Promax Power Limited has issued a postal ballot notice seeking shareholder approval for the appointment of new statutory auditors to fill a casual vacancy created by the resignation of the existing auditors.

Auditor Transition Details

The company's current statutory auditors, M/s Raj Gupta & Co., Chartered Accountants (FRN: 000203N), submitted their resignation on December 05, 2025. The auditors cited detailed reasons including personal circumstances and their inability to ethically conduct the audit as per required auditing standards and legal requirements.

M/s Raj Gupta & Co. were originally appointed at the 6th Annual General Meeting held on September 30, 2023, for a five-year tenure from the conclusion of the 6th AGM until the conclusion of the 11th AGM. Despite having accepted amended terms as per SEBI Circular provisions and completing the Limited Review Report for the quarter ended September 30, 2025, the auditors expressed their inability to continue.

Proposed New Auditors

The Board of Directors, based on recommendations from the Audit Committee, has proposed the appointment of M/s. Manish Jain & Associates, Chartered Accountants to fill the casual vacancy.

The proposed auditors bring diverse experience in statutory audit, bank audit, management audit, and tax audit. They have also represented clients before various regulatory authorities and will provide additional services including certifications under statutory regulations as required.

E-Voting Process and Timeline

The postal ballot will be conducted exclusively through electronic voting, with no physical ballot forms being distributed to shareholders.

Shareholders whose names appear in the Register of Members or list of Beneficial Owners as on the cut-off date of April 03, 2026, are eligible to participate in the e-voting process. The company has engaged National Securities Depository Limited (NSDL) to facilitate the remote e-voting process.

Regulatory Compliance

The postal ballot notice has been issued in compliance with multiple regulatory requirements:

• Section 110 of the Companies Act, 2013
• Rule 22 of the Companies (Management and Administration) Rules, 2014
• Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
• Various MCA circulars issued between 2020-2023

M/s. Prachi Lad & Associates, Company Secretaries, have been appointed as the scrutinizer for conducting the postal ballot process in a fair and transparent manner. The scrutinizer will submit the e-voting results to the company's management after completion of the scrutiny process.

Future Auditor Tenure

Following the approval of M/s. Manish Jain & Associates for the casual vacancy, their appointment for the subsequent four financial years (FY 2026-27 to FY 2029-30) will be considered by the Board based on Audit Committee recommendations. This extended appointment will be subject to shareholder approval at the forthcoming Annual General Meeting to be held in calendar year 2026, ensuring a complete five-year consecutive term including FY 2025-26.

Promax Power Limited has filed its quarterly compliance certificate with BSE Limited for the quarter ended March 31, 2026, in accordance with SEBI regulatory requirements. The submission was made on April 7, 2026, by Director Shweta Bharadwaj, demonstrating the company's commitment to regulatory compliance.

Regulatory Compliance Certificate

The certificate was submitted pursuant to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. This regulation mandates companies to provide quarterly confirmations regarding the proper handling of securities received for dematerialization during the reporting period.

Certificate Confirmation Details

Cameo Corporate Services Limited, serving as the Registrar and Share Transfer Agent, issued the compliance certificate dated April 1, 2026. The certificate confirms several critical compliance aspects:

• Securities received from depository participants for dematerialization during the quarter were properly confirmed to the depositories
• All securities comprised in the certificates have been listed on stock exchanges where previously issued securities are already listed
• Security certificates received for dematerialization were mutilated and cancelled after due verification by the depository participant
• Names of depositories were substituted in the register of members as registered owners within the stipulated time limit

Corporate Governance

The submission was signed by Shweta Bharadwaj, Director with DIN 03521776, reflecting the company's board-level oversight of regulatory compliance matters. The timely filing of this certificate demonstrates Promax Power Limited's adherence to corporate governance standards and regulatory obligations in the securities market.