Zodiac Energy Limited has declared the e-voting results for its 34th Annual General Meeting (AGM) held on September 23, 2026. All five resolutions proposed by the board were passed with significant shareholder support, confirming the final dividend and director re-appointment.

The virtual meeting, conducted via video conferencing, saw the adoption of audited standalone and consolidated financial statements for FY26. Managing Director Kunjbihari Shah outlined the company’s strategic shift toward becoming an integrated energy entity, highlighting expansions in Independent Power Producer (IPP) businesses and new entries into energy storage and transmission sectors.

Key resolutions passed

The board proposed and members approved several ordinary and special resolutions. The key items included the re-appointment of Parul Kunjbihari Shah as Whole Time Director and the alteration of the Articles of Association to remove the provision for a common seal. The voting data confirms unanimous or near-unanimous approval across all agenda items.

Voting pattern analysis

The voting results reveal a high concentration of promoter participation relative to public shareholders. Promoters and their group, holding 10,581,479 shares, voted on 99.72% of their holding in favor of all resolutions. In contrast, public non-institutional shareholders voted on only 5.01% of their total holding of 4,520,732 shares.

Despite the low turnout among public non-institutions, the resolutions passed comfortably. For the dividend declaration and financial statement adoption, there were zero votes against. In the re-appointment of Parul Kunjbihari Shah, only 39 votes were cast against out of 10,778,587 votes polled, representing 0.0004% opposition. Similarly, the special resolution regarding the common seal saw just 77 dissenting votes.

Governance and audit updates

The Statutory Auditor’s report for FY26 was noted to contain no qualifications or observations. However, the Secretarial Audit Report for the same period contained a qualification, which was read out along with management clarifications during the proceedings. The meeting was chaired by Kunjbihari Shah, with attendance from key managerial personnel including Chief Financial Officer Shefali Karar and Company Secretary Divya Joshi.

The scrutinizer’s report, submitted by SCS and Co. LLP, confirmed that remote e-voting commenced on September 20, 2026, and concluded on September 22, 2026, before the AGM itself. The results were finalized after considering votes cast during the meeting via the NSDL platform.

Zodiac Energy completed the acquisition of a 63.5% equity stake in Zenwatt Clean Energy Private Limited on September 21, 2026. The transaction makes Zenwatt a subsidiary of the listed entity, advancing its strategy to expand its renewable energy portfolio and operational capabilities in the Battery Energy Storage Systems (BESS) sector.

The acquisition was executed through a cash consideration of ₹18 per equity share. Zodiac Energy acquired 6,35,000 equity shares with a face value of ₹10 each, resulting in an aggregate consideration of ₹1,14,30,000. This move follows the Board of Directors' approval announced on February 9, 2026.

Transaction Details

Zenwatt Clean Energy Private Limited, incorporated on July 7, 2023, operates exclusively in India. The company is engaged in the business of Battery Energy Storage Systems (BESS). As per the disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the transaction was undertaken on an arm’s length basis.

Financial Profile of Target

Zenwatt reported a turnover of ₹5,13,000 for FY26. The entity recorded nil turnover for both FY25 and FY24. The company has an authorized share capital of ₹3 crore divided into 30,00,000 equity shares of ₹10 each, with a paid-up share capital of ₹1 crore comprising 10,00,000 equity shares.

Related Party Aspect

The disclosure confirms that the promoters and members of the promoter group have an interest in the acquisition. However, the company stated that the transaction adheres to applicable laws and was conducted at arm's length. No governmental or regulatory approvals were required for this acquisition.