Citizen Infoline Ltd

Citizen Solar Ltd – Trading Window Closure Notice

AGM details

• Date and time: 21-09-2026, 12:00–12:23 PM.
• Mode: Hybrid physical meeting with video conferencing.
• Record date: 14-09-2026.

Key resolutions

• Resolution 1 (Ordinary): Adopt audited financial statements and reports.
• Resolution 2 (Special): Appoint Haresh Kumar Jivanlal Parmar as Independent Director.
• Resolution 3 (Special): Appoint Vikash Madanlal Agrawal as Independent Director.
• Resolution 4 (Special): Appoint Harsh Ompra Kash Jain as Whole-Time Director.
• Resolution 5 (Special): Appoint Tansukhraj Lalchand Jain as Whole-Time Director.
• Resolution 6 (Special): Appoint Sagar Tansu Jain as Whole-Time Director.
• Resolution 7 (Special): Re-appoint Omprakash Lalchand Jain as Managing Director.
• Resolution 8 (Ordinary): Ratify remuneration payable to Cost Auditor for FY 2026-27.

Voting results

• All eight resolutions passed; no voting dissent; no invalid votes.

Director changes

• Independent directors appointed: Haresh Kumar Parmar, Vikash Agrawal.
• Whole-Time Directors appointed: Harsh Ompra Kash Jain, Tansukhraj Lalchand Jain, Sagar Tansu Jain.
• Managing Director re-appointed: Omprakash Lalchand Jain.

Auditors

• Cost Auditor remuneration ratified for FY 2026-27.

AGM Details

• Date and time: 21 September 2026, 12:00 PM; Mode: VC/OAVM.

Key Resolutions

• Adopt audited balance sheet, P&L, cash flow, changes in equity, with notes.
• Appointment of Hareshkumar Parmar as Independent Director.
• Appointment of Vikash Madanlal Agrawat as Independent Director.
• Appointment of Harsh Omprakash Jain as Whole-Time Director.
• Appointment of Tansukhraj Lalchand Jain as Whole-Time Director.
• Appointment of Sagar Tansukhraj Jain as Whole-Time Director.
• Re-appointment of Omprakash Lalchand Jain as Managing Director.
• Ratification of remuneration payable to Cost Auditor for FY 2026-27.

Voting Status

• Voting results not provided in this document; to be submitted separately.

Scrutinizer/Secretarial

• Jotty Patel appointed as Scrutinizer for e-voting.

Financial highlights

• Revenue from operations: ₹31,092.29 lakh in FY2025-26.
• Net profit after tax: ₹2,242.73 lakh.
• Profit after OCI: ₹2,202.71 lakh.
• Basic EPS: ₹15.97.
• Dividend not declared for FY2025-26.
• Net profit margin: 7.22%.

Amalgamation & corporate actions

• NCLT sanctioned amalgamation; Appointed Date 01-Apr-2023.
• Name changed to Citizen Solar Limited.
• Capital increased; 86.46 lakh new shares issued.
• Independent Directors Haresh Parmar and Vikash Agrawal appointed.
• Harsh Jain, Tansukhraj Jain and Sagar Jain appointed Whole-Time Directors.
• Ravindra O. Jain resigned as Director (28-May-2026); remains CFO.

Governance

• Board met 17 times in FY2025-26.
• Independent Directors gave independence declarations.
• MD reappointment omission noted; to be regularised at AGM.

Auditors & internal controls

• Statutory auditors: Krutesh Patel & Associates; no qualifications.
• Secretarial audit flagged MD reappointment omission; remediation planned.
• Internal financial controls are adequate with no material weaknesses.

Operations & geography

• Geography: India-only sales; domestic ₹31,048.50 lakh; no exports.
• Core focus shifted to solar after amalgamation.
• Total assets as of 31-Mar-2026: ₹17,744.90 lakh.
• Total equity: ₹4,187.92 lakh.

Capital structure & borrowings

• Total borrowings: ₹10,589.48 lakh.
• Long-term borrowings: ₹7,389.71 lakh; current borrowings: ₹3,199.77 lakh.
• Secured by multiple properties; director guarantees provided.
• HDFC loans moratoriums; interest-only during moratorium.

Related party transactions

• Related party transactions with KMPs and relatives; disclosed in Note 39; arm's-length.

Outlook & risks

• Outlook: growth in renewable energy; focus on profitability and working capital.
• Risks: policy shifts, commodity prices, currency, supply chain disruptions.

Audit flags

• MD reappointment omission acknowledged; board to obtain member approval.

AGM Details

• 32nd AGM scheduled for 21 September 2026 at 12:00 PM via VC/OAVM.
• Record date for e-voting: 14 September 2026.
• Book closure: 15 September to 21 September 2026 (inclusive).

Book closure details

• Record date/cut-off for e-voting: 14 September 2026.
• Book closure: 15 September 2026 to 21 September 2026 (inclusive).
• Purpose: 32nd AGM and voting eligibility.
• AGM date: 21 September 2026 at 12:00 p.m.

AGM Details

• AGM to be held on 21 September 2026 at 12:00 PM via VC/OAVM.

Record Date and Book Closure

• Record date for e-voting is 14 September 2026.
• Book closure from 15 September 2026 to 21 September 2026 (inclusive).

Notice and Documentation

• Notice and annual report for 2025-26 will be dispatched to shareholders and filed with the stock exchange.