Appointment of Mr Ranjan Kotekar as Additional Independent Director
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Hittco Tools Ltd's board, meeting on 19 January 2026, approved multiple actions. It cleared a preferential allotment of up to 4,45,000 equity shares: 1,50,000 to non-promoter Mr. Shreyans Bhandari at Rs. 15.92 per share and 2,95,000 to promoter Yash Vardhan Bhandari at Rs. 13.92 per share, subject to shareholder approval. The board also approved forfeiture of 2,47,600 partly paid-up shares due to non-payment of call money, involving holders like Foresight Financial Services Ltd and others. Additionally, Mr. Ranjan Kotekar (DIN: 02964263) was appointed as an Additional Independent Director. The board cancelled an earlier special resolution passed on 30 September 2025 for a prior preferential allotment and will seek a fresh approval via postal ballot. It also entered a 5-year related party deal to rent manufacturing machinery from Hittco Industries Pvt Ltd (promoter group) at Rs. 9.95 lakh per year to boost production capacity.
Shareholders will see dilution from the preferential issue at below-market-looking prices, while the forfeiture improves paid-up capital clarity. The promoter-group machinery rental is a related party transaction that may draw governance scrutiny but signals capacity expansion plans.