Nagar Palika Nigam, Bhopal has cancelled the contract awarded to Highway Infrastructure for the Construction of Houses and Development of Infrastructure for Affordable Housing under the Pradhan Mantri Awas Yojana (PMAY). The cancellation specifically impacts the project located at Plot Nos. 47 and 49, Commercial-cum-Residential Building Plan, Bhopal, Madhya Pradesh. The company received the communication from the HFA Cell of Nagar Palika Nigam, Bhopal regarding this termination on June 16, 2026.

The company disclosed this development to the exchanges in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The detailed disclosure regarding the order was provided in accordance with the SEBI circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023. The filing was signed by Palak Rathore, Company Secretary & Compliance Officer.

Contract Details

The following table outlines the key particulars of the cancelled order as disclosed by the company:

Highway Infrastructure Limited has initiated a postal ballot process to seek shareholder approval for the re-appointment of its Managing Director and Whole-Time Director for a further term of three years, alongside an amendment to its Articles of Association regarding dividend waivers. The remote e-voting facility is open from June 14, 2026, to July 13, 2026, with the cut-off date for determining voting rights set as June 5, 2026. The Board approved these resolutions during its meeting held on June 6, 2026.

The company has proposed the re-appointment of Mr. Arun Kumar Jain as Managing Director and Mr. Anoop Agrawal as Whole-Time Director, both for a period of three years commencing May 5, 2026, and ending May 4, 2029. Mr. Jain, aged 56, is a promoter with over 31 years of experience in the infrastructure sector, while Mr. Agrawal, aged 46, serves as Whole-Time Director, Chief Financial Officer, and promoter with over 22 years of industry experience. The remuneration for both directors is proposed not to exceed ₹1.2 crore per annum, inclusive of perquisites and allowances.

In addition to the leadership appointments, the Board has sanctioned an alteration to Clause 154A of the Articles of Association. This special resolution seeks to enable shareholders to voluntarily waive their right to receive interim or final dividends for any financial year. Once communicated and accepted by the company, such a waiver will be final and binding from the relevant Record Date or Book Closure date.

The re-appointments are governed by Sections 196, 197, and 203 read with Schedule V of the Companies Act, 2013. The company disclosed that neither Mr. Jain nor Mr. Agrawal is debarred from holding the position of Director by any order of SEBI or other authorities. Mr. Jain is the father of Mr. Riddharth Jain, the Director & Chief Executive Officer of the company.

Central Depository Services (India) Limited (CDSL) has been engaged to provide the remote e-voting facility. The results of the e-voting will be announced on or before July 15, 2026. The information was submitted in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Approvals