Citizen Infoline has successfully concluded a crucial step in its proposed merger with Citizen Solar Private Limited. The company held a National Company Law Tribunal (NCLT)-convened meeting of equity shareholders on September 3, to consider and approve the Scheme of Amalgamation between the two entities.

Meeting Details

The extraordinary general meeting (EGM) was conducted through video conferencing at 12:00 PM IST, in compliance with the Companies Act, 2013, SEBI regulations, and applicable circulars issued by the Ministry of Corporate Affairs and SEBI. The meeting was held pursuant to an order dated July 21, passed by the NCLT, Ahmedabad Bench.

Voting Process and Outcome

Shareholders were provided with remote e-voting facilities from August 31 (11:00 AM IST) to September 02 (5:00 PM IST), as well as e-voting during the EGM. Mr. Aakash Modh, an advocate appointed by the NCLT, served as the scrutinizer to oversee the voting process.

According to the Consolidated Scrutinizer's Report dated September 4, the resolution for the Scheme of Amalgamation was passed with the requisite majority. This marks a significant milestone in the proposed merger between Citizen Infoline and Citizen Solar Private Limited.

Key Attendees

The meeting was chaired by Mr. Dipak Rachchha, with several key personnel in attendance:

• Mr. Omprakash Lalchand Jain (Managing Director)
• Mr. Ravindra Omprakash Jain (Director & CFO)
• Mr. Chirag Hemendrakumar Jirawala (Independent Director)
• Ms. Ashadevi Nathmal Gogad (Independent Director)
• Ms. Reena Harsh Shah (Company Secretary & Compliance Officer)

Next Steps

The company will submit the voting results and the Scrutinizer's Report in accordance with Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These results will be made available on the company's website, as well as on the websites of the stock exchanges and the e-voting agency.

The approval of this Scheme of Amalgamation by the shareholders is a crucial step forward in the merger process between Citizen Infoline and Citizen Solar Private Limited. However, the completion of the merger will likely be subject to further regulatory approvals and legal procedures.

Investors and stakeholders are advised to keep an eye on further announcements from the company regarding the progress of this amalgamation.

Citizen Infoline Limited has announced significant corporate developments, including a proposed merger and its latest financial results, as disclosed in a regulatory filing on July 28, 2025.

Merger Proposal and EGM

The company's Board of Directors has approved convening an Extraordinary General Meeting (EGM) on September 3, 2025, to seek shareholder approval for a proposed amalgamation with Citizen Solar Private Limited. This follows an order dated July 21, 2025, from the National Company Law Tribunal (NCLT), Ahmedabad Bench.

Key details of the EGM:

• Date: September 3, 2025
• Time: 12:00 PM
• Mode: Video Conferencing (VC) / Other Audio-Visual Means (OAVM)
• E-voting Period: August 31, 2025 (11:00 AM) to September 2, 2025 (5:00 PM)
• Cut-off Date for E-voting Eligibility: August 28, 2025

Q1 FY2026 Financial Performance

Citizen Infoline Limited has reported a substantial increase in both revenue and profitability for the first quarter ended June 30, 2025:

The company's revenue from operations saw a significant year-on-year growth of 70.7%, rising from ₹78.82 lakhs in Q1 FY2025 to ₹134.57 lakhs in Q1 FY2026. This growth was primarily driven by increased sales, as reflected in the higher purchase of stock-in-trade.

Profit after tax more than tripled, increasing from ₹0.81 lakhs in Q1 FY2025 to ₹2.53 lakhs in Q1 FY2026, representing a 212.3% year-on-year growth. This improvement in profitability was achieved despite a 52.3% increase in total expenses, indicating enhanced operational efficiency.

Annual General Meeting

The Board has also approved the convening of the Annual General Meeting (AGM) for the financial year 2024-25:

• Date: September 12, 2025
• Time: 12:00 Noon
• Mode: Video Conferencing/OAVM

Management Commentary

Omprakash Jain, Managing Director of Citizen Infoline Limited, stated, "Our first quarter results demonstrate strong growth in both revenue and profitability. We are also excited about the proposed merger with Citizen Solar Private Limited, which we believe will create significant synergies and value for our shareholders. We look forward to presenting this opportunity to our shareholders at the upcoming EGM."

Investors and shareholders are advised to review the detailed EGM notice and participate in the voting process to make informed decisions regarding the proposed amalgamation. The company will provide further updates as the merger process progresses.