Gujarat Industries Power Company Limited has announced a postal ballot notice dated 20th February, 2026, seeking shareholder approval for critical corporate governance matters. The company has engaged Central Depository Services (India) Limited (CDSL) to facilitate the remote e-voting process for all eligible shareholders.

Key Resolutions for Shareholder Approval

The postal ballot covers two ordinary resolutions that require shareholder consent:

Director Appointment Details

Shri Sanjay S. Bhatt was appointed as Additional Director and nominee of Gujarat Alkalies & Chemicals Limited (GACL) with effect from 12th February, 2026. He brings over 30 years of experience across various organizations, holding senior positions in legal, finance, corporate communications, and CSR functions. Currently serving as Company Secretary & Executive Director (Legal, CC & CSR) with Gujarat Alkalies and Chemicals Limited, he holds qualifications including Masters in Commerce, Bachelor of Law, and Fellowship of the Institute of Company Secretaries of India.

Material Related Party Transactions

The company seeks approval for significant related party transactions for the financial year 2026-27, involving three key entities:

These transactions are conducted under various Power Purchase Agreements (PPAs) and Memorandums of Understanding dating from 1989 to 2023, covering multiple power generation facilities including gas-based power stations, solar power plants, and wind farms.

E-Voting Process and Timeline

The remote e-voting facility will operate during the following period:

Shareholders whose names appear in the Register of Members or list of Beneficial Owners as on the cut-off date and have registered email addresses with depositories or depository participants are eligible to participate in the e-voting process.

Regulatory Compliance and Materiality

The proposed related party transactions exceed the materiality threshold of 10% of the company's annual consolidated turnover as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Based on the company's previous year annual turnover of Rs. 1,25,625.72 lakhs for FY 2024-25, these transactions require shareholder approval due to their material nature.

CS Shailja Pandya (Membership No. A37665, C.P. No. 14206), Practising Company Secretary, has been appointed as Scrutinizer to oversee the postal ballot process. The results will be declared within two working days from the conclusion of the e-voting process and communicated to stock exchanges and uploaded on the company's website.

Gujarat Industries Power Company Limited has announced a significant change in its Board of Directors, with the cessation of Shri Sandeep Kumar, IAS from his position as Director (Nominee of Government of Gujarat). The announcement was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Director Cessation Details

Shri Sandeep Kumar, IAS, holding Director Identification Number (DIN) 06576903, ceased to be a Director on the company's Board effective 19/02/2026. Kumar served in his capacity as Secretary (Economic Affairs) in the Finance Department, Government of Gujarat, and was nominated to the Board by the state government.

Regulatory Communication

The cessation was formalized through official communication from the Finance Department, Government of Gujarat, via letter no. FD/0396/02/2026 dated 18/02/2026. The company received this communication through mail on 19/02/2026, the same date the cessation became effective.

The company has fulfilled its regulatory obligations by informing both the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) about this board change. Gujarat Industries Power Company trades on BSE with scrip code 517300 and on NSE with the symbol GIPCL.

Compliance Framework

As per SEBI regulations, the company provided comprehensive details of the director change in accordance with SEBI circular SEBI/HO/CFD/CFD-PoD2/CIR/P/0155 dated November 11, 2024. The formal notification was signed by CS Shalin Patel, Company Secretary and Compliance Officer, ensuring proper documentation and regulatory compliance.

Company Background

Gujarat Industries Power Company Limited, incorporated with CIN L99999GJ1985PLC007868, operates from its registered office at P.O. Ranoli - 391 350, Dist. Vadodara, Gujarat. The company maintains ISO 9001, 14001, and 18001 certifications and operates facilities including the Vadodara Plant at Ranoli and the Surat Lignite Power Plant at Village Nani Naroli.

This board change represents a routine administrative transition in the company's governance structure, with the cessation occurring due to the withdrawal of government nomination rather than any performance-related issues.