Sharika Enterprises Limited has announced securing a substantial purchase order from Larsen & Toubro Limited, marking a significant business milestone for the company. The order, valued at Rs. 9,46,80,856/-, involves the supply of 998 communicable overhead Fault Passage Indicators (FPIs) for the RDSS Varanasi SCADA PuVVNL Project under the Government of India's Revamped Distribution Sector Scheme.

Order Details and Specifications

The contract encompasses the supply of communicable overhead FPIs specifically designed for Paschimanchal Vidyt Vitrani Nigam Limited (PVVNL) Varanasi. This infrastructure project represents part of the broader power distribution modernization initiatives aimed at strengthening network reliability and automation capabilities.

Make in India Initiative and Technology Features

The communicable overhead FPI solution being deployed represents a "Make in India" product, aligned with the Government's vision of promoting indigenous manufacturing and technological self-reliance. The solution serves as an import substitute, reducing dependency on foreign technologies while maintaining high standards of performance and reliability.

The project scope includes design and supply of advanced communicable FPIs across the distribution network to enable real-time fault detection, faster fault localization, and improved restoration time. These intelligent systems will significantly enhance network visibility, operational efficiency, and reliability, supporting PVVNL's efforts towards building a smarter and more resilient power distribution infrastructure.

Management Commentary

Mr. Sanjay Verma, Executive Director, Sharika Enterprises Limited commented, "We are delighted to secure this order from Larsen & Toubro for PVVNL under the RDSS scheme. This project reflects our continued commitment to delivering advanced, indigenous, and technology-driven solutions that enhance grid intelligence, reduce outages, and accelerate India's transition towards smart distribution networks."

Regulatory Compliance and Disclosure

The company has made this disclosure in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement was made through a formal communication to BSE Limited, ensuring transparency with stakeholders and regulatory authorities.

This development further strengthens Sharika Enterprises Limited's position as a trusted partner in India's power transmission and distribution sector, particularly in the domain of digital transformation of power systems and smart grid technologies.

Sharika enterprises has successfully completed its postal ballot process for the appointment of an Independent Director, with shareholders demonstrating overwhelming support for the proposed resolution. The company submitted the voting results to BSE Limited under Regulation 44(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, confirming regulatory compliance and transparent governance practices.

Postal Ballot Process and Timeline

The postal ballot notice was issued on January 27, 2026, seeking shareholder approval for the appointment of Mr. Tej Kishen Wali (DIN: 02413663) as an Independent Director through a special resolution. The e-voting facility was provided through Central Depository Services (India) Limited (CDSL), with the voting period commencing on February 5, 2026, at 9:00 a.m. (IST) and concluding on March 6, 2026, at 5:00 p.m. (IST).

Voting Results and Shareholder Response

The resolution received exceptional support from shareholders, with 98.90% of valid votes cast in favor of Mr. Tej Kishen Wali's appointment as Independent Director. The voting participation was significant, with 28,598,270 votes polled out of 43,300,000 total shares, representing 66.05% of outstanding shares.

Scrutinizer's Report and Regulatory Compliance

Aditya S & Associates, Company Secretaries, served as the appointed scrutinizer for the postal ballot process. CS Aditya Sharma (COP No. 27034) submitted the scrutinizer's report on March 6, 2026, confirming that the resolution was passed with the requisite majority. The scrutinizer verified that all voting procedures were conducted in accordance with the Companies Act, 2013, and applicable SEBI regulations.

Resolution Details and Corporate Governance

The special resolution sought approval for the appointment of Mr. Tej Kishen Wali (DIN: 02413663) as an Independent Director of the company. The appointment follows the provisions of Section 110 of the Companies Act, 2013, read with the Companies (Management and Administration) Rules, 2014, and various MCA circulars issued for conducting postal ballots through electronic means.

Regulatory Submission and Next Steps

With the successful passage of the resolution, Sharika Enterprises Limited has proceeded with the formal appointment of Mr. Tej Kishen Wali as an Independent Director. The voting results and scrutinizer's report have been uploaded on the company's website and CDSL's e-voting portal for stakeholder reference. Company Secretary Pushpa Yadav submitted the required disclosures to BSE Limited, ensuring full compliance with listing regulations and maintaining transparent corporate governance standards.