Gujarat Industries Power Company concluded its 41st annual general meeting on September 19, 2026. The meeting, held via video conference, saw members adopt the audited standalone financial statements for the fiscal year ended March 31, 2026.

The Chairperson, Dr. Jayanti S. Ravi, IAS, opened the proceedings after confirming the requisite quorum was present through virtual attendance. The Company Secretary informed members that the statutory auditor’s report on the financial statements carried no qualifications, indicating adherence to robust accounting standards. Similarly, the secretarial audit report contained no adverse remarks.

Resolutions Passed

Members approved several ordinary and special business resolutions during the meeting. Key outcomes included:

• Adoption of audited financial statements for FY26 along with reports from the Board of Directors and auditors.
• Declaration of dividend on equity shares for the financial year 2025-26.
• Reappointment of Shri Sanjay S. Bhatt as a director, replacing his term retiring by rotation.
• Ratification of remuneration payable to cost auditors for the financial year 2026-27.

One proposed resolution regarding the reappointment of Shri Kanyo Sadhuram Badlani was dropped. The Company Secretary stated this resolution became infructuous as Shri Badlani ceased to be a nominee director effective August 31, 2026, following the withdrawal of nomination by Gujarat State Fertilizers & Chemicals Limited.

Governance and Compliance

The meeting featured attendance from ten directors, including independent directors chairing various committees such as Audit, Nomination & Remuneration, and Risk Management. Statutory auditors M/s. K C Mehta Co. & LLP and secretarial auditors M/s. TNT & Associates were present. CS Shailja Pandya served as the independent scrutinizer for the e-voting process.

Remote e-voting commenced on September 16, 2026, and concluded on September 18, 2026. Voting continued during the AGM until 15 minutes after its conclusion. Results will be declared upon receipt of the scrutinizer’s report and filed with BSE Limited and National Stock Exchange of India Limited.

Gujarat Industries Power Company issued an addendum to its 41st Annual General Meeting notice, dropping the re-appointment of Kanyo Sadhuram Badlani as a resolution after Gujarat State Fertilizers & Chemicals Limited (GSFC) withdrew his nomination effective August 31, 2026.

The addendum, published on September 4, 2026, in Financial Express (All India Edition) and Loksatta Jansatta (Vadodara edition), was issued pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The resolution proposed at Item No. 03 of the 41st AGM notice — seeking member approval for Badlani's re-appointment — has been rendered infructuous and invalid, and has accordingly been dropped.

Board nomination change

Badlani, who served as Senior Vice President (Projects) at GSFC, was a nominee director representing the state-owned fertilizer firm on the Gujarat Industries Power Company board. His cessation from the board was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. GSFC approved the replacement of Badlani with Dr. Rajender Kumar, IAS, Managing Director of GSFC, with the GSFC board ratifying this nomination during its meeting held on August 12, 2026.

41st AGM proceedings

The 41st AGM of Gujarat Industries Power Company is scheduled to be held on Saturday, September 19, 2026, at 11:30 am through Video Conferencing (VC) or Other Audio-Visual Means (OAVM). Following the removal of Resolution No. 3, only Resolution Nos. 1, 2, 4, and 5 will be placed before members for consideration and approval. Remote e-voting and e-voting facilities during the AGM will remain available for these four resolutions. Shareholders can access the addendum on the company's website and on the website of the Central Depository Service (India) Limited.