India Power Corporation Limited (formerly DPSC Limited) announced on 26th May, 2025, that it will conduct a postal ballot to seek approval from its members for two special resolutions. The remote e-voting will commence on Wednesday, 28th May, 2025, at 09:00 a.m. IST and conclude on Thursday, 26th June, 2025, at 05:00 p.m. IST. The results are expected to be declared on or before Saturday, 28th June, 2025.
The resolutions to be voted upon are:
- Appointment of Ms. Pragya Jhunjhunwala (DIN: 02315132) as an Independent Director of the Company for a term of 5 years, commencing from 1st April, 2025, to 31st March, 2030. She was initially appointed as an Additional Director (Independent Woman Director) on 28th March, 2025.
- Approval for the transfer of the Company's Non-Regulated Business through a slump sale to IPCL Power Limited (formerly 'Parmeshi Energy Limited'), a wholly-owned subsidiary. The lumpsum consideration for this transfer is ₹14.38 crores (Rupees Fourteen Crores Thirty Eight Lakhs Only), which will be discharged by issuing requisite number of equity shares of the Transferee Company.
The rationale behind the proposed sale of the Non-Regulated Business includes:
- Simplifying the corporate structure by separating the Non-Regulated Business, which has different risk, growth, and funding needs from the Regulated Business.
- Creating a clean platform for the Transferor Company (India Power Corporation Limited) to source funding more efficiently for growth, capacity expansion, and asset acquisition.
- Enhancing efficiencies, accelerating growth, facilitating capital access, streamlining operations, and enabling dedicated management focus for individual businesses.
- Benefiting all stakeholders.
Members whose names appeared in the Register of Members/Beneficial Owners as on Friday, 23rd May, 2025 (Cut-off date) are entitled to cast their votes.