This is further to our letter dated 09th December, 2025 in connection with EGM of the Company, we are pleased to enclose herewith a copy of the minutes of the proceedings of Extra-Ordinary ....
Awaiting price reaction for this filing.
ARSS Infrastructure Projects submitted the minutes of its EGM held on December 9, 2025 via video conferencing, where all six special resolutions were passed with overwhelming majority (99.98%-99.99% votes in favour). The EGM was held to give effect to the Resolution Plan approved under the Insolvency and Bankruptcy Code (IBC), with Ocean Capital Market Limited as the resolution applicant approved by NCLT Cuttack. Key approvals include increasing authorised share capital from ₹55 crore to ₹110 crore (reclassifying preference shares into equity), raising the borrowing limit to ₹5,000 crore, and creating charges on company assets. Remuneration was approved for Executive Chairman Mr. Dipti Ranjan Patnaik at ₹50 lakh per month and Managing Director Mr. Gopal Krishna Dash at ₹2 lakh per month for a three-year term. Mr. Manoranjan Panigrahy was also appointed as Independent Director for five years.
This is a major post-insolvency restructuring milestone for the company. Shareholders should note the significant increase in authorised equity capital (from 4 crore shares to 11 crore shares), which will likely lead to substantial dilution once the IBC resolution plan is fully implemented. While the resolutions enable fresh funding and revival, existing shareholders may see their stake reduced as the company restructures its capital base to emerge from corporate insolvency.