EKI Energy Services has dispatched a postal ballot notice to shareholders seeking approval for a special resolution to alter its Memorandum of Association. The proposed amendments aim to broaden the company’s operational scope beyond its current sustainability and renewable energy services.

The Board of Directors approved the issuance of the notice on September 9, 2026, following a meeting held on the same date. The alterations require shareholder consent under Sections 4 and 13 of the Companies Act, 2013, as well as approval from the Registrar of Companies, Gwalior.

Proposed Business Expansion

The company plans to insert new sub-clauses under Clause III (A) and (B) of its Memorandum of Association. These additions will formally enable EKI Energy Services to engage in several new business verticals:

• Metal Trading and Processing: Importing, exporting, and trading ferrous and non-ferrous metals, including copper, aluminum, zinc, and steel. This includes activities such as clearing, forwarding, warehousing, and recycling scrap into saleable forms like ingots and billets.
• Renewable Energy Products: Manufacturing, trading, and distributing renewable energy products derived from solid, liquid, or gaseous resources. This covers solar, wind, biomass, hydrogen, green hydrogen, methanol, and biogas.
• Agricultural Inputs: Dealing in fertilizers, bio-fertilizers, organic fertilizers, and soil conditioners derived from biomass or organic waste.
• Manpower Services: Providing contract staffing, recruitment, placement, and human resource management services on a permanent or temporary basis.

Voting Process Details

Shareholders holding equity shares as on the cut-off date of September 4, 2026, are eligible to vote. The voting process is restricted to remote e-voting via Central Depository Services (India) Limited (CDSL).

The company stated that physical copies of the postal ballot notice are not being sent in compliance with Ministry of Corporate Affairs circulars. Shareholders without registered email addresses are advised to update their details with their depository participants or the Registrar and Share Transfer Agent, Ankit Consultancy Private Limited.

Strategic Intent

According to the explanatory statement, the alterations are intended to provide greater flexibility for exploring emerging business opportunities in related and complementary sectors. The board emphasized that these new objects are ancillary to the company’s overall business activities and will support diversification efforts as suitable opportunities arise.

No directors or key managerial personnel have disclosed any financial interest in the proposed resolution. The results of the e-voting are expected to be declared on or before October 12, 2026.

The National Company Law Tribunal (NCLT) Indore Bench dismissed an insolvency application filed by Oswal Woollen Mills Limited against EKI Energy Services , ruling that a genuine pre-existing dispute existed between the parties.

The order, dated September 3, 2026, rejects the petition seeking initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code (IBC). The tribunal found that disagreements over contractual pricing and payment mechanisms preceded the statutory demand notice issued in April 2024.

Dispute Background

Oswal Woollen Mills filed the application under CP(IB)/56(MP)2025, claiming an operational debt of ₹1,28,74,296 plus interest of ₹56,53,413.23, totaling ₹1,85,27,709. The claim arose from an Emission Reduction Purchase Agreement (ERPA) signed on April 12, 2022, for the supply of Certified Emission Reductions (CERs).

The applicant alleged that EKI Energy failed to pay for 70,085 CERs delivered on January 13, 2023. The contract specified rates of $1.0 per CER for Compliance Period 1 and $2.5 per CER for Compliance Period 2.

Tribunal Findings

The NCLT bench comprising Shri Brajendra Mani Tripathi and Shri Man Mohan Gupta identified several grounds for dismissal:

• Pre-existing dispute: Correspondence from March 2023 showed EKI Energy invoked Clause 2.14(m) of the ERPA to propose revised prices due to market dynamics, offering $0.40 per CER for CP1 and $1.35 per CER for CP2.
• Contractual interpretation: The tribunal noted that determining whether payment was contingent on trading proceeds or fixed upon delivery required substantive adjudication beyond the summary jurisdiction of Section 9 IBC.
• Quantity discrepancy: A difference of 1,540.86 CERs between the claimed amount and registry records further complicated the debt crystallization.

What the Numbers Show

The interest component constitutes approximately 31% of the total claimed amount (₹56,53,413.23 out of ₹1,85,27,709). While the tribunal did not adjudicate the validity of the 24% per annum interest rate, it noted that the principal amount alone exceeds the statutory threshold for insolvency proceedings under Section 4 of the IBC. This highlights that the core legal barrier was the existence of a dispute, not the quantum of debt.

Legal Implications

The dismissal does not preclude Oswal Woollen Mills from pursuing remedies under the arbitration clause embedded in the ERPA or other civil forums. The NCLT emphasized that the IBC is not a substitute for recovery mechanisms in disputed commercial transactions.

The order clarifies that the finding of a pre-existing dispute does not validate either party’s contractual interpretation. Questions regarding the applicability of price revision clauses, invoicing requirements, and exact payable quantities remain open for determination by competent forums.