Prabha Energy Limited has issued a comprehensive postal ballot notice seeking shareholder approval for critical director appointments and organizational changes. The company has established a structured e-voting process to facilitate remote shareholder participation in key corporate decisions.

E-Voting Schedule and Process

The company has implemented a detailed timeline for the postal ballot process with specific dates for each phase of the voting procedure.

The postal ballot notice will be distributed exclusively through electronic mode to shareholders who have registered their email addresses with their Depository Participants or with MUFG Intime India Private Limited, the company's registrar and share transfer agent.

Proposed Director Appointments

The postal ballot encompasses three significant resolutions related to director appointments and organizational restructuring.

Independent Director Appointment

The first resolution seeks approval for appointing Mrs. Shivangi Digant Shah (DIN: 11200412) as Non-Executive Independent Director. She was initially appointed as Additional Director on November 4, 2025, and the proposed appointment would be for a term of five consecutive years commencing from November 4, 2025.

Mrs. Shah holds a master's degree in business administration from Gujarat University and is an associate member of the Institute of Company Secretaries of India.

Managing Director Appointment and Remuneration

The second and third resolutions address the regularization and re-designation of Mr. Shanil Paras Savla (DIN: 08763065) as Managing Director. He was appointed as Additional Director effective January 1, 2026, and the proposed re-designation would establish him as Managing Director for three years.

The remuneration package includes comprehensive perquisites such as company-provided car and telephone for business use, mobile instrument and bill payments, electricity charges, insurance premium reimbursement, and club fee coverage.

Corporate Governance and Compliance

The postal ballot process adheres to multiple regulatory frameworks including the Companies Act 2013, SEBI Listing Obligations and Disclosure Requirements Regulations 2015, and various MCA and SEBI circulars. The company has appointed Mr. Rajesh Parekh (Membership No. A8073) as the scrutinizer to ensure fair and transparent conduct of the postal ballot process.

Shareholders can access the complete postal ballot notice on the company's website at www.prabhaenergy.com and on MUFG Intime India Private Limited's platform. The e-voting facility provides multiple login methods for different categories of shareholders, including individual shareholders holding securities in demat mode with NSDL or CDSL, and institutional shareholders.

Financial Context and Strategic Direction

According to the company's standalone financial performance for the year ended March 31, 2025, Prabha Energy reported a turnover including other income of ₹203.05 lakhs, with total expenses of ₹428.66 lakhs, resulting in a loss before tax of ₹225.61 lakhs and loss after tax of ₹156.48 lakhs. The company operates in the oil and gas sector with business interests in both conventional and unconventional exploration, production, and trading, maintaining a portfolio of onshore exploration and production assets.

Prabha Energy Limited announced significant corporate developments following its board meeting held on December 26, 2025, including approval for a major rights issue and key leadership changes. The company has now formally intimated the stock exchanges regarding the Managing Director's resignation effective December 31, 2025.

Managing Director Resignation Formalized

Following the earlier board meeting announcement, Prabha Energy formally intimated BSE and NSE on January 5, 2026, regarding Mr. Shail Manoj Savla's resignation from the Managing Director position. The resignation became effective from closing business hours of December 31, 2025.

The formal resignation letter dated December 26, 2025, was submitted to the Board of Directors, expressing gratitude for continued support and cooperation during his tenure.

New Managing Director Appointment

Mr. Shanil Paras Savla (DIN: 08763065) has been appointed as Additional Executive Director and subsequently re-designated as Managing Director, effective January 1, 2026.

Mr. Savla brings expertise in project finance and understanding of geopolitical risks impacting supply chains and pricing. He will be responsible for Finance, Investment, Management and Administration, Marketing and Strategy.

Rights Issue Approval

The board approved raising funds through a rights issue of equity shares with a face value of ₹1.00 each for an aggregate amount not exceeding ₹1,900.00 crores.

The detailed terms including quantum, issue price, rights entitlement ratio, record date, and payment mechanism will be determined by the Rights Issue Committee in accordance with applicable laws and subject to necessary regulatory approvals.

Regulatory Authorizations

The board authorized key managerial personnel for determining materiality of events and making disclosures to stock exchanges under Regulation 30(5) of SEBI LODR Regulations, effective January 1, 2026.

The company will issue a postal ballot notice in due course for shareholder approvals of the proposed appointments.