DPSC Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.
DPSCLTD · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
India Power Corporation Limited, formerly known as DPSC Limited, has disclosed the results of a postal ballot for re-appointing Mr. Anil Kumar Jha as an Independent Director for a second term of 5 years (June 2026 to June 2031). The resolution was passed with 99.86% votes in favor (385,521,432 votes) and 0.14% against (524,707 votes). Critically, the company disclosed that it is currently under the Corporate Insolvency Resolution Process (CIRP) as the Hon'ble NCLT Hyderabad Bench admitted an application under Section 7 of the Insolvency and Bankruptcy Code on May 15, 2026. Consequently, the powers of the Board of Directors stand suspended and are now exercised by the Interim Resolution Professional (IRP). The insolvency proceedings were initiated by State Bank of India related to a corporate guarantee given for Meenakshi Energy Limited.
This is a major red flag for investors. The company is now under insolvency proceedings, meaning existing shareholders face significant uncertainty about the company's future. The board's suspension means normal corporate governance is compromised. The postal ballot resolution, while passed, may face practical challenges in implementation given the CIRP status.