We wish to inform that the 32nd Annual General Meeting ('AGM') of the Members of Company is scheduled to be held on Monday, September 21, 2026, at 12:00 P.M. (IST), through Video Conferencing ....

citizeri SOLAR Date: 27rh August, 2025 The Department of Corporate Services Bombay Stock Exchange Limited 25th Ftoor, P. J. Towers DataI St reet Mumbai - 400 001 Scrip Code:538786 Dear Sir/Ma'am, Subjecl: Submission of AnnuaI Report for the FinanciaI Year 2025-26 inctuding the Notice of the 32"d AnnuaI GeneraI Meeting Ref: Citizen Solar Limited (Formerty Known as Citizen lnfotine Limited) We wish to inform that the 32"d AnnuaI GeneraI Meeting ("AGM") of the Members of Company is scheduled to be hetd on Monday, September 21,2026, at i2:00 P.M. (lST), through Video Conferencing (VC) / 0ther Audio VisuaI Means (OAVM), in accordance with the retevant circu[ars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of lndia. Pursuant to Regutations 30,34 and other appticabte regu[ations of the Securities and Exchange Board of lndia (Listing 0btigations and Disctosure Requirements) Regulations,20l5, as amended (the "Listing Regutations"), please find enctosed the AnnuaI Report of Citizen Sotar Limited ("the Company") for the FinanciaI Year 2025- 26 inctuding Notice of the 32"d AnnuaI GeneraI Meeting ("AGM") of the Company. The Notice and AnnuaI Report are sent etectronicatty to att Members of the Company whose email addresses are registered with the Company & Registrar & Share Transfer Agent ("RTA")/ Depositories. Further, in accordance with Regulation 36(l)(b) of the SEBI (Listing 0btigations and Disctosure Requirements) Regutations,2015, as amended ("Listing Regutations"), a physicat communication containing the webtink and exact path of the Company's website where the Annual Report can be accessed, have been sent to those Members whose e-maiI addresses are not registered. The Notice a[ong with the AnnuaI Report witt atso be avaitabte on the website of the Company al yrww.ciiizi:nsolaT.cor: under the lnvestors Section. CITIZEN SOLAR LIMITED (Formerly known as Citizen Infoline Limited) Regd. Ofice:411, Sakar-2, Ellis bridge Corner, Ashmm Road, Ahmedabad - 380006. .Phonq 079 - 2658 5555 .Customer Care No.: 800011i222 .Email info@citizensolarcom .Website: wwf icitizensolar.com CIN: L31100G11994PLC023561 .GSTIN: 24A-AACC77I3RtZD .PANi AAACCTTl3R.Website: www.jnfoljne.com .Email: a(c@citizensolar.com Factory Addressr Unit I. Survey No. 965, Viliage-Indrad, Chhatml Kadi Road, Opp Asian Tubes, Taluka Kadi, Dist. Mehsana, Gujarat - 382715, India. Unit 2. Survey No. 96lr, Village Anlhol, Chattral Kadi Road, Taluka Kadi, District Mehsana, Gujarat - 384440, lndia. citreen SOLAR We request you to kindty take the above information on record and obtige. Thanking you, Yours since re [y, For Citizen Sotar Limited (Formerly Known as Citizen lnfotine Limited) Abhijit Roy Company Secretary and Compliance officer Membership No. A68723 CITIZEN SOLAR TIMITED (Formerly known as Citizen Infoline l,irnited) Regd. Ofice 41r, Sakar 2, Ellis bddge Corner Ashram Road, Ahmedabad 380006. .Phone:079 - 2658 5555 .Customer Care No.:8000111222 .Email: info@citizensolar.com .W€bsite: www.citizensolar.com CIN: L31r00G|1994PLC023551 .GSTIN: 24AAACC7713R1ZD .PAN: AAACCTTl3R.Website: lvww.infoline.com .Bmail: acc@citizensolar.com Factory Address: Unit l. SuFey No. 966, Village Indrad, Chhatral Kadi Road, Opp Asian Tubes, Taluka - Kadi, Dist. Mehsana, Gujarat 382715,India. Unit 2. Survey No. 96/1, Village Ankhol, Chattral Kadi Road, Taluka Kadi, District Mehsana, Gujarat - 384440, India. CIN. L31100GJ1994PLC023561 CITIZEN SOLAR LIMITED (Formerly Known as Citizen Infoline Limited) Annual Report 2025-2026 REGISTERED OFFICE 411, SAKAR 2, ASHRAM ROAD, ELLISBRIDGE, AHMEDABAD - 380006. TABLE OF CONTENTS Company Information 3 Notice 4 Annexure I to the Notice 16 Details of Directors Seeking Appointment/Re-appointment Annexure II to the Notice 20 EXPLANATORY STATEMENT PURSUANT TO SECTION 102(1) OF THE COMPANIES ACT, 2013 Annexure