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.

Onix Solar Energy Limited has successfully concluded its Rights Issue Committee meeting held on February 12, 2026, finalizing comprehensive terms for its rights issue worth ₹249.87 crore. The committee, which met from 5:00 PM to 5:45 PM, approved detailed parameters following the in-principle approval received from BSE Limited on February 9, 2026.

Rights Issue Terms Finalized

The committee has established specific terms for the rights offering, setting the issue price at ₹546 per equity share, including a premium of ₹536 each. The company will issue 45,76,305 fully paid-up equity shares with a face value of ₹10 each, targeting a total collection of ₹249.87 crore assuming full subscription.

Entitlement Structure and Record Date

The rights entitlement ratio has been set at 23 rights equity shares for every 103 fully paid-up equity shares held on the record date. The committee has declared February 18, 2026, as the record date for determining eligible shareholders. The International Securities Identification Number (ISIN) for credit of dematerialized rights entitlement is INE173M20012.

Complete Rights Issue Timeline

The committee has established a comprehensive schedule for the rights issue execution:

Share Capital Impact

The rights issue will significantly expand the company's equity base. Prior to the rights issue, Onix Solar Energy has 2,04,93,885 outstanding equity shares. Upon full subscription, the total outstanding equity shares will increase to 2,50,70,190 shares, representing a substantial capital expansion for the solar energy company.

Regulatory Compliance

The announcement has been made in compliance with Regulations 30 and 42 of SEBI Listing Regulations. Managing Director Piyush Savaliya (DIN: 06464445) has signed the official communication to BSE Limited, confirming the company's adherence to regulatory requirements and transparent disclosure practices for the rights issue execution.