Interise Trust , a prominent infrastructure investment trust, successfully concluded its postal ballot process with unitholders providing unanimous approval for amendments to concession agreements with the National Highway Authority of India (NHAI). The voting concluded on December 11, 2025, with the resolution passing by requisite majority.

Postal Ballot Results

The voting results demonstrated strong unitholder support for the proposed amendments:

Purpose of the Amendment

The approved amendments address the compensation mechanism for annual pass facilities implemented by the Ministry of Road Transport and Highways (MORTH). This follows MORTH's introduction of an annual pass facility for non-commercial vehicles with valid Fastags, effective August 15, 2025.

Annual Pass Facility Framework

Project SPVs Covered

The amendment affects concession agreements for 13 Special Purpose Vehicles:

1. Bijapur - Hungund Tollway Private Limited
2. Beawar Pali Pindwara Tollway Private Limited
3. Bhilwara-Rajsamand Tollway Private Limited
4. Devihalli Hassan Tollway Private Limited
5. Dhule Palesner Tollway Private Limited
6. Hyderabad - Yadgiri Tollway Private Limited
7. Igatpuri Highway Private Limited
8. Krishnagiri Thopur Toll Road Private Limited
9. Krishnagiri Walajahpet Tollway Private Limited
10. Rayalseema Expressway Private Limited
11. Simhapuri Expressway Limited
12. Shreenathji-Udaipur Tollway Private Limited
13. Western Andhra Tollways Private Limited

Voting Process and Oversight

The postal ballot was conducted through e-voting services provided by National Securities Depository Limited (NSDL). Mr. Yogesh Singhvi, a Practicing Company Secretary, served as the scrutinizer to ensure fair and transparent voting. The cut-off date for determining eligible unitholders was November 15, 2025, with 47 total unitholders on record.

The unanimous approval reflects strong unitholder confidence in the trust's strategic approach to managing the evolving highway infrastructure landscape and adapting to new government policies affecting toll revenue collection.

The Delhi High Court has directed the National Highways Authority of India (NHAI) to suspend its recent circular that aimed to revise the Wholesale Price Index (WPI) linking factor used for computing toll rates. This development comes as a significant update for highway operators and commuters alike.

Key Points of the Court Order

• Circular Details: NHAI's circular, dated September 13, 2025, proposed to revise the WPI linking factor from 1.641 to 1.561.
• Scope: The revision was intended for both public-funded and Build-Operate-Transfer (BOT) concession agreements.
• Court's Direction: The Delhi High Court has ordered NHAI to keep the circular in abeyance.
• Re-examination: NHAI has been instructed to reconsider the circular after taking into account representations from petitioners and other stakeholders.

Background of the Case

The court order was issued in response to writ petitions filed by the Highway Operators Association and another party. This legal challenge highlights the potential impact of the proposed changes on various stakeholders in the highway sector.

Implications for Stakeholders

The court's decision to halt the implementation of the circular has several implications:

1. For Highway Operators: Temporary relief from potential revenue impacts that could have resulted from the revised WPI linking factor.
2. For NHAI: Need to reassess the circular and consider diverse stakeholder perspectives.
3. For Commuters: Possible delay in any toll rate adjustments that might have resulted from the circular.

Next Steps

As per the LODR data provided by Interise Trust , the following actions are expected:

• NHAI will re-examine the circular.
• Stakeholders, including the petitioners, will have an opportunity to present their representations.
• The outcome of this re-examination may influence future toll rate computations for highways across India.

This development underscores the complex interplay between infrastructure development, economic factors, and regulatory oversight in India's highway sector. Stakeholders will be closely watching for further updates on this matter.