Promax Power Limited has successfully concluded its postal ballot process, with shareholders approving the appointment of a new Statutory Auditor through remote e-voting. The voting window closed on May 09, 2026, and the scrutinizer's report was submitted on May 11, 2026, confirming that the resolution was passed with requisite majority. In furtherance to its earlier communication, the Company has also filed a disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, formally intimating the appointment of M/s. Manish Jain & Associates, Chartered Accountants as Statutory Auditors effective May 9, 2026.

Appointment of New Statutory Auditors

The sole resolution put to members via the Postal Ballot Notice dated April 09, 2026 pertained to filling a casual vacancy in the position of Statutory Auditor. The vacancy arose following the resignation of M/s Raj Gupta & Co., Chartered Accountants (FRN: 000203N). Members were asked to approve the appointment of M/s. Manish Jain & Associates, Chartered Accountants (FRN: 015608N and Peer Review Certificate No. 020482) as the incoming Statutory Auditors of the Company. The Board, on the recommendation of the Audit Committee and subject to shareholder approval, proposed the appointment to fill the casual vacancy. M/s. Manish Jain & Associates is a partnership firm with expertise in Auditing, Finance, Legal, Taxation, Assurance, and Regulatory services.

The key details of the resolution and appointment are summarised below:

Voting Results

The e-voting process was facilitated through the platform provided by National Securities Depository Limited (NSDL). The Postal Ballot Notice was dispatched on April 09, 2026 via e-mail to 353 members who had registered their email IDs with the Company, Depositories, Depository Participants, or Registrar and Share Transfer Agents, based on the register of members as on the cut-off date of April 03, 2026. The total number of shareholders on the record date stood at 367.

The category-wise voting results for Resolution No. 1 are presented below:

The consolidated scrutinizer's report further confirmed the following outcome for the resolution:

Scrutinizer's Report and Confirmation

Mrs. Prachi J Lad, proprietor of M/s. Prachi Lad & Associates, Company Secretaries (Mem. No. F13079, CP No. 23015), was appointed as the Scrutinizer for the postal ballot. Upon scrutiny of the votes cast file downloaded from NSDL, the Scrutinizer confirmed that all votes cast by members were valid. The report, submitted on May 11, 2026, declared that the Ordinary Resolution contained in the Postal Ballot Notice had been passed with requisite majority. The report was acknowledged and received by Vishal Bhardwaj, Managing Director (DIN: 03133388), on behalf of Promax Power Limited, from Chandigarh on May 11, 2026. The Regulation 30 disclosure was also signed and filed by Vishal Bhardwaj on May 11, 2026, formally placing the appointment on record with BSE Limited.

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.