WAA Solar Limited has successfully completed its postal ballot process, with shareholders overwhelmingly approving the regularization of Mr. Prashant Kumar Gupta as Non-Executive Independent Director. The company announced the voting results on February 19, 2026, following the completion of the remote e-voting process.

Voting Results and Participation

The postal ballot attracted participation from 21 members representing 9,028,364 equity shares out of the company's total 13,266,764 shares, achieving a voting turnout of 68.05%. The resolution required a special resolution and received strong support across shareholder categories.

Category-wise Voting Breakdown

The voting results showed unanimous support from the Promoter and Promoter Group, while Public Non-Institutions demonstrated strong backing for the resolution.

Process Timeline and Compliance

The postal ballot process followed all regulatory requirements under the Companies Act, 2013, and SEBI regulations. Key timeline details include:

• Postal Ballot Notice Date: January 20, 2026
• Cut-off Date: January 16, 2026
• E-voting Period: January 20, 2026 (9:00 AM) to February 18, 2026 (5:00 PM)
• Total Shareholders on Record: 2,424

The company engaged National Securities Depository Limited (NSDL) to provide remote e-voting facilities through their website. Notice was distributed electronically to members with registered email addresses and published in newspapers including "Free Press Gujarat" and "Lokmitra" on January 20, 2026.

Scrutinizer's Confirmation

CS Haresh Kapuriya from KH & Associates, serving as the appointed scrutinizer, confirmed the validity of the voting process and results. The scrutinizer's report verified that all 9,028,364 votes cast through the e-voting system were valid, with no invalid votes recorded. The resolution was deemed passed with the requisite majority as per regulatory requirements.

Director Appointment Details

The approved resolution regularizes the appointment of Mr. Prashant Kumar Gupta (DIN: 11377977) as a Non-Executive Independent Director of the company. This appointment strengthens the company's board composition and governance structure, reflecting shareholders' confidence in the proposed leadership addition.

Waa Solar Limited has incorporated seven wholly owned subsidiaries as Special Purpose Vehicles (SPVs) to execute solar projects awarded by M.P. Urja Vikas Nigam Limited, a Government of Madhya Pradesh enterprise. The company informed BSE Limited about these incorporations on January 08, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Subsidiary Companies Incorporated

The seven newly incorporated wholly owned subsidiaries are structured to handle specific project locations across Madhya Pradesh. Each subsidiary has been established with identical capital structures to facilitate project execution.

Capital Structure and Financial Details

All seven subsidiaries have been incorporated with identical capital structures to ensure operational consistency across the project portfolio. The uniform capital allocation reflects the company's systematic approach to project management.

Regulatory Compliance and Background

The incorporation follows the company's earlier intimation dated December 29, 2025, regarding the receipt of multiple letters of awards from M.P. Urja Vikas Nigam Limited. The Certificate of Incorporation for all subsidiaries has been received from the Central Registration Centre, Registrar of Companies. These subsidiaries are classified as related party transactions due to WAA Solar Limited's 100% shareholding in each entity.

Strategic Implementation

The subsidiaries will serve as dedicated project execution vehicles for the solar projects awarded by the Madhya Pradesh government enterprise. This structure allows for focused project management and compliance with regulatory requirements specific to each project location. The company has confirmed that no additional governmental or regulatory approvals are required for these incorporations, as they represent internal corporate restructuring to facilitate project execution.