WAA Solar Limited , a key player in the solar energy sector, has issued a postal ballot notice seeking shareholder approval for the regularization of its recently appointed Independent Director. The company continues to strengthen its governance framework through strategic board appointments and transparent shareholder engagement.

Postal Ballot Notice and E-Voting Process

The company has issued a postal ballot notice dated January 19, 2026, under Regulation 30 of SEBI Listing Regulations, seeking member approval for regularization of Mr. Prashant Kumar Gupta's appointment as Non-Executive Independent Director. The key details of the postal ballot process are outlined below:

Director Appointment Details

The postal ballot seeks approval for regularization of Mr. Prashant Kumar Gupta's appointment, who was initially appointed by the Board of Directors. The appointment particulars are presented below:

Professional Background and Expertise

Mr. Prashant Kumar Gupta brings significant financial and compliance expertise to the board. His professional profile demonstrates relevant experience for the Independent Director role:

Scrutinizer and Compliance Framework

WAA Solar has appointed Mr. Haresh Kapuriya, Practicing Company Secretary and Partner of M/s. K H and Associates, as the Scrutinizer for conducting the postal ballot process. The company has engaged NSDL to facilitate remote e-voting, ensuring members can cast their votes electronically instead of physical postal ballot forms.

The postal ballot notice has been sent electronically to all eligible members whose email addresses are registered with the depositories (NSDL and CDSL) and the company's Registrar and Transfer Agent, Bigshare Services Private Limited. The results will be announced within two working days from the end of the e-voting period and will be communicated to BSE Limited and published on the company's website.

This governance initiative reflects WAA Solar's commitment to maintaining transparent board composition and ensuring proper regulatory compliance in the appointment of Independent Directors.

Waa Solar Limited has incorporated seven wholly owned subsidiaries as Special Purpose Vehicles (SPVs) to execute solar projects awarded by M.P. Urja Vikas Nigam Limited, a Government of Madhya Pradesh enterprise. The company informed BSE Limited about these incorporations on January 08, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Subsidiary Companies Incorporated

The seven newly incorporated wholly owned subsidiaries are structured to handle specific project locations across Madhya Pradesh. Each subsidiary has been established with identical capital structures to facilitate project execution.

Capital Structure and Financial Details

All seven subsidiaries have been incorporated with identical capital structures to ensure operational consistency across the project portfolio. The uniform capital allocation reflects the company's systematic approach to project management.

Regulatory Compliance and Background

The incorporation follows the company's earlier intimation dated December 29, 2025, regarding the receipt of multiple letters of awards from M.P. Urja Vikas Nigam Limited. The Certificate of Incorporation for all subsidiaries has been received from the Central Registration Centre, Registrar of Companies. These subsidiaries are classified as related party transactions due to WAA Solar Limited's 100% shareholding in each entity.

Strategic Implementation

The subsidiaries will serve as dedicated project execution vehicles for the solar projects awarded by the Madhya Pradesh government enterprise. This structure allows for focused project management and compliance with regulatory requirements specific to each project location. The company has confirmed that no additional governmental or regulatory approvals are required for these incorporations, as they represent internal corporate restructuring to facilitate project execution.