GVK Power & Infrastructure Limited held its 32nd Annual General Meeting on September 30, 2026, where all proposed resolutions were passed with overwhelming shareholder support, despite the company being under the Corporate Insolvency Resolution Process (CIRP). The scrutinizer’s report confirmed that no compliant resolution plan has been received within the approved timeline, leaving the Committee of Creditors (CoC) to evaluate liquidation or a new CIRP round.

The company has been under CIRP since July 12, 2024, following an order by the National Company Law Tribunal (NCLT). Mr. Satish Kumar Gupta was appointed as the Resolution Professional (RP), assuming control from the suspended Board of Directors. During the meeting, it was noted that the first round of CIRP concluded after two received resolution plans were deemed non-compliant with the Insolvency and Bankruptcy Code and related regulations.

Voting Results and Resolutions

Despite the ongoing insolvency proceedings, shareholders voted on several ordinary and special business items. The audited financial statements for FY26 were adopted, and key appointments were confirmed. The scrutinizer, Neha Pamnani, reported that 314 members cast votes across the resolutions. Detailed voting data reveals a stark divergence between promoter and public sentiment. While the Promoter and Promoter Group voted 100% in favour of all four resolutions, public non-institutional shareholders showed significant dissent on governance-related appointments.

The resolution to adopt the standalone and consolidated financial statements for the year ended March 31, 2026, received 858,633,266 votes in favour against just 44,807 votes against. However, for the re-appointment of Dr. GVK Reddy as Director, public non-institutional shareholders cast 302,143 votes against, representing 15.51% of their polled votes. Similarly, the auditor re-appointment faced 16.41% opposition from this segment, and the special resolution for Mr. P V Prasanna Reddy’s re-appointment as Whole-time Director saw 16.29% opposition from public non-institutions.

Insolvency Process Status

Following the rejection of the initial plans, the CoC resolved to re-initiate the process using an asset-wise sale approach under Regulation 36A(1A). Invitations for Expression of Interest (IEOI) were issued in June and July 2025. While various PRAs submitted IEIs and subsequent resolution plans, none met the compliance requirements within the deadline set by the CoC. The current status involves due diligence on assets, with a final decision on liquidation versus another CIRP round pending.

Governance and Attendance

The meeting was conducted via video conferencing in compliance with MCA and SEBI circulars. Dr. GVK Reddy (Chairman), Mr. G V Sanjay Reddy (Vice-Chairman), and Mr. P V Prasanna Reddy (Whole-time Director) attended virtually. Mr. T Ravi Prakash, Company Secretary, managed the voting process, which included remote e-voting from September 26 to September 29, 2026, and live voting during the session.

What the Numbers Show

The disclosure highlights a critical juncture in GVK Power’s insolvency journey. The rejection of multiple resolution plans over successive rounds indicates significant challenges in attracting viable bids that meet regulatory standards. With the CoC now weighing liquidation against a third attempt at resolution, the asset valuation and market appetite for the company’s infrastructure assets remain the pivotal factors determining its future structure. Notably, while operational control lies with the RP, the shareholders' unanimous endorsement of statutory compliances like auditor and director appointments suggests a continued adherence to corporate governance norms even amidst legal uncertainty. The voting data further reveals that the high overall approval percentages are driven entirely by the Promoter Group's unified block; public non-institutional investors consistently registered double-digit dissent rates (ranging from 15.51% to 16.41%) on governance matters, signaling potential friction between minority stakeholders and the management structure during the insolvency proceedings.

GVK Power & Infrastructure has dispatched the notice for its 32nd Annual General Meeting (AGM), confirming the event will be held on Wednesday, September 30, 2026, at 11:30 am via Video Conferencing (VC) or Other Audio Visual Means (OAVM). The company remains under the Corporate Insolvency Resolution Process (CIRP).

The notice was sent electronically on Tuesday, September 8, 2026, to members with registered email addresses. Remote e-voting commences on Friday, September 25, 2026, at 9:00 am and concludes on Monday, September 28, 2026, at 5:00 pm. The record date for voting eligibility is Tuesday, September 22, 2026.

The agenda includes ordinary business items such as the adoption of audited financial statements for FY26 and the re-appointment of Dr GVK Reddy as a director by rotation. A special resolution seeks to re-appoint P V Prasanna Reddy as Whole-time Director for three years without remuneration, effective November 14, 2026.

Financial Performance Overview

The company reported a consolidated net loss of ₹13,826.9 crore for FY26, a significant shift from the net profit of ₹5,976.6 crore in the previous year. Consolidated revenue from operations fell 90% to ₹805.3 crore, down from ₹8,021.6 crore in FY25. This decline was driven by the deconsolidation of key subsidiaries, including GVK Energy Limited, following their admission into CIRP.

At the standalone level, the company incurred a net loss of ₹10,393.1 crore, compared to a negligible loss of ₹32 lakh in FY25. Standalone revenue was nil, as operational income ceased. The substantial standalone loss was primarily due to an impairment of deemed investment amounting to ₹8,412.0 crore and advances written off totaling ₹1,969.0 crore related to GVK Energy Limited.

Governance and Insolvency Status

The company’s Board of Directors powers remain suspended under Section 17 of the Insolvency and Bankruptcy Code, with management vested in the Resolution Professional (RP), Mr Satish Kumar Gupta. Consequently, statutory committees including the Audit Committee are inoperative. All independent directors resigned during the period.

The statutory auditors, M/s T R Chadha & Co LLP, have issued a disclaimer of opinion on both standalone and consolidated financial statements. The auditors cited significant uncertainties regarding the going concern basis, pending litigation, and unquantified liabilities arising from corporate guarantees provided to associates like GVK Coal Developers (Singapore) Pte Ltd.

What the Numbers Show

The financial results highlight a structural shift rather than operational performance. With consolidated revenue dropping 90% and net worth turning negative at (₹2,178.9 crore), the group's asset base has significantly contracted. The deconsolidation of GVK Energy Limited and its subsidiaries removed ₹40,730.9 crore in assets and ₹30,315.1 crore in liabilities from the balance sheet, recognizing an exceptional loss of ₹10,415.8 crore. This indicates that the remaining consolidated entity is largely a holding structure managing residual assets and complex guarantee liabilities amidst the ongoing insolvency process.