JSW Energy Limited has secured a major legal victory in its dispute over Generation Based Incentive (GBI) payments, with the Supreme Court delivering a favorable judgment that protects the company's revenue streams from wind power operations.

Supreme Court Ruling Details

The Supreme Court, through its judgment dated March 25, 2026, dismissed the appeal filed by Andhra Pradesh Distribution Companies (DISCOMs) against an earlier order by the Appellate Tribunal for Electricity. The court's decision establishes a clear precedent that GBI payments are intended to be disbursed to generating companies over and above the standard tariff rates.

Background of the Dispute

The legal battle originated from an order dated July 28, 2018, issued by the Andhra Pradesh Electricity Regulatory Commission (APERC). This order permitted Andhra Pradesh DISCOMs to deduct Generation Based Incentive amounts from energy payments made to wind power generators, directly impacting the revenue of JSW Neo Energy Limited's subsidiaries.

The Indian Wind Power Association, of which JSW Neo Energy Limited is a member, filed a writ petition challenging this APERC order. JSW Energy had previously disclosed this material litigation on September 30, 2023, in accordance with regulatory requirements.

Impact on JSW Energy Operations

The Supreme Court's ruling provides significant clarity and financial protection for JSW Energy's wind power operations through its subsidiary JSW Neo Energy Limited. The judgment ensures that:

• Generation Based Incentive payments cannot be deducted from standard energy payments
• Wind power generators are entitled to receive GBI over and above contracted tariff rates
• The regulatory framework supports additional incentives for renewable energy generation

Regulatory Compliance

JSW Energy disclosed this development under Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as part of its material litigation update requirements. The company's proactive disclosure demonstrates its commitment to maintaining transparency with stakeholders regarding significant legal developments that could impact its business operations.

JSW Energy Limited shareholders have overwhelmingly approved the re-appointment of Mr. Munesh Khanna as an Independent Director through a postal ballot process that concluded on March 25, 2026. The special resolution received strong support from shareholders across all categories, demonstrating confidence in the company's board composition and governance practices.

Voting Results Overview

The postal ballot, conducted entirely through remote e-voting, saw significant participation from shareholders with 89.57% of total outstanding shares being voted. The resolution received approval with an impressive margin, reflecting broad-based shareholder support.

Category-wise Voting Pattern

The voting results showed strong support across all shareholder categories. Promoter and promoter group shareholders, holding 1,210,595,813 shares, voted unanimously in favour with 100% support. Public institutional investors demonstrated 95.46% approval, while public non-institutional shareholders showed 99.73% support for the resolution.

Process and Compliance

The postal ballot process was conducted in accordance with the Companies Act, 2013 and SEBI Listing Regulations. CS Shreyans Jain of Shreyans Jain & Co. served as the scrutinizer for the voting process. The company engaged KFin Technologies Limited as the agency for providing remote e-voting facilities to shareholders.

Key process details included:

• Cut-off date for voting eligibility: February 20, 2026
• E-voting period: February 24, 2026 (9:00 a.m.) to March 25, 2026 (5:00 p.m.)
• Total registered shareholders: 585,756
• Notice dispatch date: February 23, 2026

Director Re-appointment Details

Mr. Munesh Khanna (DIN: 00202521) has been re-appointed as an Independent Director of JSW Energy Limited. The appointment was processed as a special resolution requiring higher approval thresholds, which was comfortably achieved given the strong shareholder support.

Regulatory Compliance

The voting results and scrutinizer's report have been filed with BSE Limited and National Stock Exchange of India Limited in compliance with Regulations 30 and 44(3) of SEBI Listing Regulations. The detailed reports are also available on the company's website and KFin Technologies' platform for shareholder reference.

The successful completion of this postal ballot process reinforces JSW Energy's commitment to transparent corporate governance and shareholder engagement practices.