Background Transaction
The company had issued and allotted 24,00,000 (24 lakh) 6% Non-Convertible Redeemable Preference Shares of ₹100 each (fully paid up) to the Promoter/Promoter Group on a private placement basis during the financial year 2022-23.
Current Development
Dividends on these preference shares have remained unpaid for three consecutive years. As a result, these preference shareholders have acquired voting rights for all resolutions included in the notice dated May 22, 2026, convening the ensuing Annual General Meeting (AGM) to be held on August 31, 2026.
Legal Basis and Voting Rights Mechanism
This voting rights activation occurs pursuant to Section 47(2) of the Companies Act, 2013. The voting rights of one preference shareholder in relation to one equity shareholder are directly proportional to the proportion between the paid-up capital in respect of preference shares and the paid-up capital in respect of equity shares.
Key Dates
- Preference Share Issuance: Financial year 2022-23
- AGM Notice Date: May 22, 2026
- AGM Date: August 31, 2026
- Disclosure Date: August 6, 2026