The Vide Special Resolution dt. January 22, 2025, approving QIP were valid for 365 (till January 21, 2026) only. Thus, aforesaid Resolution is now Time barred by Law/rescinded. Consequently, ....
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Eco Recycling Ltd had approved a Qualified Institutional Placement (QIP) via a Special Resolution passed through postal ballot on January 22, 2025. Under SEBI rules, such resolutions are valid for 365 days only, meaning this one expired on January 21, 2026. The company is informing the stock exchange that the resolution is now time-barred and legally rescinded. Consequently, all related QIP offers, proposals, and agreements entered into with parties have become null and void. This effectively means the QIP did not take place within the permitted timeframe, and no funds were raised through this route.
Shareholders should note that the planned QIP has lapsed and no equity dilution from this particular QIP will occur. However, the company may need to seek fresh shareholder approval if it still intends to raise capital via QIP, which could mean a delay in any planned fundraise and potentially signal slower-than-expected capital raising plans.