Solar Industries India Limited has successfully completed its postal ballot process for the appointment of an Independent Director, with the voting concluding on February 23, 2026. The company submitted the voting results and scrutinizer's report to stock exchanges on February 24, 2026, in compliance with regulatory requirements.

Postal Ballot Process Overview

The postal ballot was conducted exclusively through remote e-voting from January 24, 2026 to February 23, 2026. The process involved 1,15,072 shareholders as of the cut-off date of January 16, 2026. A total of 956 members participated in the electronic voting process through the platform provided by National Securities Depository Limited (NSDL).

Voting Results for Director Appointment

The special resolution for appointing Shri Ramesh Madhavrao Bhujang (DIN: 00194189) as an Independent Director received mixed responses across different shareholder categories. The overall voting pattern showed significant participation from institutional and promoter groups.

Regulatory Compliance and Appointment Status

Although the special resolution failed to achieve the requisite majority, the appointment remains valid under SEBI Listing Regulations. Regulation 25(2A) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 provides specific provisions for Independent Director appointments.

The regulation stipulates that when a special resolution for Independent Director appointment fails to get requisite majority but:

• Votes cast in favour exceed votes cast against
• Public shareholders' favourable votes exceed opposing votes

Then the appointment shall be deemed to have been made under sub-regulation (2A). In this case, both conditions were satisfied, making Shri Ramesh Madhavrao Bhujang's appointment as Independent Director legally valid.

Scrutinizer's Report and Compliance

CS Tushar Pahade of T.S. Pahade & Associates served as the appointed scrutinizer for the postal ballot process. The scrutinizer's report confirmed compliance with all applicable provisions of the Companies Act, 2013, and SEBI regulations. The company ensured proper notification through publications in Loksatta (Nagpur Edition) and Business Standard (All India Edition) on January 24, 2026.

The postal ballot notice was dispatched electronically to all eligible shareholders who had registered their email addresses with the company or depositories. The notice was also made available on the company's website and stock exchange platforms for transparency and accessibility.

Solar Industries India Limited has successfully completed the redemption of its commercial paper worth Rs 50 crores, fulfilling its payment obligation on the scheduled maturity date of February 09, 2026.

Commercial Paper Details

The commercial paper was originally issued on November 11, 2025, in favor of ICICI Bank Limited with a 90-day maturity period. The company has formally certified the complete payment of the redemption amount on the due date.

Regulatory Compliance

The redemption confirmation was communicated to both the National Stock Exchange of India Limited and BSE Limited under Regulation 30 and 57 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015. Company Secretary and Compliance Officer Khushboo Anish Pasari signed the certification digitally on February 09, 2026.

Financial Discipline

The timely redemption of the commercial paper demonstrates Solar Industries India Limited's commitment to meeting its short-term debt obligations. The successful completion of this financial instrument reflects the company's liquidity management and adherence to scheduled payment commitments. This development reinforces the company's financial credibility in the commercial paper market and maintains its standing with institutional lenders.