Refex Renewables & Infrastructure Limited has received official confirmation from the Income Tax Department that no press releases or official statements were issued in connection with search operations conducted at Refex Group entities in December 2025. The clarification comes through a Right to Information (RTI) response that directly contradicts media reports from the period.

RTI Response Confirms No Official Communications

The company filed an offline RTI application seeking confirmation about alleged press releases or official statements by the Income Tax Department regarding search and seizure operations conducted at Refex Group companies from December 09, 2025 to December 13, 2025.

The RTI response categorically confirmed that there were no press releases, official statements, press communications, or public communications issued by the Income Tax Department in connection with the search operations.

Background of Media Reports

The company's latest disclosure references earlier communications dated December 12, 2025, and December 14, 2025, regarding the search operations. Media reports during that period had referenced alleged press releases or statements by the Income Tax Department, which formed the basis of various news articles about the search operations.

The RTI application specifically sought to verify these claims and obtain official confirmation about the existence of any departmental communications.

Company's Compliance Stance

Refex Renewables has reiterated its commitment to legal compliance and cooperation with authorities. Key aspects of the company's position include:

• Maintaining law-abiding operations and full cooperation with authorities
• Adherence to highest standards of ethical conduct and legal compliance
• Commitment to keeping stock exchanges informed of material developments
• Compliance with SEBI Listing Regulations disclosure requirements

The company emphasized that it will continue to provide updates on any material developments in accordance with applicable SEBI Listing Regulations provisions.

Regulatory Disclosure Details

The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication was addressed to BSE Limited with security code 531260 and signed by Company Secretary & Compliance Officer Vinay Aggarwal.

The RTI order copy has been enclosed with the disclosure as supporting documentation for the company's clarification to stakeholders and the stock exchange.

Refex renewables infrastructure Limited's Board of Directors has unanimously rejected a promoter's request for reclassification from promoter to public shareholder category, citing regulatory compliance issues. The decision was announced following a Board meeting held on February 11, 2026, addressing a request that had been under consideration since October 2025.

Promoter Reclassification Request Details

The request originated from Avyan Pashupathy Capital Advisors Private Limited (APCAPL), one of the company's promoters, who initially sought reclassification on October 31, 2025. APCAPL subsequently submitted a revised reclassification request on December 09, 2025, which the company received on December 12, 2025.

Board Decision and Legal Analysis

Following the company's earlier Board meeting on November 10, 2025, the Compliance Officer had sought legal opinion from the company's legal counsels regarding APCAPL's reclassification requests. Based on the comprehensive legal analysis received, the Board reached a unanimous decision to decline both the original and revised reclassification requests.

The primary reason for rejection centers on regulatory compliance with SEBI LODR Regulations. APCAPL's current shareholding of 30.95% significantly exceeds the mandatory ceiling of 10% of total voting rights prescribed under Regulation 31A(3)(b)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Framework and Compliance

The decision aligns with the provisions of Regulation 31A of the SEBI LODR Regulations, which governs the reclassification of promoters to public shareholder category. The regulation establishes specific criteria that must be met for such reclassification, including shareholding thresholds that ensure proper corporate governance and market transparency.

Timeline of Events

The reclassification process has been ongoing for several months, with the company maintaining transparency through regular disclosures. The company had previously issued intimations on November 04, 2025, and November 10, 2025, keeping stakeholders informed about the progress of APCAPL's request.

The Board's decision represents the conclusion of a thorough evaluation process that included legal consultation and regulatory analysis. The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI LODR Regulations by promptly communicating the Board's decision to the stock exchanges and stakeholders.