63 moons technologies limited has informed the Exchange regarding Notice of Postal Ballot
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63 moons technologies has sent a Postal Ballot Notice to shareholders seeking approval on three resolutions through e-voting from June 25 to July 24, 2025. The first resolution seeks to appoint Mr. Maheswar Sahu (IAS, Retd.) as a Non-Executive, Non-Independent Director, who was earlier appointed as Additional Director on May 20, 2025. The second resolution proposes paying him remuneration of up to Rs. 2 lakh per month for 3 years starting June 1, 2025, requiring a special resolution. The third resolution seeks approval to invest, lend, or provide guarantees of up to Rs. 50 crore per year to its subsidiary National Spot Exchange Limited (NSEL) for three financial years (FY 2025-26 to FY 2027-28), totaling Rs. 150 crore, as a material related party transaction. NSEL has been facing a payment crisis since 2013 and has no revenue of its own, making continued funding from the parent company necessary to sustain legal and recovery efforts. The One Time Settlement (OTS) scheme for NSEL was approved by creditors on May 19, 2025.
Shareholders will vote on three matters: confirming a new director, approving his monthly remuneration, and authorizing continued financial support to the loss-making subsidiary NSEL. The funding approval is largely procedural and expected to pass, given the Supreme Court's 2019 order obligating the company to fund NSEL. The significant drop in turnover from Rs. 45,527 lakh (FY24) to Rs. 11,816 lakh (FY25) highlights ongoing financial stress, but the OTS progress may be viewed positively by investors.