Notice of the EGM of the Company to be held on 23 02 2026
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India Homes Ltd (formerly India Steel Works Limited, BSE scrip 513361) has called an Extraordinary General Meeting on February 23, 2026 at 2 PM via video conferencing, with e-voting from February 19-22, 2026 and a record date of February 16, 2026. Five items are on the agenda: (1) increasing authorised share capital from Rs.107 crore to Rs.120.50 crore by creating an additional 13.5 crore equity shares of Re.1 each; (2) approving material related party transactions worth up to Rs.50 crore each with 12 related entities and an additional Rs.100 crore deal with Executive Chairman Mr. Sudhir H. Gupta for acquiring development rights to land in Wadala, Mumbai; (3) appointing Mr. Mohamed Ali Altaf Furniturewala as Non-Executive Independent Director for 5 years; (4) approval under Section 185 to lend or give guarantees up to Rs.50 crore to entities where directors are interested; and (5) approval under Section 186 to make investments, loans, or give guarantees up to Rs.50 crore beyond prescribed limits. The combined scope of related party and inter-corporate transactions is unusually broad.
Shareholders are being asked to clear multiple approvals that together give the board wide latitude on capital raising (authorised capital hike), inter-group dealings, and director-related transactions. The large authorised capital increase suggests a possible future fundraising or issue, and the Rs.50 crore annual RPT bucket for each related party could meaningfully affect cash flows. Voting outcomes at the EGM on February 23 will be material for investors tracking potential dilution and related-party exposure.