International Conveyors Limited has informed the Exchange regarding Notice of Postal Ballot
INTLCONV · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
International Conveyors Limited has issued a Postal Ballot Notice dated March 26, 2026, seeking shareholder approval through remote e-voting for two key items. Item 1 is a Special Resolution to advance loans, give guarantees, or provide security under Section 185 of the Companies Act to three related parties — IGE (India) Pvt Ltd, R.C.A. Limited, and Dabri Properties & Trading Co Pvt Ltd — with proposed revised limits of Rs. 175 crore, Rs. 100 crore, and Rs. 50 crore respectively (up from existing limits of Rs. 150 crore, Rs. 50 crore, and Rs. 5 crore). Item 2 is an Ordinary Resolution seeking approval for these as material Related Party Transactions under SEBI Listing Regulations, as the proposed values exceed 10% of the company's annual consolidated turnover. All three entities are promoter/promoter-group companies, with directors Surbhit Dabriwala and Yogesh Kajaria having direct interest. E-voting runs from April 1, 2026 to April 30, 2026, with results to be announced by May 4, 2026. Promoters/promoter group are barred from voting on Item 2.
Minority shareholders should evaluate whether deploying company surplus funds into promoter-group entities (which collectively could reach up to Rs. 325 crore) is in their best interest, since these are intra-group transactions. Approval is largely procedural given promoter control, but voting against the ordinary resolution (Item 2) is one way for non-promoter shareholders to register dissent, as promoter group is excluded from voting.