Narendra Nath Misra has ceased to be an independent director on the board of Gujarat Industries Power Company Limited. The departure follows the conclusion of the company’s 41st annual general meeting held on September 19, 2026.

Misra completed his maximum permissible tenure under Section 149(11) of the Companies Act, 2013. He served two consecutive five-year terms before stepping down.

Regulatory Disclosure

The company notified the Bombay Stock Exchange and the National Stock Exchange of India Ltd regarding the change in directorship. The disclosure was made pursuant to Regulation 30(2) read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Shalin Patel, Company Secretary and Compliance Officer, signed the regulatory filing. The notice confirmed that no relationship disclosures were applicable between the directors in this context.

Key Details

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.