Kuldeep Jain, Managing Director and Chairperson of the Board, presided over the proceedings. Ullash Parida, Company Secretary and Compliance Officer, conducted the meeting after confirming the requisite quorum. Nikunj Gopal Ghodawat, Chief Financial Officer, was also in attendance alongside representatives from statutory auditors B S R & Co. LLP, secretarial auditors BNP and Associates, cost auditors Joshi Apte & Associates, and internal auditors Protune KSA Consultants Private Limited.

Key Resolutions Passed

In addition to the 43 related party transaction approvals, shareholders passed several other key resolutions:

Related Party Transactions

The bulk of the special business involved approving material related party transactions with numerous entities within the Clean Max group. These entities include subsidiaries such as Clean Max Ajanta Private Limited, Clean Max Terra Private Limited, and Clean Max Vayu Private Limited, as well as step-down subsidiaries like Clean Max BIAL Renewable Energy Private Limited and joint ventures such as Kanoo Cleanmax Renewables Assetco W.L.L. The resolutions cover transactions between various project companies, including Clean Max Kanha Private Limited, Clean Max Arctic Private Limited, and Clean Max Iguazu Private Limited.

Remote e-voting commenced on July 21, 2026, at 9:00 a.m. (IST) and concluded on July 23, 2026, at 5:00 p.m. (IST). Members participating in the AGM who had not voted remotely were provided an additional 15-minute window to cast their votes using the InstaVote facility. The meeting concluded at 4:08 p.m. (IST). The voting results and Scrutinizer's Report, prepared by Nikita Mahavir Kothari of N Kothari & Associates, were declared available for dissemination on the company's website and stock exchange portals.

clean max enviro energy solutions Board of Directors approved the acquisition of a 26% stake in Clean Max Uno Private Limited and the sale of minority stakes in two other subsidiaries on July 24, 2026. The move consolidates control over its renewable energy generation arm while monetizing portions of its newer subsidiaries. The acquisition of Clean Max Uno is valued at ₹1.25 crore, while the sales of stakes in Clean Max Sau and Clean Max Ni will each fetch ₹26,000.

The Board authorized the purchase of 17,357 equity shares in Clean Max Uno Private Limited from Alicon Castalloy Limited at a price of ₹722 per share. This transaction brings the total consideration to ₹1,25,39,936. Post-acquisition, Clean Max Uno will become a wholly owned subsidiary of Clean Max Enviro Energy Solutions Limited. Clean Max Uno, incorporated on April 6, 2023, operates in the renewable energy generation sector. As of FY26, it reported a net worth of ₹4,68,38,394.61 but had nil turnover.

Simultaneously, the company approved the sale of 2,600 shares, representing 26% of the paid-up capital, in Clean Max Sau Private Limited to Fortis Hospotel Limited. Fortis Hospotel is a wholly owned subsidiary of Fortis Healthcare Limited. The transaction value for this stake is ₹26,000. Clean Max Sau was incorporated on June 2, 2026, and has not contributed to the parent company’s turnover or net worth in the last financial year.

In a parallel move, Clean Max Enviro Energy Solutions Limited agreed to sell 2,600 shares (26% stake) in Clean Max Ni Private Limited to Sterling Biotech Limited for ₹26,000. Clean Max Ni was incorporated on April 11, 2026, and similarly has not contributed to revenue or net worth during the last financial year. Both buyers, Fortis Hospotel and Sterling Biotech, are unrelated to the promoter group of Clean Max Enviro Energy Solutions Limited.

Transaction Details

The disclosures were made pursuant to Regulation 30 read with Schedule III of the SEBI Listing Regulations. The company confirmed that the acquisition of Clean Max Uno constitutes a related party transaction as Alicon Castalloy Limited is an existing shareholder, though the deal is structured at an arm’s length basis. The sales of stakes in Clean Max Sau and Clean Max Ni are not classified as related party transactions. Share Purchase Agreements for the sales are expected to be executed by late August and September 2026, respectively.