Refex Renewables Infrastructure (RRIL) has disclosed that its step-down subsidiary, Sherisha Solar LLP (SS LLP), is facing an insolvency petition filed by SILRES Energy Solutions Private Limited. The petition, filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleges a payment default of ₹34.24 crore.

Key Details of the Insolvency Petition

Company's Response

RRIL has informed that SS LLP, which is indirectly wholly-owned through Refex Green Power Limited (a wholly-owned subsidiary of RRIL), intends to "vigorously contest" the petition. This stance suggests that the company disputes the claims made in the insolvency application.

Potential Implications

The filing of an insolvency petition against a step-down subsidiary could have significant implications for Refex Renewables Infrastructure Limited. If the petition is admitted and proceeds to insolvency resolution, it may impact the financial structure and operations of the broader Refex group.

Disclosure Compliance

RRIL's prompt disclosure of this development aligns with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. This transparency allows investors and stakeholders to stay informed about material events that could affect the company's operations and financial health.

As the situation unfolds, stakeholders will likely be watching closely for updates on the proceedings at the National Company Law Tribunal and any potential resolutions between SS LLP and SILRES Energy Solutions Private Limited.

Refex Renewables Infrastructure 's Board of Directors has decided to seek legal counsel before making a decision on a promoter reclassification request, as announced in a regulatory filing on November 10, 2025.

The request came from Avyan Pashupathy Capital Advisors Private Limited (APCAPL), a significant promoter holding 13,91,869 equity shares, representing 30.95% of the company's voting share capital. APCAPL has asked to be reclassified from the 'promoter' category to the 'public' category in Refex Renewables Infrastructure's shareholding pattern.

Board's Response

The Board noted that APCAPL's request did not specify how it meets the pre-conditions set out in Regulation 31A(3)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. To ensure compliance with these regulations, the Board has instructed the Compliance Officer to obtain a legal opinion on the matter.

Key Points

• The reclassification request was received by the company on November 03, 2025.
• APCAPL currently holds a 30.95% stake in the company.
• The Board is seeking legal advice on available courses of action.
• The decision will be made in compliance with SEBI LODR Regulations.

This move by the Board demonstrates a cautious approach to corporate governance, ensuring that any changes in promoter classification adhere to regulatory requirements. The outcome of this request could potentially impact the company's shareholding structure and investor perceptions.

The company has stated that it will follow due process as required under the regulations regarding this request. The final decision on the reclassification will be made after receiving and considering the legal opinion.