Key Decisions and Approvals

The Board of Directors at its meeting held on Wednesday, 08th July, 2026 (commencing at 11:30 A.M. and concluding at 01:20 P.M.) approved:

  • Proposal for substantial sale of the whole undertaking of the Company
  • Appointment of one or more independent professional agencies, including a Registered Valuer, to:
  • Undertake objective assessment of existing business operations
  • Determine fair value/fair market value of the undertaking and/or assets
  • Evaluate strategic alternatives
  • Advise the Board on the most appropriate course of action
  • Appointment of an Advisor to assist in identifying suitable counterparties for strategic alternatives
  • Approval of draft Postal Ballot Notice with explanatory statement for seeking shareholder approval

Rationale for Sale

The decision is based on:

  • Continued decline in performance of the Company's retreading business
  • Structural and technological shifts in the tyre industry
  • Diminishing pool of retreadable tyre casings
  • No further growth opportunity in the retreading business
  • Non-viability of deploying the Company's existing manufacturing unit for any other line of business

Approval Requirements

The proposed sale is subject to approval of the shareholders of the Company by way of a Special Resolution through Postal Ballot (remote e-voting) in accordance with:

  • Section 110 of the Companies Act, 2013
  • Regulation 44 of the SEBI Listing Regulations

Strategic Context

The Board undertook a strategic review of business operations to explore opportunities that:

  • Are in line with the main objects of the Company as set out in its Memorandum of Association
  • Are expected to enhance long-term value for the Company and its shareholders

Current Status and Next Steps

The approvals are in-principle in nature and intended solely to facilitate the evaluation of strategic alternatives. Any proposal emerging from the evaluation will be subject to:

  • Further consideration and approval by the Board of Directors
  • Statutory, regulatory and shareholders' approvals as applicable

The Company will provide necessary disclosures when any material event or transaction is finalized.

Financial Impact

Financial impact not quantified in the disclosure.