Lakshmi Electrical Control Systems Limited has approved a consortium arrangement with BIEMSYS Private Limited to manufacture Electrical Vehicle (EV) chargers and establish public charging stations. This decision serves as a pre-commitment to apply for a tender floated by New & Renewable Energy Development Corporation of Andhra Pradesh Limited. The company will proceed with the incorporation of a subsidiary and the implementation of the consortium terms only if the tender is successfully awarded to it by the state corporation.

The Finance and Operations Committee of the Board approved the incorporation of a subsidiary as part of the consortium arrangement. The new entity is proposed to be incorporated as a subsidiary of Lakshmi Electrical Control Systems Limited , with the company holding 51% of the equity share capital. The initial investment towards equity share capital is proposed to be ₹51,000. The incorporation is subject to the successful award of the tender and necessary approvals from the Registrar of Companies.

The consortium agreement with BIEMSYS Private Limited outlines a share exchange ratio of 51:49 between the two entities. The scope of the business operation includes the manufacturing of EV chargers and the establishment of charging stations. The agreement is domestic in nature, and no consideration has been paid or received as of the approval date. The proposed new company is expected to have an initial paid-up share capital of ₹1,00,000.

Key Details of the Proposed Subsidiary

Key Details of Consortium Agreement

Lakshmi Electrical Control Systems Limited announced on July 01, 2026, that the Madras High Court has ruled in its favour regarding a dispute over Arasur Panchayat licence fees. The order disposes of a writ petition by directing the company to pay the old rate rather than the higher rate imposed by the local authority. This decision eliminates the need to pay a disputed due of Rs 1.67 Lakhs, providing relief from the previous financial demand.

The communication, received under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, details the court's decision. The matter pertains to the Financial Year 2026-2027. The company stated that there is no material impact on its financials, operations, or other activities as a result of this order.

Court Order Details

The order from the Honourable High Court, Madras, specifically addresses the Arasur Panchayat Running Licence fees matter previously disclosed in the company's Annual Reports. The court's intervention resolves the issue by validating the older fee structure.

Next Steps

Following the court order, Lakshmi Electrical Control Systems Limited plans to approach the local authority to facilitate any potential refunds based on the new directive. The company confirmed that no aberrations, non-compliances, penalties, or sanctions were identified in the communication.