Corrigendum to Notice of EGM dated 19th January, 2026 to be issue to include the additional item of business as approved by Board of Directors
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Ecoboard Industries has issued a corrigendum to the EGM notice originally dispatched on 19 January 2026, adding an extra item of business to be considered at the EGM scheduled for 12 February 2026. The new item seeks shareholder ratification of a ₹2 crore inter-corporate deposit (ICD) already availed on 23 October 2025 from Anvita Avani Creations Private Limited. Key terms of the ICD include a 12% per annum interest rate, a 90-day tenure, and use of funds for working capital and general corporate purposes. The ICD is being put to vote as a special resolution because the company's existing loans and investments together have crossed the 60%/100% limits under Section 186(2) of the Companies Act, 2013. The company clarified that this ICD is not a related party transaction and is in the ordinary course of business on an arm's length basis.
The EGM is essentially a formality to ratify borrowing already taken, so the direct financial impact is limited; however, the 12% interest rate signals a relatively high cost of borrowing, which may indicate the company is stretching to meet working capital needs. Shareholders should review the rationale before approving, as passing the resolution is required to keep this borrowing compliant under Section 186.