Notice of the Extra Ordinary General Meeting
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Rithwik Facility Management Services has called an Extra Ordinary General Meeting on August 5, 2025 to seek shareholder approval for selling its entire 10,000-share (100%) stake in Rithwik Indus Power Private Limited, a wholly owned subsidiary acquired only on May 9, 2025. The decision is driven by uncertainty in the solar power generation business, where regulatory changes by TANGEDCO have created an unpredictable environment. The company plans to exit the solar business completely and explore other investment avenues. The sale requires a special resolution under Section 180(1)(a) of the Companies Act, 2013. E-voting will run from August 2 to August 4, 2025, with results announced by August 7, 2025.
Shareholders are being asked to approve a quick exit from the solar power segment barely two months after entering it, signaling a strategic pivot. Approval could free up capital for new ventures, but the rapid reversal may raise questions about the company's expansion strategy and short-term decision-making.