AVRO INDIA LIMITED has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on March 30, 2026
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Avro India Limited has called an Extraordinary General Meeting (EGM) on March 30, 2026 at 1:00 PM via video conferencing to seek shareholder ratification of a material related party transaction. The transaction involves personal guarantees worth Rs. 21.08 crores given by promoter directors (Sushil Kumar Aggarwal, Anita Aggarwal, Sahil Aggarwal, Nikhil Aggarwal) and their three HUFs to IDFC First Bank Limited, to secure renewed working capital and term loan facilities for the company. This guarantee represents 26.91% of the company's annual consolidated turnover, exceeding the 10% materiality threshold under SEBI Listing Regulations. The cut-off date for e-voting eligibility is March 23, 2026, with remote e-voting open from March 27 to March 29, 2026. The credit facility was originally sanctioned by IDFC First Bank on September 10, 2025, and approved by the Board and Audit Committee on September 11, 2025.
This is a routine procedural compliance — the loan has already been drawn and used by the company. Shareholder approval is needed only to formally ratify the promoters' personal guarantees that backstopped the bank facility. Minority shareholders should note that promoters have pledged personal guarantees to keep the company's credit lines active; voting outcome will not affect existing operations but failure to ratify could create regulatory and banking complications.