Enclosed the requisition EGM Notice scheduled to be held on December 31, 2025 at 11.00 a.m. through video conference by requisitionists u/s.100(4) of the Companies Act, 2013.
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Two shareholders — Madhu Mohan Avalur (6.72%, 2,66,666 shares) and B. Bala Subrahmanya Sharma (4.41%, 1,75,000 shares), together holding 11.13% of paid-up equity — have called an Extraordinary General Meeting on December 31, 2025 at 11:00 a.m. via video conferencing, after the existing Board failed to convene the meeting within the 21-day legal window following their October 15, 2025 requisition. The agenda seeks to appoint three new directors (Kantheti Phanindra Varma, Madhu Mohan Avalur, and Venkata Satya Subrahmanyam Mukkavalli), remove three sitting directors (Asha Mitta, Anil, and Hannah Priyadarshini), appoint an independent forensic auditor to audit the present Board's transactions, and suspend financial commitments tied to order bookings announced on October 18, 2025 with Verrkotech Solutions Pvt Ltd and Verkko Technologies Pvt Ltd. The requisitionists claim the current Board lost shareholder confidence at the September 30, 2025 AGM. The cut-off date for e-voting eligibility is December 24, 2025, with remote e-voting open from December 28–30, 2025.
This is a significant governance challenge that could result in a complete change of the Board of Directors and a forensic audit of past transactions. Shareholders should expect heightened volatility and closely watch the December 31, 2025 voting outcome, as approval of the resolutions would shift control of the company and potentially reverse the October 18, 2025 order-booking announcements.