Refex Renewables Infrastructure Limited has announced the successful conclusion of Income Tax Department search operations that began on December 9, 2025. The company disclosed under Regulation 30 of SEBI Listing Regulations on December 14, 2025, that the search operations were completed on December 13, 2025, with no adverse findings communicated by the authorities.

Search Operations Timeline and Closure

The Income Tax Department's search operations, which commenced on December 9, 2025, have been formally concluded after four days of comprehensive examination. The company has provided complete details of the operation timeline and outcomes:

Throughout the search process, Refex Renewables Infrastructure and its officers maintained complete transparency and provided all necessary documentation and information as requested by the Income Tax Department authorities.

No Adverse Findings Reported

In a significant development, the company has confirmed that as of the disclosure date, no communication, notice, or order has been received from the Income Tax Department indicating any adverse findings pursuant to the search operations. This represents a positive outcome for the company and its stakeholders.

Response to Speculative Media Reports

Refex Renewables Infrastructure has addressed speculative media coverage and social media posts suggesting adverse outcomes from the search operations. The company has categorically stated that such reports are speculative in nature and are not supported by any official communication from the Income Tax Department.

The company's position on media speculation includes:

• Rejection of speculation: Media reports suggesting adverse outcomes lack official backing
• Emphasis on facts: Only official communications from authorities will be considered factual
• Continued transparency: Commitment to inform stakeholders of any material developments
• Normal operations: Business activities continue without disruption

Compliance and Future Disclosures

Refex Renewables Infrastructure has reaffirmed its commitment to maintaining the highest standards of ethical conduct and legal compliance. The company has assured stakeholders that it will keep the stock exchanges informed of any material developments in accordance with applicable provisions of SEBI Listing Regulations.

The company continues to conduct its business in the normal course, with all operations remaining unaffected by the concluded search operations. This development provides clarity and closure to the matter that began earlier in December 2025.

Refex Renewables Infrastructure Limited shareholders have officially rejected the company's proposal to change its name to Ecosphere Sustainable Energy Limited, according to postal ballot results concluded on December 11, 2025. The company also reported continued financial losses for Q2 FY2026.

Postal Ballot Results

The postal ballot process, which concluded on December 11, 2025 at 5:00 PM IST, saw shareholders voting against the proposed name change from "Refex Renewables & Infrastructure Limited" to "Ecosphere Sustainable Energy Limited." Scrutinizer A. Mohan Kumar confirmed the results in his report dated December 12, 2025.

As per regulatory requirements under the Companies Act, 2013, the special resolution failed because the number of votes cast in favor was less than three times the number of votes cast against. The resolution stands disapproved and is deemed not passed.

Financial Performance Challenges

For Q2 FY2026, Refex Renewables Infrastructure reported deteriorating financial performance:

The half-year performance showed similar trends:

Going Concern Issues

The company's management noted that Refex Renewables Infrastructure has incurred losses in the current quarter, and its net worth has been completely eroded. This raises substantial doubt about the Group's ability to continue as a going concern. However, management is pursuing new business opportunities and has obtained a letter of support from a promoter shareholder to continue operations.

Corporate Actions Continue

Despite the name change rejection, the company continues with other strategic initiatives. The company allotted 1,381 equity shares under its Employee Stock Option Scheme, increasing the paid-up capital to ₹4.50 crores. Additionally, subsidiary Refex Green Power Limited divested its 74% stake in Flaunt Solar Energy Private Limited, while another subsidiary, Refex Sustainability Solutions Limited, acquired a 72.05% stake in Spectrum Renewable Energy Private Limited.

The rejection of the name change proposal indicates shareholder resistance to the company's proposed shift towards a more comprehensive sustainable energy identity, while the company continues to face significant financial challenges.