Ashoka buildcon Limited has announced the receipt of a Provisional Certificate for substantial completion of its National Highways Authority of India (NHAI) project in Karnataka. The company declared February 28, 2026 as the Commercial Operation Date (CoD) for an additional stretch, marking another milestone in the highway development project.

Project Completion Status

The company has achieved significant progress in its highway project with the completion of multiple stretches at different phases:

The Provisional Certificate was issued by the Independent Engineer on March 09, 2026, confirming the completion of 52.885 KMs in aggregate out of the total project stretch of 53.315 KMs after revision due to de-scoping.

Project Details

The project involves the four-laning of the Tumkur Shivamogga Section from 66+540 (Design km 65+195) at Karadi to km 119+790 (Design km 121+900) at Banwara of NH-206. The development is being undertaken under the Hybrid Annuity Mode as part of NHDP Phase-IV in Karnataka, designated as Package-II.

Execution Structure

The project is being executed by Ashoka Karadi Banwara Road Private Limited, which serves as the Special Purpose Vehicle (SPV). This SPV operates as a wholly-owned subsidiary of Ashoka Concessions Limited, which is itself a wholly-owned subsidiary of Ashoka Buildcon Limited.

Financial Implications

Following the declaration of the First CoD on September 08, 2023, the SPV became eligible to receive annuity payments from NHAI. These payments are structured for the operation period of 15 years and are disbursed at six-month intervals from the date of achievement of the First CoD.

The disclosure was submitted under Regulation 30 of SEBI LODR Regulations, 2015, highlighting the material nature of this development for the company's stakeholders.

Ashoka Buildcon Limited successfully completed its postal ballot process on March 09, 2026, with shareholders approving the re-appointment of two key directors through electronic voting. The infrastructure development company announced that both special resolutions were passed with requisite majority, demonstrating strong shareholder confidence in the leadership team.

Postal Ballot Results Overview

The company sought shareholder approval for two critical appointments through the postal ballot process conducted under Section 110 of the Companies Act, 2013. The e-voting period commenced on Saturday, February 07, 2026 at 9.00 A.M. and concluded on Sunday, March 08, 2026 at 5.00 P.M., providing shareholders with a 30-day voting window.

Chairman Re-appointment Approved

Shareholders overwhelmingly approved the re-appointment of Mr. Ashok Katariya (DIN: 00112240) as Whole-time Director, designated as Chairman of the Company. The appointment is effective for three years from April 01, 2026, despite Mr. Katariya having attained 70 years of age, which required special approval under the Companies Act provisions.

The resolution recognized Mr. Katariya's vast experience, leadership qualities, strategic vision, and significant contribution to the company's growth and performance. As Chairman, he will continue to exercise substantial management powers under the Board's supervision and direction.

Independent Director Re-appointment

Ms. Shilpa Hiran (DIN: 09045534) was re-appointed as Independent Director for a second term of five consecutive years, effective from February 01, 2026 to January 31, 2031. The appointment received strong shareholder support, though with a lower approval margin compared to the Chairman's re-appointment.

Ms. Hiran has submitted the required declaration confirming she meets the independence criteria under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI Listing Regulations. She will be entitled to receive remuneration, fees, and commission as permitted for Non-Executive Independent Directors.

Voting Process and Compliance

The postal ballot was conducted exclusively through electronic voting, with the company sending notices only in electronic form to shareholders whose email addresses were registered with depositories and the registrar. Mr. Vishwanath (CP. No. 25099), Designated Partner of Sharma & Trivedi LLP, served as the scrutinizer to ensure fair and transparent voting.

The company published advertisements in The Free Press Journal (English) and Punyanagari (Marathi) newspapers on February 05, 2026, informing shareholders about the postal ballot notice dispatch. Both resolutions were classified as special resolutions requiring higher approval thresholds, which were successfully achieved through the voting process.