Speedage Commercials Ltd has issued an addendum to its Notice of the 41st Annual General Meeting scheduled for 30th September, 2026. The addendum addresses an omission in the original AGM Notice dated 27th August, 2026 regarding Item No. 3 - Approval of Material Related Party Transactions.

Related Party Details

The related party is Met-Lok Hydro Pneumatics Private Limited, incorporated in India, engaged in the manufacture of rubber and plastics products. The relationship is defined as "A Company in which relative of director is a director." There is no cross-shareholding between Speedage Commercials and Met-Lok Hydro Pneumatics.

Financial Performance of Related Party

Net Worth:

  • FY 2024-2025: ₹1,39,78,206
  • FY 2023-2024: ₹73,20,432
  • FY 2022-2023: ₹30,88,267

Net Profits:

  • FY 2024-2025: ₹66,57,774
  • FY 2023-2024: ₹42,32,164
  • FY 2022-2023: ₹4,09,967

Previous Transactions

Historical Loans Granted:

  • As at March 31, 2026: ₹1,55,00,000
  • As at March 31, 2025: ₹8,25,00,000
  • As at March 31, 2024: NIL

Current Financial Year Transactions (till approval date): ₹4,80,00,000

The Audit Committee granted prior approval for these transactions, and there have been no defaults by the related party concerning any obligations during the last three financial years.

Proposed Transaction Details

The company seeks approval for granting loans totaling ₹50 crores to Met-Lok Hydro Pneumatics Private Limited. The proposed transactions, when combined with current year transactions, constitute a material related party transaction as per regulatory standards.

Materiality Threshold: The value of proposed transactions represents 73.55% of the company's annual consolidated turnover for the immediately preceding financial year.

Transaction Specifics

  • Type: Giving loans
  • Tenure: Up to the date of next Annual General Meeting to be held for Calendar 2027
  • Omnibus Approval Sought: YES
  • Terms: Not prejudicial to public shareholders and on arm's length terms

Justification

The proposed loan is for genuine business purposes to support the related party's funding requirements. The company believes this enables effective deployment of surplus funds to earn interest income while supporting the financial and operational needs of the related party, serving the best interests of the company and its public shareholders.