Unitholders of Raajmarg Infra Investment Trust have formally adopted the audited financial statements for FY26 and approved key governance appointments following the conclusion of its First Annual Meeting on July 24, 2026. The meeting, conducted via Video Conference (VC) / Other Audio-Visual Means (OAVM), saw 12 unitholders representing 10,09,62,119 units attend to vote on four ordinary resolutions. While the adoption of financials, asset valuation reports, and the valuer’s appointment received near-unanimous support exceeding 99.9%, the appointment of the Statutory Auditor secured approval with 88.08% of votes cast, reflecting a notable divergence in institutional sentiment on this specific agenda item.

The voting process was scrutinized by Puneet & Associates, appointed as the independent scrutinizer, in compliance with SEBI InvIT Regulations and SEBI Master Circular No. SEBI/HO/DDHS-PoD2/P/CIR/2025/102 dated July 11, 2025. The remote e-voting facility remained open from July 21 to July 23, 2026, while electronic voting during the meeting concluded at 4:17 p.m. IST on July 24, 2026. The total outstanding units on the cut-off date were 60,00,00,000, with 25,90,90,514 votes polled across all resolutions, representing a 43.18% turnout of outstanding units.

Voting Results by Resolution

The combined results of remote e-voting and electronic voting conducted during the meeting are detailed below. The Sponsor and Sponsor Group, holding 9,00,00,000 units, voted in favor of all resolutions.

Institutional Voting Patterns

A significant portion of the opposition to the Statutory Auditor appointment originated from Public Institutional Unitholders. Out of 16,90,43,729 votes polled from this category, 3,08,71,936 votes (18.26%) were cast against the resolution, compared to 13,81,71,793 votes in favor (81.74%). In contrast, Public Non-Institutional Unitholders showed overwhelming support, with 99.35% of their polled votes favoring the auditor’s appointment. The Sponsor Group voted unanimously in favor across all items.

Governance and Compliance Details

The meeting was chaired by Giridhar Aramane, Chairman and Independent Director of Raajmarg Infra Investment Managers Private Limited. N.R.V.V.M.K. Rajendra Kumar, Managing Director & CEO, presented the operational overview, while Mridul Dubey, CFO, outlined financial highlights. Gunjan Rajpal, Company Secretary and Compliance Officer, confirmed the presence of requisite quorum. An addendum to the notice, circulated on July 18, 2026, formed an integral part of the original notice issued on June 30, 2026. No invalid votes were recorded during the process, and no duplicate voting occurred.

What the Numbers Show

The near-unanimous support for financial adoption and asset valuation indicates strong alignment between the Trust’s management and its unitholders regarding operational performance and asset worth for FY26. However, the 11.92% dissent rate on the Statutory Auditor appointment, driven largely by institutional investors, suggests potential scrutiny or alternative preferences regarding audit firm selection or remuneration structures among larger holders. This divergence warrants monitoring in future governance cycles, as institutional confidence in audit oversight is critical for InvIT transparency.

Raajmarg Infra Investment Trust has revised the term of appointment and remuneration for its statutory auditor, M/s. A. R. & Co., Chartered Accountants, to five consecutive financial years from FY 2026–27 to FY 2030–31. The Investment Manager approved the appointment through a circular resolution on July 17, 2026, pursuant to the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014. The firm will hold office from the conclusion of the 1st Annual Meeting of Unitholders until the conclusion of the 6th Annual Meeting of the Trust. An addendum to the notice convening the 1st Annual Meeting, scheduled for July 24, 2026, has been approved to give effect to these revised terms.

The Board of Directors of Raajmarg Infra Investment Managers Private Limited approved the ratification of the auditor's appointment for FY 2025–26 at a remuneration of ₹49,500, excluding taxes and out-of-pocket expenses. For the new tenure commencing FY 2026–27, the remuneration is fixed at ₹1,49,000, excluding applicable taxes and out-of-pocket expenses. The Board has been authorized to determine and pay the audit fees for the remaining tenure of the appointment, as may be mutually agreed.

M/s. A. R. & Co. is a peer-reviewed firm established in 1981 with over 44 years of experience in statutory audit, internal audit, assurance, and forensic services. The firm currently serves as the Statutory Auditor of National Highway Infra Trust (NHIT) and has audited prominent public sector entities such as Central Bank of India, Life Insurance Corporation of India, and NTPC Limited. The Trust is currently dispatching the addendum to the notice and will intimate the stock exchanges upon completion.