Meeting Details
The resolution is being put to vote through postal ballot only by remote e-voting process, without a physical meeting. The cut-off date for determining voting eligibility is Friday, July 10, 2026. The Board of Directors meeting approving this postal ballot was held on Tuesday, July 14, 2026.
Proposed Resolution and Implications
The special resolution seeks approval for the sale of vessel 'SEAMEC GALLANT' belonging to M/s SEAMEC International FZE, the company's wholly owned subsidiary, to M/s BO YUAN HAN Limited for a gross consideration of US$ 9,500,000.
This transaction exceeds the threshold limit under Regulation 24(6) of SEBI LODR Regulations, which requires prior shareholder approval for selling, disposing or leasing assets amounting to more than 20% of the assets of a material subsidiary on an aggregate basis during a financial year.
The justification provided states that the vessel is approximately 15 years old, operates in the Panamax segment which has shown unfavorable market conditions over the past 3 years, and the sale will allow the subsidiary to utilize funds for better prospects within the company's objectives.
Voting Process and Methods
The company has engaged National Securities Depository Limited (NSDL) to provide e-voting facilities. The remote e-voting period commences from Friday, July 17, 2026 (09:00 AM IST) and ends on Saturday, August 15, 2026 (5:00 PM IST).
The notice is being sent electronically to all members whose names appear in the Register of Members/List of Beneficial Owners as of the cut-off date and whose email IDs are registered with the Company/Depositories. Physical copies of the Postal Ballot Notice are not being sent.
Scrutinizer Appointment
M/s. Satyajit Mishra & Co. (FCS 5759; C.P. No. - 4997), Company Secretary in Practice, has been appointed as Scrutinizer for conducting the Postal Ballot through e-voting process in a fair and transparent manner.
Results Declaration and Compliance
The results of the Postal Ballot shall be declared on or before Tuesday, August 18, 2026, along with the Scrutinizer's report. The results will be displayed at the Registered Office, communicated to BSE Limited and National Stock Exchange of India Limited, and uploaded on the Company's website (www.seamec.in) and NSDL's website (www.evoting.nsdl.com).
The resolution, if passed by requisite majority, shall be deemed to have been passed on Saturday, August 15, 2026 (the last date for receipt of votes).
Signatories and Company Information
The notice is signed by S.N. Mohanty, President – Corporate Affairs, Legal and Company Secretary (Membership No.: F3434) on behalf of SEAMEC Limited.
Company registration details: CIN: L63032MH1986PLC154910
Registered & Corporate Office: A-901-905, 9th Floor, 215 Atrium, Andheri Kurla Road, Andheri (East), Mumbai-400093
Contact: E-Mail: contact@seamec.in; Website: www.seamec.in; Tel.: (022) 6694 1800
Compliance References
The notice complies with multiple regulations including:
- Section 108, 110 and other applicable provisions of Companies Act, 2013
- Rule 20 and 22 of Companies (Management and Administration) Rules, 2014
- Multiple MCA General Circulars (14/2020, 17/2020, 22/2020, 33/2020, 39/2020, 10/2021, 20/2021, 3/2022, 11/2022, 09/2023, 09/2024, 03/2025)
- Secretarial Standard on General Meetings (SS-2)
- Regulation 44 of SEBI Listing Regulations
- Regulation 24(6) of SEBI Listing Regulations for material subsidiary transactions