Postal Ballot Notice
Price
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Awaiting price reaction for this filing.
Facor Alloys is seeking shareholder approval via postal ballot (e-voting from June 10 to July 9, 2025) on two key items. First, a special resolution to sell or dispose of its Plant and Machinery along with the undertaking at Shreeramnagar, Vizianagaram (Andhra Pradesh), which was used to manufacture high carbon ferro chrome and has been shut since October 31, 2023. The written-down value of these assets stood at ₹5.78 Crores as of March 31, 2025, and the sale proceeds will be used to address pressing liabilities of ₹81.22 Crores and reduce debt/interest burden. Second, an ordinary resolution to re-appoint Mr. Ashish Santosh Agrawal (DIN: 02148665) as Whole-time Director for three years (May 30, 2025 to May 29, 2028) without any remuneration, given the company's weak financial position. The results will be declared on or before July 11, 2025.
This signals a significant restructuring phase for Facor Alloys — effectively exiting its core ferro chrome manufacturing operations to repay debts, which could materially shrink the company's revenue base. The voluntary zero-remuneration re-appointment of the director underscores the company's distressed financial state. Shareholders should weigh the asset sale and its impact on future business continuity before voting.