III 28 SHAREHOLDER INSTRUCTIONS FOR REMOTE E-VOTING, E-VOTING DURING THE AGM AND JOINING THE AGM THROUGH VC/OAVM DIRECTORS’ REPORT 35 ANNEXURE A TO DIRECTOR REPORT - FORM NO. MR-3 46 SECRETARIAL AUDIT REPORT ANNEXURE A 52 TO THE SECRETARIAL AUDIT REPORT ANNEXURE – B TO THE DIRECTORS’ REPORT 54 PARTICULARS OF EMPLOYEES AND MANAGERIAL REMUNERATION ANNEXURE – C TO THE DIRECTORS’ REPORT 59 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO MANAGEMENT DISCUSSION AND ANALYSIS REPORT 61 CORPORATE GOVERNANCE REPORT 66 INDEPENDENT AUDITOR'S REPORT 83 Annexure - A to Independent Auditors’ Report under CARO, 2020 90 Annexure – B TO INDEPENDENT AUDITOR’S REPORT 95 Financial Results and Notes on Accounts 98 Annual Report 2025-26 Page 2 of 142 Citizen Solar Limited Company Information • BOARD OF DIRECTORS: - Omprakash L Jain - Managing Director Harsh Jain - Director (Appointed as on 28/05/2026) Tansukhraj Jain - Director (Appointed as on 28/05/2026) Sagar Jain - Director (Appointed as on 28/05/2026) Ravindra O Jain - Director( Resigned on 28/05/2026) Chirag H Jirawala - Independent Director Ashadevi N Gogad - Independent Director Haresh Parmar - Independent Director(Appointed as on 28/05/2026) Vikash Agrawal - Independent Director (Appointed as on 28/05/2026) • Chief Financial Officer Ravindra O Jain • Company Secretary Abhijit Roy • AUDITORS: - M/S. KRUTESH PATEL & ASSOCIATES Chartered Accountants B-310, GOPAL PALACE OPP OCEAN PARK, ABOVE HOTEL MAAN RESIDENCY, NEHRUNAGAR, AHMEDABAD-380015 • BANKERS: - HDFC Bank • REGISTERED OFFICE: - 411, Sakar – II, Ellis Bridge Corner, Ashram Road, Ahmedabad – 380 006 • SHARE REGISTER AND TRANSFER AGENT: - MUFG INTIME INDIA PRIVATE LIMITED 05th Floor, 506 to 508, Amarnath Business Centre – 1 (ABC-1), Beside Gala Business Centre, Nr. St. Xavier’s College Corner, Off C G Road, Ellis bridge, Ahmedabad-380006 Ph. – 079-26465179 Annual Report 2025-26 Page 3 of 142 Citizen Solar Limited NOTICE OF 32nd ANNUAL GENERAL MEETING Notice is hereby given that the 32nd Annual General Meeting of the members of CITIZEN SOLAR LIMITED (Formerly known as Citizen Infoline Limited) will be held on 21st September, 2026 i.e. Monday through Video Conferencing (“VC”)/Other Audio-Visual Means (“OAVM”), at 12:00 noon to transact the following business: • ORDINARY BUSINESS: ITEM NO. 1: To receive, consider and adopt the audited Balance Sheet as at 31st March 2026, the Statement of Profit and Loss, Cash Flow Statement, and Statement of Changes in Equity along with the Notes thereto for the year ended on that date, together with the reports of the Board of Directors and Auditors, and in this regard, to pass the following resolution as an Ordinary Resolution: “RESOLVED THAT the audited financial statements of the Company for the financial year ended 31st March 2026, together with the reports of the Board of Directors and the Auditors thereon, as circulated to the members, be and are hereby received, considered, and adopted.” • SPECIAL BUSINESS: ITEM NO. 2: APPOINTMENT OF MR. HARESHKUMAR JIVANLAL PARMAR (DIN: 01955268) AS AN INDEPENDENT DIRECTOR To consider and, if thought fit, to pass the following resolution as a Special Resolution: “RESOLVED THAT pursuant to the provisions of Sections 149, 150, 152 and other applicable provisions, if any, read with Schedule IV of the Companies Act, 2013 (“the Act”) and the Companies (Appointment and Qualification of Directors) Rules, 2014, including any statutory modification(s) or re- enactment(s) thereof for the time being in force, and Regulations 16(1)(b), 17(1C), 25(2A) and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), as amended from time to time, and pursuant to the Articles of Association of the Company, and based on the recommendation of the Nomination and Remuneration Committee and approval of the Board of Directors of the Company, Mr. Hareshkumar Jivanlal Parmar (DIN: 01955268), who was appointed as an Additional Annual Report 2025-26 Page 4 of 142 [Showing first 8,000 characters — download PDF for full document]