Postal Ballot Notice together with explanatory statement
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Intec Capital Limited has issued a Postal Ballot Notice seeking shareholder approval to allow its wholly-owned subsidiary Amulet Technologies Limited to borrow up to Rs. 20 crore from Mr. Sanjeev Goel, the company's Managing Director and Promoter. The loan is unsecured, interest-free, repayable over a maximum tenure of 48 months, and will be drawn in one or more tranches as needed for Amulet's growth. The transaction is classified as a Material Related Party Transaction under SEBI LODR Regulation 23, with the loan amount representing approximately 20,670% of the company's FY24 consolidated turnover, indicating the company's small revenue base. The Audit Committee and Board approved the proposal on April 21, 2025, and related parties are barred from voting on the resolution. Remote e-voting runs from May 1 to May 30, 2025, with results expected by May 31, 2025.
Shareholders are being asked to approve an interest-free promoter loan of Rs 20 crore to the company's wholly-owned subsidiary, which is significant relative to the parent company's turnover. While this signals promoter support for subsidiary growth, it is a related party transaction requiring member approval and Mr. Sanjeev Goel and his relatives cannot vote on this resolution.