Notice of Postal Ballot
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Awaiting price reaction for this filing.
Bombay Wire Ropes Ltd is seeking shareholder approval via postal ballot (e-voting from Feb 27 to Mar 28, 2026) for two resolutions. Resolution 1 (Special) is to sell its 1,340 sq. ft. office premises at Jolly Bhavan, New Marine Lines, Mumbai to related party The New Great Eastern Spinning and Weaving Company Ltd (NGE), a promoter group entity, for a lump sum of Rs. 5.15 crore (higher of two independent valuations), with NGE also bearing the stamp duty. Resolution 2 (Ordinary) is to take back 250 sq. ft. of the same premises on leave and license from NGE for 3 years (Apr 2026 to Mar 2029) at Rs. 75,000 per month, with a 6-month lock-in, so the company can continue using the same address as its registered office. The company has had no business activity since shutting its wire rope manufacturing in March 1995 and reported nil revenue from operations in FY25, so it is monetising a non-core asset and plans to invest the proceeds in suitable instruments. The Audit Committee has approved the related party transaction, which is 25% of NGE's consolidated turnover.
Shareholders are being asked to approve a Rs. 5.15 crore sale of the company's main tangible asset to a promoter group firm, which may raise governance concerns given the related-party nature and the company has no operating business. On approval, the company unlocks cash that can be deployed in financial instruments, while keeping its registered office intact, but the long-term direction of the dormant company remains unclear.