India Glycols Limited has informed the Exchange regarding 'Notice of Postal Ballot dated 30th May, 2025'.
INDIAGLYCO · price
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Awaiting price reaction for this filing.
India Glycols Limited has issued a Postal Ballot notice dated 30 May 2025, seeking shareholder approval for 5 special resolutions. Resolution 1 is a sub-division of equity shares in a 1:2 ratio – each ₹10 face value share will be split into 2 shares of ₹5 face value, doubling the number of issued shares from 3,09,61,500 to 6,19,23,000 (total issued capital remains ₹30.96 crore). Resolutions 2 and 3 seek adoption of a new set of Memorandum and Articles of Association aligned with the Companies Act 2013, including addition of 13 new business sub-clauses (cultivation, refractory goods, food-grains, metals, power, etc.) and deletion of the existing 'Other Objects' clause. Resolutions 4 and 5 cover re-appointment of Ms. Pragya Bhartia Barwale as Executive Director (5 years from 24 June 2025; ₹1.00 crore salary + 2% commission) and Shri U.S. Bhartia as Chairman & Managing Director (5 years from 1 April 2026; ₹4.80 crore salary + 4% commission). Remote e-voting runs from 23 June 2025 (9 AM) to 22 July 2025 (5 PM) via NSDL, with results to be declared within 2 working days.
If approved, the 1:2 stock split will halve the per-share price and double the share count, improving retail liquidity and affordability, but it does not change the company's market capitalisation. Shareholders should review the expanded business objects in the new MoA, which significantly widen the company's permitted scope. The high remuneration for promoter-directors, with commission linked to net profits and the ability to exceed SEBI's regulatory limits, is a key item for institutional investor assessment.