Prabha Energy Limited has successfully completed its postal ballot process through remote e-voting, with shareholders approving significant board changes and management appointments. The voting process, conducted from January 01, 2026 to January 30, 2026, saw substantial participation from the company's shareholder base.

Voting Process and Participation

The postal ballot was conducted in accordance with Section 110 of the Companies Act, 2013, with the notice dated December 26, 2025. The company recorded strong shareholder engagement with detailed participation across different categories.

Approved Resolutions

All three resolutions presented to shareholders received overwhelming approval, demonstrating strong confidence in the proposed changes.

Detailed Voting Results

The voting results across all three resolutions showed remarkable consistency in shareholder support. For the appointment of Mrs. Shivangi Digant Shah (DIN: 11200412) as non-executive independent director, 121,230,884 votes were cast in favor with only 27 votes against, representing 100.00% approval of valid votes cast.

Similarly, the regularization of Mr. Shanil Paras Savla (DIN: 08763065) as director received 121,229,931 votes in favor against 27 opposing votes. His subsequent re-designation as managing director garnered 121,229,932 supporting votes with the same minimal opposition of 27 votes.

Shareholder Category Participation

The voting pattern revealed strong support from the promoter and promoter group, who hold 109,837,209 shares and participated with over 98% of their holdings. Public non-institutional shareholders, holding 26,448,765 shares, showed 50.18% participation with 13,272,814 votes polled.

Scrutinizer Report and Compliance

The postal ballot process was overseen by Rajesh Parekh, Practicing Company Secretary, who served as the appointed scrutinizer. The e-voting results were unblocked on January 31, 2026, in the presence of independent witnesses Ms. Aishwarya Parekh and Mr. Jay Surti. The process was conducted through MUFG Intime India Private Limited's platform, ensuring transparency and compliance with regulatory requirements.

The company has fulfilled all disclosure obligations under Regulation 30 and 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with detailed reports available on both the company website and the registrar's portal.

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.