jaiprakash power ventures issued an addendum to its 31st Annual General Meeting (AGM) notice on July 24, 2026, to include mandatory director disclosures that were inadvertently omitted from the original circular. The company stated that explanatory statements relating to the brief profiles of three proposed directors, as required under Secretarial Standard on General Meetings (SS-2) issued by the Institute of Company Secretaries of India (ICSI), were missing due to an administrative oversight. This correction ensures shareholders have complete information before voting on the appointments at the AGM scheduled for July 30, 2026. The addendum serves as an integral part of the original notice dated May 22, 2026, and is available on the company’s website and exchange portals.

The Board of Directors had previously appointed these individuals as Additional Directors effective May 22, 2026, subject to shareholder ratification. The addendum provides detailed profiles for Savan Jayendra Patel, proposed as Whole-time Director; Jayadeb Nanda, proposed as Non-Executive Non-Independent Director; and Naresh Telgu, also proposed as Non-Executive Non-Independent Director. All three appointees have no shareholding in the company and are not related to any existing directors or key managerial personnel. The filings confirm their qualifications, experience, and terms of appointment in compliance with Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Proposed Director Profiles

The disclosures highlight the extensive industry experience of the proposed appointees, particularly within the power sector and the Adani Group.

Savan Jayendra Patel brings nearly three decades of experience with the Adani Group, currently serving as Chief Commercial Officer of Adani Power Limited. He oversees strategic procurement of domestic and imported coal, power sales, and commercial risk management. Jayadeb Nanda has over 34 years in the power sector, having served as Advisor for Operations & Maintenance at Adani Power and previously rising to Executive Director at NTPC. Naresh Telgu drives large-scale project development for the Adani Group, including pumped storage and hydro projects across Asia, Africa, and the Middle East.

Other AGM Business Items

Beyond the director appointments, the AGM will address several other resolutions. Shareholders will vote on the ratification of remuneration for Cost Auditors M/s. Sanjay Gupta & Associates, set at ₹2,00,000 exclusive of taxes for FY26-27. The meeting will also approve the appointment of three Independent Directors: Shruti Anup Shah, Jayant Misra, and Mukesh M. Shah. Notably, Mukesh M. Shah will attain the age of 75 during his tenure, requiring a special resolution under SEBI regulations for his continuation beyond that age.

Additionally, shareholders must approve the payment of remuneration by way of commission to former executive and non-executive directors who served during FY25-26. This includes a special resolution for Shri Manoj Gaur, former Chairman, whose proposed commission of ₹4.00 crore exceeds 50% of the total annual remuneration payable to all non-executive directors. The total commission payable to former executive directors is capped at ₹6.50 crore, while non-executive directors are capped at ₹5.00 crore, both calculated based on net profits under Section 198 of the Companies Act, 2013.

What the Numbers Show

The structure of the remuneration approvals highlights a significant concentration of compensation towards senior leadership and former executives who guided the company through FY25-26. The proposal to pay Shri Manoj Gaur ₹4.00 crore individually, which constitutes 80% of the total ₹5.00 crore pool for non-executive directors, underscores his pivotal role in the company’s recent operational milestones, including the repayment of approximately 40% of restructured loans. Meanwhile, the appointment of new directors like Savan Jayendra Patel without any entitlement to remuneration suggests a strategic focus on leveraging industry expertise for governance and operational oversight rather than immediate financial compensation.

Jaiprakash Power Ventures Limited reported a consolidated net profit of ₹468.84 crore for the quarter ended June 30, 2026, reversing from a net loss of ₹13.37 crore in the preceding quarter ended March 31, 2026. On a year-on-year basis, consolidated net profit rose to ₹468.84 crore from ₹278.13 crore in the same period last year. Revenue from operations rose to ₹1,806.49 crore in Q1 from ₹1,470.79 crore in Q4, primarily driven by the power segment. The company recorded an exceptional item of ₹193.63 crore related to the provision for the surrender of Amelia (North) and Bandha North Coal Mines due to financial and operational unviability.

The unaudited standalone and consolidated financial results were reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on July 20, 2026. The statutory auditors, Lodha & Co LLP, provided a limited review report. The company opted for the new tax regime under Section 115BAA of the Income Tax Act, 1961, effective from FY 2025-26, resulting in one-time tax adjustments including the reversal of MAT Credit entitlement of ₹140.78 crore and Deferred Tax Liability of ₹248.87 crore.

Financial Performance

The standalone net profit for the quarter stood at ₹468.95 crore, compared to a net loss of ₹23.35 crore in the previous quarter. Total income increased to ₹1,806.43 crore from ₹1,470.71 crore. Expenses for the quarter were ₹1,235.94 crore, lower than ₹1,478.77 crore in the prior quarter. The basic and diluted earnings per share (EPS) for the quarter were ₹0.52, compared to a loss of ₹0.0153 per share in the consolidated results for the previous quarter.

The table below presents the key year-on-year performance metrics for the quarter:

Consolidated Results (Rs. in Lakhs)

Segment Performance

The Power segment reported revenue of ₹1,775.70 crore, while the Coal segment contributed ₹239.73 crore. Inter-segment eliminations amounted to ₹239.73 crore. Profit before finance charges, depreciation, and tax from the Power segment was ₹786.07 crore. The company initiated steps to surrender the Amelia (North) and Bandha North Coal Mines, subject to lender and regulatory approvals.

Regulatory and Legal Matters

The auditors drew attention to several matters, including a non-provision against a corporate guarantee of ₹1,239.15 crore provided to Jaiprakash Associates Limited (JAL) and a recompense claim of ₹5,696.51 crore claimed by lenders led by ICICI Bank. The company disputed these claims, stating no provision was necessary based on legal opinions and the terms of the Framework Agreement. Additionally, Uttar Pradesh Power Corporation Ltd. (UPPCL) has held back ₹4,034.70 crore regarding excess payments, which the company considers recoverable. The company also faces show cause notices from the Director of Mines & Geology (DMG), Andhra Pradesh, amounting to ₹8,573.42 crore, which it has contested.