Sterling & Wilson Renewable Energy subsidiary files arbitration against Shell

Sterling and Wilson Solar Australia Pty Ltd (SWSAPL), a material subsidiary of Sterling & Wilson Renewable Energy , has commenced arbitration proceedings against Shell New Energies Australia Pty Ltd. The arbitration was filed under the London Court of International Arbitration Rules 2020 (LCIA Rules) on July 14, 2026, regarding contracts for the Gangarri Solar Farm in Queensland, Australia.

Arbitration Details

The dispute arises from two contracts between SWSAPL and Shell: one for the Engineering, Procurement and Construction (EPC) and another for the Operations and Maintenance of the solar farm. The subsidiary is seeking damages for claims related to these agreements.

Parameter	Details
Claimant	Sterling and Wilson Solar Australia Pty Ltd (SWSAPL)
Opposing Party	Shell New Energies Australia Pty Ltd
Project	Gangarri Solar Farm, Queensland, Australia
Arbitration Rules	London Court of International Arbitration Rules 2020 (LCIA Rules)
Filing Date	July 14, 2026

Quantum of Claims

SWSAPL has outlined two scenarios for the damages sought, depending on the project capacity and the inclusion of harmonic filters. The claims include interest and legal costs as determined by the Arbitral Tribunal.

Scenario	Description	Damages Sought
Scenario A	Full 120 MW with Harmonic Filters	AUD $28,029,620.50 and USD $1,638,628
Scenario B	Reduced Capacity 95 MW without Harmonic Filters	AUD $20,604,122.57 and USD $1,638,628

The disclosure was made to the BSE Limited and National Stock Exchange of India Limited pursuant to Regulation 30 read with Para B of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+1.40%	+0.95%	-15.17%	+10.65%	-26.57%	-25.72%

Sterling & Wilson Renewable Energy Limited shareholders approved the audited financial statements for the financial year ended March 31, 2026, at its 9th Annual General Meeting held on July 02, 2026. The meeting, conducted via video conferencing, saw the adoption of standalone and consolidated financial statements with 99.95% of valid votes cast in favour. The company also secured approval for the waiver of excess remuneration paid to Mr. Chandra Kishore Thakur, Manager and Global CEO, for FY26 through a special resolution.

The statutory auditors, M/s. Kalyaniwalla & Mistry LLP and M/s. Deloitte Haskins & Sells LLP, confirmed there were no qualifications or adverse comments in their reports. Mr. Mannish L. Ghia of M/s. Manish Ghia & Associates served as the Scrutinizer for the e-voting process, which was conducted through the National Securities Depository Limited platform. The remote e-voting period commenced on June 29, 2026, and concluded on July 01, 2026.

Resolutions Passed

All five resolutions were passed with the requisite majority. The business transacted included the adoption of financial statements, appointment of directors, and approval of related party transactions.

Sr. No.	Agenda Item	Resolution Type	Votes in Favour
1	Adoption of Audited Standalone and Consolidated Financial Statements for FY26	Ordinary Resolution	99.95%
2	Appointment of Mr. Khurshed Yazdi Daruvala as Non-Executive Director	Ordinary Resolution	99.93%
3	Appointment of Branch Auditors	Ordinary Resolution	99.95%
4	Approval of Material Related Party Transactions with Shapoorji Pallonji and Company Private Limited	Ordinary Resolution	99.67%
5	Waiver of recovery of excess remuneration paid to Mr. Chandra Kishore Thakur for FY26	Special Resolution	99.94%

Voting Details

The total number of shareholders on the record date of June 25, 2026, was 338,299. Promoters and the promoter group held 106,779,749 shares, while public institutions held 22,609,045 shares. For the resolution on financial statements, 124,842,291 votes were cast in favour and 61,683 against. The special resolution regarding remuneration waiver received 124,829,648 votes in favour and 74,226 against.

Mr. Khurshed Yazdi Daruvala, Chairperson, declared the results of the remote e-voting and e-voting conducted during the AGM. The scrutinizer's report confirmed that the number of votes cast in favour for the special resolution was more than three times the number of votes cast against, satisfying the regulatory requirement.