Notice of Postal Ballot
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Awaiting price reaction for this filing.
Aditya Ispat Limited is seeking shareholder approval through a postal ballot (e-voting from February 28, 2026 to March 29, 2026) for two key resolutions. Resolution 1 is a Special Resolution to sell the company's entire non-alloy steel manufacturing and trading business (which contributes 97.75% of total income) as a going concern on a slump sale basis for a lump sum consideration of Rs. 3.68 crore (INR 3,67,63,000), to be effective from March 1, 2026. Resolution 2 is an Ordinary Resolution to approve this as a Related Party Transaction with Jai Bapji Ispat Private Limited, a promoter group company. The Board cited accumulated losses, eroded net worth (fallen below share capital), high finance costs, inability of promoters to fund further, and lack of interest from outside buyers due to high debt, as reasons for the proposed divestment. Sale proceeds will be used for debt repayment.
This is a major strategic shift as the company is exiting its core steel business. Shareholders should note that the non-alloy steel segment makes up nearly all of the company's revenue, so approval will fundamentally change the business. The sale price of Rs. 3.68 crore for the 97.75% revenue-generating unit is a key concern—investors should review the valuation report. While the move may help reduce debt, the future business profile of the company post-sale remains unclear.