Indo Borax & Chemicals Limited has informed the Exchange regarding Notice of Postal Ballot
INDOBORAX · price
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Indo Borax & Chemicals has issued a Postal Ballot Notice seeking shareholder approval for four resolutions, three of which are material related party transactions involving the sale of company assets to its promoter group. The transactions include: (1) sale of a residential property at Pali Hill, Bandra West for INR 42.50 crore, (2) sale of the registered office property at Santacruz West for INR 14 crore (with a leave and license arrangement back to the company), and (3) sale of three luxury vehicles (Mercedes Maybach S680, Aston Martin DBX 707, Audi Q7) for a total of INR 5.52 crore. All buyers are promoter group individuals: MD/CFO Mr. Sajal Jain, CEO Mr. Saumya Jain, and promoter group members Mrs. Sreelekha Jain and Mrs. Pranika Jain. Total asset value being sold to promoters is approximately INR 62 crore. E-voting runs from July 28 to August 26, 2025, with results expected by August 28, 2025.
This is essentially the company selling its real estate and luxury vehicles to its own promoter family at an aggregate value of about INR 62 crore. Minority shareholders should evaluate whether the sale prices reflect fair market value, as related party transactions of this scale warrant careful scrutiny. Approval depends on shareholder voting through the postal ballot.