PSP Projects Limited has successfully completed its postal ballot voting process, with shareholders overwhelmingly approving the appointment of new joint statutory auditors. The voting concluded on January 16, 2026, with the company announcing the results on January 19, 2026.

Postal Ballot Results Overview

The postal ballot addressed a single ordinary resolution regarding the appointment of M/S. G. K. Choksi & Co., Chartered Accountants, Ahmedabad as Joint Statutory Auditors. This appointment fills the casual vacancy created by the resignation of M/S. Prakash B. Sheth & Co.

Voting Results by Category

The resolution received strong support across all shareholder categories, with detailed voting patterns showing broad-based approval.

Resolution Details and Approval

The ordinary resolution sought approval for appointing M/S. G. K. Choksi & Co., Chartered Accountants (firm registration no. 101895W) as Joint Statutory Auditors until the ensuing Annual General Meeting to be held in 2026. The appointment also includes fixing their remuneration.

Out of 28,736,226 total votes cast, 28,487,326 shares voted in favor (99.13%), while only 248,900 shares voted against (0.87%). The resolution was declared passed as an ordinary resolution with the requisite majority.

Scrutinizer and Process Details

Chirag Shah of Chirag Shah & Associates, Company Secretaries, served as the appointed scrutinizer for the postal ballot process. The scrutinizer was appointed by the Board of Directors on October 17, 2025, and issued the final report on January 19, 2026.

The voting was conducted entirely through remote e-voting in compliance with MCA circulars, with no physical ballot forms distributed. The postal ballot notice was sent electronically to members and published in newspapers on December 16, 2025. The company has uploaded the voting results and scrutinizer's report on its website and NSDL's e-voting platform for member access.

Construction firm PSP Projects Ltd has secured a significant arbitration victory against Bhiwandi Nizampur City Municipal Corporation (BNCMC), with the Arbitral Tribunal awarding the company ₹61.44 crore plus accrued interest.

Arbitration Award Details

The Arbitral Tribunal pronounced its decision on January 11, concluding the arbitration proceedings between the two parties. The award represents a final arbitral decision rather than a negotiated settlement, according to PSP Projects.

Payment Terms and Conditions

Under the arbitration award, BNCMC has been directed to pay PSP Projects the principal amount of ₹61.44 crore along with interest that has accrued up to the date of the award. The payment must be completed within 60 days of the award announcement.

Should BNCMC fail to make the payment within the stipulated 60-day period, the municipal corporation will become liable to pay additional interest at 11% per annum. This interest will be calculated on both the awarded amount and the previously accrued interest, running from the award date until the actual payment is made.

Company Background

PSP Projects operates across multiple construction segments, undertaking industrial, institutional, residential, and luxury development projects. The company has been involved in several landmark projects, including the notable Surat Diamond Bourse development.

Market Performance

Shares of PSP Projects Limited closed at ₹835.00 on January 12, registering a gain of ₹1.90 or 0.23% on the BSE. The stock's modest upward movement reflects investor response to the arbitration award announcement.

The arbitration award adds to PSP Projects' recent corporate developments, following the company's previous announcement of securing construction orders worth ₹1,764 crore in Ahmedabad and Adani Infrastructure's acquisition of a 34.41% stake in the company.