Please find enclosed herewith an attached notice of Extra-Ordinary General Meeting ("EGM") of the Company scheduled to be held on Friday, 27th March, 2026.
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Astonea Labs has called an EGM on Friday, 27th March 2026 at 11:00 A.M. at its Panchkula corporate office to seek shareholder approval on 8 special business items. The most significant item is the reallocation of ₹6.25 Crore from unutilized IPO proceeds (out of ₹8.08 Crore unused) to acquire equity shares of M/s Damaira Pharmaceuticals Pvt Ltd, representing a 16.59% variation in IPO object terms. Three large material related party transactions are proposed for FY 2026-27: ₹271 Crore with Astonea One Pvt Ltd (277.90% of audited turnover), ₹73 Crore with Ascot Biolabs Pvt Ltd (74.86%), and ₹27 Crore with Shinto Organics (27.69%). Other items include adoption of a new Articles of Association, ratification of ₹50,000 cost auditor remuneration, approval for loans/investments up to ₹100 Crore under Section 186, and fixation of executive director Mr. Vikrant's remuneration at ₹95,000 per month plus perquisites.
Shareholders should carefully evaluate the proposed RPTs totaling over ₹371 Crore, which collectively represent several times the company's audited turnover and signal heavy reliance on related-party dealings. The IPO fund reallocation toward a new acquisition (Damaira Pharma) means original IPO investors' money is being redirected from previously disclosed purposes, requiring informed voting.