Nature and Purpose of the Meeting

The Rights Issue Committee meeting was held to consider and approve the conversion of partly paid-up equity shares into fully paid-up shares and the forfeiture of shares where the first and final call money remained unpaid despite multiple reminders.

Details of Resolutions Passed

1. Conversion of Partly Paid-up Equity Shares:

The Committee approved conversion of 10,68,411 partly paid-up equity shares into fully paid-up equity shares upon receipt of the first and final call money of ₹5 per share.

Reconciliation of Share Conversion:

  • Total partly paid-up shares with in-principle stock exchange approval: 69,99,85,723
  • Total partly paid-up shares allotted: 69,99,85,723
  • Shares converted on December 16, 2025 (initial payment): 68,21,82,616
  • Shares converted on February 10, 2026 (first reminder): 79,41,270
  • Shares converted on March 13, 2026 (second reminder): 18,50,287
  • Shares converted on September 11, 2026 (last and final reminder): 10,68,411
  • Total shares converted to fully paid-up: 69,30,42,584

2. Forfeiture of Partly Paid-up Equity Shares:

The Committee approved forfeiture of 69,43,139 partly paid-up equity shares due to non-payment of the first and final call money of ₹5 per share (₹0.50 face value + ₹4.50 securities premium) as of August 31, 2026.

Financial Impact

Total capital raised through successful conversions: Not explicitly quantified in the document.

The forfeiture results in 69,43,139 shares being taken back by the company due to non-payment.

Timing of the Meeting

The Rights Issue Committee meeting commenced at 5:00 PM and concluded at 5:50 PM on September 11, 2026.

Compliance References

The actions were carried out in accordance with:

  • Companies Act, 2013
  • Articles of Association of the Company
  • Letter of Offer dated June 19, 2025
  • SEBI ICDR Regulations (implied by rights issue context)
  • LODR Regulations (implied by exchange disclosure)

Payment Timeline and Notices

  • First and Final Call Money Notice: November 10, 2025 (payment period: November 25 - December 9, 2025)
  • First Reminder-cum-Forfeiture Notice: January 12, 2026 (payment period: January 19-29, 2026)
  • Second Reminder-cum-Forfeiture Notice: February 19, 2026 (payment period: February 25 - March 7, 2026)
  • Last and Final Reminder-cum-Forfeiture Notice: August 11, 2026 (payment period: August 17-31, 2026)

The company provided multiple opportunities through reminder notices with gaps of 40 days, 26 days, and 162 days between payment windows, along with email and SMS communications to shareholders.

Additional Information

The company is completing necessary formalities for corporate actions related to the conversion of 10,68,411 shares and obtaining listing and trading approvals.