Notice of Postal Ballot
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Awaiting price reaction for this filing.
Aditya Ispat Ltd is seeking shareholder approval via postal ballot to sell its non-alloy steel manufacturing and trading business on a slump sale basis for a lump sum consideration of Rs. 3.67 crore to Jai Bapji Ispat Private Limited, a promoter group entity. The non-alloy steel segment contributes 97.75% of the company's total income for FY 2024-25, making this effectively a sale of the core business. Two resolutions are being put to vote — a special resolution for the slump sale under Section 180(1)(a) and an ordinary resolution for the related party transaction under Section 188(1)(b). The company has cited sustained losses, eroded net worth (fallen below share capital), and inability to find outside investors or buyers as reasons for the sale. E-voting runs from February 28 to March 29, 2026, with results expected by March 31, 2026. Proceeds will be used primarily for debt repayment.
This is a material corporate restructuring where the company is divesting its main revenue-generating business at a relatively small consideration to a related party. Shareholders should note the serious financial distress flagged by the Audit Committee, the governance implications of selling to a promoter group entity, and that the company will become significantly smaller post-sale with proceeds earmarked for debt reduction rather than growth.