Pursuant to Section 102 read with section 110 of the Companies Act, 2013 ("Postal Ballot Notice") which is being sent to the members of the Company towards seeking their approval on the ....
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Eco Recycling Limited has issued a Postal Ballot Notice seeking shareholder approval via remote e-voting (April 04 to May 03, 2026) for two special resolutions. The first is the preferential issue of up to 3,00,000 warrants (convertible into equal number of equity shares) at Rs. 408 per warrant, aggregating up to Rs. 12.24 crores, to be allotted to promoters and promoter group: Mr. Brijkishor Kishangopal Soni (1,00,000), Mrs. Aruna Brijkishor Soni (1,00,000), and Ecoreco Ventures Private Limited (1,00,000). Warrant holders must pay 25% upfront (Rs. 102) and the remaining 75% (Rs. 306) on conversion within 18 months. The second resolution seeks approval for the appointment of CA Shri Uttam Prakash Agarwal (DIN: 00272983) as an Independent Director for a term of 5 years effective March 21, 2026. The proceeds from the warrant issue are intended for purchase of land and building, acquisition of technologies and machinery for recovery of critical minerals from PCBs, Black Mass, and spent magnets, working capital, and general corporate purposes. The Postal Ballot result will be announced on or before May 05, 2026.
If approved, this will result in a dilution of about Rs. 12.24 crores worth of equity (when warrants are converted), with the funds being raised entirely from the existing promoter and promoter group, indicating promoter confidence and strengthening of the capital base. The e-waste recycling company is signaling expansion into critical mineral recovery, which may be viewed positively. Existing non-promoter shareholders may want to monitor the warrant conversion timeline as it could create mild dilution over the next 18 months.