Ashoka Buildcon Limited successfully completed its postal ballot process on March 09, 2026, with shareholders approving the re-appointment of two key directors through electronic voting. The infrastructure development company announced that both special resolutions were passed with requisite majority, demonstrating strong shareholder confidence in the leadership team.

Postal Ballot Results Overview

The company sought shareholder approval for two critical appointments through the postal ballot process conducted under Section 110 of the Companies Act, 2013. The e-voting period commenced on Saturday, February 07, 2026 at 9.00 A.M. and concluded on Sunday, March 08, 2026 at 5.00 P.M., providing shareholders with a 30-day voting window.

Chairman Re-appointment Approved

Shareholders overwhelmingly approved the re-appointment of Mr. Ashok Katariya (DIN: 00112240) as Whole-time Director, designated as Chairman of the Company. The appointment is effective for three years from April 01, 2026, despite Mr. Katariya having attained 70 years of age, which required special approval under the Companies Act provisions.

The resolution recognized Mr. Katariya's vast experience, leadership qualities, strategic vision, and significant contribution to the company's growth and performance. As Chairman, he will continue to exercise substantial management powers under the Board's supervision and direction.

Independent Director Re-appointment

Ms. Shilpa Hiran (DIN: 09045534) was re-appointed as Independent Director for a second term of five consecutive years, effective from February 01, 2026 to January 31, 2031. The appointment received strong shareholder support, though with a lower approval margin compared to the Chairman's re-appointment.

Ms. Hiran has submitted the required declaration confirming she meets the independence criteria under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI Listing Regulations. She will be entitled to receive remuneration, fees, and commission as permitted for Non-Executive Independent Directors.

Voting Process and Compliance

The postal ballot was conducted exclusively through electronic voting, with the company sending notices only in electronic form to shareholders whose email addresses were registered with depositories and the registrar. Mr. Vishwanath (CP. No. 25099), Designated Partner of Sharma & Trivedi LLP, served as the scrutinizer to ensure fair and transparent voting.

The company published advertisements in The Free Press Journal (English) and Punyanagari (Marathi) newspapers on February 05, 2026, informing shareholders about the postal ballot notice dispatch. Both resolutions were classified as special resolutions requiring higher approval thresholds, which were successfully achieved through the voting process.

Ashoka Buildcon Limited has successfully completed the redemption of Commercial Papers worth Rs.50 crore on February 27, 2026, fulfilling its debt obligations as scheduled. The company made the disclosure under Regulation 57(1) of SEBI (LODR) Regulations, 2015, confirming timely payment of both principal and interest amounts.

Commercial Paper Details

The redeemed Commercial Papers carried the ISIN INE442H14493 and had an issue size of Rs.50 crore. The instruments were structured as discount papers, issued below face value with interest earned through the difference between issue price and redemption value.

Payment Schedule and Execution

The company adhered to the predetermined payment schedule, with the interest payment record date set for February 23, 2026, and both due date and actual payment date falling on February 27, 2026. The interest payment frequency was structured for payment on maturity date rather than periodic intervals.

Redemption Structure

The redemption was executed as a full redemption upon maturity, with no partial redemption involved. All 1,000 Commercial Papers were redeemed simultaneously, completing the company's obligation under this debt instrument. The redemption reason was classified as maturity-based, indicating normal course completion of the instrument's tenure.

Regulatory Compliance

The disclosure was made in compliance with SEBI Operational Circular No. SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021, and SEBI Master Circular No. SEBI/HO/DDHS/PoD1/P/CIR/2024/54 dated May 22, 2024, regarding issue and listing of Non-Convertible Securities and Commercial Papers. The company confirmed no delays or non-payment issues in the redemption process.

The successful redemption demonstrates Ashoka Buildcon Limited's commitment to meeting its debt obligations on schedule, with the company secretary Manoj A Kulkarni signing off on the regulatory disclosure to both BSE Limited and National Stock Exchange of India Limited.