1. Summary of proceeding of AGM. 2. Voting result under regulation 44(3) 3. Scrutinizer''s Report on e voting of AGM.
Awaiting price reaction for this filing.
ARSS Infrastructure Projects Ltd held its 25th AGM on September 24, 2025 via video conferencing from 11:00 AM to 12:01 PM, with 53 members attending remotely. The meeting came shortly after NCLT Cuttack approved the Resolution Plan of Ocean Capital Market Limited (OCML) on August 29, 2025, marking the company's exit from CIRP. A Monitoring Committee was constituted on September 5, 2025 with former Resolution Professional Uday Narayan Mitra as Chairman, and the existing Board of Directors' powers stand suspended. Four ordinary resolutions were passed with over 99.97% approval: adoption of FY2024-25 audited financial statements, ratification of cost auditor remuneration of Rs. 50,000, appointment of M/s Sunita Jyotirmoy & Associates as secretarial auditor for 5 years (FY2025-26 to FY2029-30), and approval of material related party transactions with ABCI-SCPL-SIPS JV up to Rs. 217.79 crore. Resolution No. 2 for re-appointment of Shri Subash Agarwal was not taken on record as the Resolution Applicant will propose a new Board. Notably, the promoter group holding 1,06,19,468 shares did not cast any votes, and only about 19.28% of public non-institutional shares participated in voting.
This AGM marks a significant transition for the company as it formally emerges from insolvency resolution with a new sponsor (Ocean Capital Market Limited), which will propose a new Board of Directors in the coming months — a material change for shareholders. Promoter non-participation in voting and the fresh Board reconstitution signal a potential shift in control and strategic direction. The approval of large related party transactions (Rs. 217.79 crore) and new auditor appointments provide operational continuity but warrant close monitoring by shareholders.