Shristi Infrastructure Development Corporation Limited has published newspaper advertisements regarding its postal ballot notice for the re-appointment of Managing Director Mr. Sunil Jha. The company informed stock exchanges on March 17, 2026, about the publication of these advertisements in Financial Express (English) and Aajkaal (Bengali) newspapers.

Postal Ballot Process Details

The postal ballot notice, originally dated February 13, 2026, seeks shareholder approval for the re-appointment of Mr. Sunil Jha (DIN: 00085667) as Managing Director. The company completed dispatch of the notice on March 16, 2026, through electronic means to eligible members.

Managing Director Re-appointment

Mr. Sunil Jha's current term as Managing Director expires on March 3, 2026. The Board of Directors, based on the recommendation of the Nomination and Remuneration Committee, has proposed his re-appointment for another three-year term from March 4, 2026 to March 3, 2029.

Professional Background

Mr. Jha brings extensive experience to the role:

• Qualification: Chartered Accountant with Real Estate Management Program completion from Harvard Business School
• Company Association: Twenty-three years with Shristi Infrastructure
• Total Experience: Thirty-seven years in finance, operations, and team development
• Board Tenure: First appointed as Director on March 4, 2014

Financial Performance Context

The company's recent financial performance provides context for the leadership continuity decision:

Compliance and Regulatory Updates

The company has fulfilled its regulatory obligations by publishing the postal ballot advertisement in newspapers as required. Company Secretary Krishna K. Pandey digitally signed the communication to stock exchanges on March 17, 2026, confirming the advertisement publication.

Remuneration Structure

Notably, Mr. Sunil Jha has abstained from receiving any remuneration for his role as Managing Director. The company stated that no remuneration will be paid to him during his proposed term, maintaining the same arrangement as his current tenure.

Voting Process and Compliance

The postal ballot process complies with Section 110 and Section 108 of the Companies Act, 2013, and various MCA circulars. KFin Technologies Limited serves as the Registrar & Transfer Agent, providing the e-voting platform. Shareholders whose email addresses are registered with the company or depositories will receive the postal ballot notice electronically.

Shristi Infrastructure Development Corporation Limited has reported its unaudited financial results for the quarter and half-year ended September 30, 2025, revealing deepening financial challenges and qualified conclusions from auditors.

Financial Performance

The company's standalone financial results paint a concerning picture:

On a consolidated basis, the situation appears even more challenging:

Auditor's Qualifications

The limited review report highlights significant concerns:

1. Non-provision of interest expense: The company has not provided for interest expense of Rs. 648.35 lakhs for the quarter and Rs. 1,289.65 lakhs for the half-year on borrowings from Srei Equipment Finance Limited. The cumulative non-provisioning of interest till September 30, 2025, stands at Rs. 11,179.98 lakhs.

2. Understatement of finance costs: Had the interest expense been recognized, the finance cost for the quarter would have been Rs. 1,038.74 lakhs instead of the reported Rs. 390.39 lakhs.

3. Impact on financial statements: The non-provision has led to an understatement of total expenses, net loss, and other financial metrics. For instance, the consolidated net loss for the quarter would have been Rs. 1,167.63 lakhs instead of the reported Rs. 519.28 lakhs.

Going Concern Uncertainty

The auditors have raised material uncertainty regarding the company's ability to continue as a going concern due to:

• Consecutive losses
• Fully eroded net worth
• Default on interest payments

Other Financial Metrics

• Standalone Net Worth: (Rs. 6,296.72 lakhs)
• Consolidated Net Worth: (Rs. 14,008.97 lakhs)
• Standalone Total Assets: Rs. 52,172.50 lakhs
• Consolidated Total Assets: Rs. 46,416.91 lakhs

Management's Response

The management has acknowledged the auditor's qualifications but has not provided detailed explanations or plans to address these issues in the limited review report.

Conclusion

Shristi Infrastructure faces significant financial challenges, with widening losses and serious concerns raised by auditors. The company's ability to manage its debt obligations and turn around its financial performance remains uncertain, as reflected in the qualified financial results for the quarter and half-year ended September 30, 2025.