Onix Solar Energy Limited has addressed recent media reports concerning alleged irregularities in bank guarantees related to Maharashtra solar projects through a formal disclosure to BSE. The company sought to clarify its position amid speculation about potential involvement in fraudulent activities.

Company's Position on FIR

The solar energy company categorically stated that it is not named as an accused entity in the FIR referenced in various media reports. This clarification comes as an important distinction given the nature of the allegations being discussed in the media coverage.

Project Details and Remedial Actions

The projects mentioned in the media reports were originally undertaken through third-party entities rather than directly by Onix Solar Energy Limited. Upon becoming aware of discrepancies relating to the bank guarantees, the concerned entity took proactive steps to address the situation by ensuring that the questionable guarantees were replaced with valid and compliant bank guarantees before the FIR was filed.

Business Operations Status

Onix Solar Energy Limited emphasized that its business continues to operate in the ordinary course without disruption. The company specifically noted that there is no impact on its ongoing operations or financial position at this stage, providing reassurance to stakeholders about business continuity.

Regulatory Compliance and Cooperation

The company and its management team are fully cooperating with relevant authorities investigating the matter. Onix Solar Energy Limited reaffirmed its commitment to transparency in all business dealings, strict regulatory compliance, and good corporate governance practices.

The disclosure was signed by Piyush Savaliya, Managing Director, who assured that the stock exchange would be kept informed of any material developments in accordance with applicable regulations. This commitment demonstrates the company's proactive approach to maintaining transparency with regulatory bodies and investors.

Onix Solar Energy Limited has successfully completed its postal ballot through electronic voting process for an Extra Ordinary General Meeting, with shareholders demonstrating overwhelming support for key corporate governance initiatives. The scrutinizer's report, dated 23rd February 2026, confirms the approval of all four proposed resolutions with remarkable consensus among voting members.

Voting Process and Timeline

The electronic voting process was conducted under the supervision of CS Himanshu K. Togadiya from H Togadiya & Associates, who was appointed as scrutinizer by the Board of Directors on 16th January 2026. The voting period commenced on Friday, 23rd January 2026 at 09:00 AM (IST) and concluded on Saturday, 21st February 2026 at 5:00 PM. The votes were unblocked on Monday, 23rd February 2026 around 11:25 AM in the presence of two independent witnesses.

Voting Results and Shareholder Participation

The postal ballot witnessed participation from 16 members representing 18797109 shares. All four resolutions received exceptional support, with 18797104 votes cast in favor and only 5 votes against each resolution, translating to 99.999% approval rate.

Approved Resolutions and Corporate Changes

The shareholders approved four significant ordinary resolutions that will reshape the company's leadership structure:

Director Appointments and Regularizations

Item 1: Regularization of Additional Director Mr. Naman Madhavjibhai Viradiya (DIN: 07862991) as Non-Executive Director received unanimous support from the voting shareholders.

Item 2: The regularization of Additional Director Mr. Hardik Kantilal Adhiya (DIN: 10733338) as Non-Executive Director was also approved with the same overwhelming majority.

Item 3: The appointment of Mr. Piyush Savaliya (DIN: 06464445) as Managing Director of the company was endorsed by shareholders, marking a significant leadership development.

Capital Structure Enhancement

Item 4: The proposal to increase the company's authorized share capital was approved, providing the company with enhanced financial flexibility for future growth initiatives.

Compliance and Governance Framework

The postal ballot was conducted in accordance with Section 108 of the Companies Act, 2013, and Rule 20(3) of the Companies (Management and Administration) Rules, 2014. The process also complied with MCA Circulars, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Secretarial Standards on General Meeting (SS-2) issued by the Institute of Company Secretaries of India.

The scrutinizer's report emphasizes that the management ensured compliance with all applicable regulations while maintaining a secured framework for the electronic voting system. The voting process was conducted in a fair and transparent manner, with proper reconciliation of votes cast through e-voting with records maintained by the company's Registrar and Share Transfer Agent.