Insolation Energy Ltd accepted the resignation of Ms. Pallavi Mishra as Non-Executive Independent Director effective from the closure of business hours on June 30, 2026, due to her professional commitments elsewhere. Consequently, she has ceased to be the chairman of the Nomination and Remuneration Committee and Corporate Social Responsibility Committee of the Board of Directors. Ms. Mishra confirmed that there are no other material reasons for her resignation other than those stated in her letter.

The resignation was intimated to the stock exchanges pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure also references SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Resignation Details

The company provided the requisite details regarding the change in directorship as per regulatory requirements.

Ms. Pallavi Mishra stated in her resignation letter that she would not be able to devote adequate time and attention towards discharging her responsibilities towards the company. She expressed her gratitude to the Board and Key Managerial Personnel for their support during her tenure.

Insolation Energy has approved the issuance of a corporate guarantee aggregating approximately Rs 347.07 Cr to its 22 step-down subsidiaries to facilitate a Rupee Term Loan Facility. This financial support is intended to fund the execution of 400 MW of ground-mounted solar projects awarded under the PM KUSUM Component A scheme in Rajasthan. The company achieved financial closure for these projects through Aseem Infra Finance Limited.

The corporate guarantees have been provided to enable the subsidiaries to meet fund requirements for project completion, growth, and expansion. The guarantees will remain valid until 12 months from the actual date of commercial operations (COD) or project stabilization, whichever is later. Insolation Energy stated that this move strengthens its commitment to supporting its subsidiaries and demonstrates confidence in the underlying assets and business prospects.

Parties Involved

The corporate guarantee has been issued to the following step-down subsidiaries, which are not interested in the transaction except to the extent of their shareholding:

Financial Impact

The company disclosed that there is no immediate financial impact from the issuance of the guarantee, except to the extent of the amount for which it has been provided. The corporate guarantee will be accounted for as a contingent liability in the company's financial statements. The transaction was conducted at arm's length.