Intimation regarding Shareholders post-facto approval & ratification of past non-compliances. The busniess inter alia includes: 1) Post facto approval under Section 180(1) (a) for sale ....
Awaiting price reaction for this filing.
Ashiana Ispat has called an AGM on 29 December 2025 to seek shareholder approval for two key items. First, post-facto approval under Section 180(1)(a) for the sale of its land, building, plant and machinery at the Bhiwadi, Rajasthan plant for ₹4,310 lakh — effectively the whole of the company's undertaking. The sale was carried out on 1 October 2025 under financial distress to honour a One Time Settlement (OTS) with lenders after SBI classified the company's loans as a Non-Performing Asset. Second, shareholders are being asked to ratify past non-compliance with SEBI LODR Regulations 30, 23 and 24 (delayed disclosures and procedural lapses), which the company attributes to severe financial distress and urgent OTS timelines. The AGM also covers standard items including director appointments and the reappointment of secretarial auditors for five years.
This is a significant negative signal — the company has sold substantially all of its operating assets under lender pressure after being classified as an NPA, raising serious questions about its going concern and future business operations. Shareholders should be cautious as the ratification of SEBI LODR non-compliance also reflects weak governance and disclosure practices during the distress period.