Refex Renewables Infrastructure Limited shareholders have officially rejected the company's proposal to change its name to Ecosphere Sustainable Energy Limited, according to postal ballot results concluded on December 11, 2025. The company also reported continued financial losses for Q2 FY2026.

Postal Ballot Results

The postal ballot process, which concluded on December 11, 2025 at 5:00 PM IST, saw shareholders voting against the proposed name change from "Refex Renewables & Infrastructure Limited" to "Ecosphere Sustainable Energy Limited." Scrutinizer A. Mohan Kumar confirmed the results in his report dated December 12, 2025.

As per regulatory requirements under the Companies Act, 2013, the special resolution failed because the number of votes cast in favor was less than three times the number of votes cast against. The resolution stands disapproved and is deemed not passed.

Financial Performance Challenges

For Q2 FY2026, Refex Renewables Infrastructure reported deteriorating financial performance:

The half-year performance showed similar trends:

Going Concern Issues

The company's management noted that Refex Renewables Infrastructure has incurred losses in the current quarter, and its net worth has been completely eroded. This raises substantial doubt about the Group's ability to continue as a going concern. However, management is pursuing new business opportunities and has obtained a letter of support from a promoter shareholder to continue operations.

Corporate Actions Continue

Despite the name change rejection, the company continues with other strategic initiatives. The company allotted 1,381 equity shares under its Employee Stock Option Scheme, increasing the paid-up capital to ₹4.50 crores. Additionally, subsidiary Refex Green Power Limited divested its 74% stake in Flaunt Solar Energy Private Limited, while another subsidiary, Refex Sustainability Solutions Limited, acquired a 72.05% stake in Spectrum Renewable Energy Private Limited.

The rejection of the name change proposal indicates shareholder resistance to the company's proposed shift towards a more comprehensive sustainable energy identity, while the company continues to face significant financial challenges.

Refex Renewables Infrastructure Limited , a company in the renewable energy sector, has received a significant request from one of its major shareholders. Avyan Pashupathy Capital Advisors Private Limited, currently classified as a promoter, has asked to be reclassified into the public category in the company's shareholding pattern.

Request Details

Avyan Pashupathy Capital Advisors Private Limited, holding a substantial stake in Refex Renewables Infrastructure Limited, submitted a reclassification letter dated October 31, 2025. The company received this request on November 3, 2025. The shareholder's current position is as follows:

Regulatory Compliance

Refex Renewables Infrastructure Limited has stated that it will adhere to the due process required under the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations to review this request. The company has formally intimated the BSE Limited about this development on November 4, 2025, in compliance with Regulation 30 read with 31A(8)(a) of the SEBI LODR Regulations.

Next Steps

The company will now follow the prescribed procedures, which include:

1. Confirming the completeness of the reclassification request
2. Reviewing the request in accordance with SEBI LODR Regulations
3. Potentially seeking board and shareholder approvals, if required
4. Submitting necessary applications to stock exchanges

It's important to note that this reclassification, if approved, could significantly alter the shareholding structure of Refex Renewables Infrastructure Limited. However, the final outcome will depend on the regulatory review process and any subsequent approvals required.

Shareholders and potential investors should keep an eye on further announcements from the company regarding the progress of this reclassification request, as it may have implications for the company's ownership structure and governance.