ARSS Infrastructure Projects Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 24, 2025. Further, the company has submitted the Exchange a copy of Srutinizers report along with voting results.
Awaiting price reaction for this filing.
ARSS Infrastructure Projects Limited held its 25th AGM on September 24, 2025 via video conferencing. A major context: the NCLT Cuttack had approved the Resolution Plan submitted by Ocean Capital Market Limited (OCML) on August 29, 2025, and a Monitoring Committee (chaired by Uday Narayan Mitra, the erstwhile Resolution Professional) now oversees the company post-CIRP. Five resolutions were put to vote; four were passed with over 99.97% approval — adoption of FY25 financial statements, ratification of cost auditor remuneration of Rs. 50,000, appointment of a new secretarial auditor for five years (FY26–FY30), and approval of material related party transactions with ABCI-SCPL-SIPS JV worth up to Rs. 217.79 crore. Resolution No. 2 (re-appointment of Shri Subash Agarwal, who retires by rotation) was not taken on record because the NCLT-approved Resolution Plan gives the new resolution applicant the right to propose a new Board. Voting turnout was very low — only 23,34,517 shares (about 10.27% of the 2,27,37,966 outstanding shares) were polled, all from the public non-institutional category, with promoter group abstaining entirely. The statutory auditor's report and secretarial audit report carried qualifications that were read out at the meeting.
Shareholders should note the company has effectively emerged from insolvency with a new monitoring structure in place; the old board stands superseded and a new board will be constituted by the resolution applicant. The approval of Rs. 217.79 crore in related party transactions is a significant commitment. However, the extremely low voting participation and the fact that promoters did not vote may raise governance concerns for retail investors.