Jain Resource Recycling Limited has informed the Exchange about Copy of Newspaper Publication
JAINREC · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Jain Resource Recycling Limited published a Form PAS-1 newspaper advertisement on March 28, 2026 in Financials Express (English), Makkal Kural (Tamil), and Jansatta (Hindi), as required under Section 27(1) of the Companies Act, 2013. The notice accompanies a Postal Ballot seeking shareholder approval for a variation in the utilisation of IPO proceeds, specifically involving the amount allocated towards General Corporate Purposes. The underlying issue is that Rs. 540 million from the Rs. 986.43 million earmarked for working capital requirements was inadvertently used to partially repay a loan obtained from the Promoter-Director, instead of being used for its stated purpose. The Board approved the proposal on March 26, 2026, and no director voted against it. The company has stated the promoter has returned the funds, and the deviation has no material impact on financials.
Shareholders are being asked to approve a technical deviation in how IPO funds were used. The Rs. 540 million has already been returned by the promoter, so there is no actual loss to the company, though the deviation from disclosed IPO use may raise short-term governance concerns among retail investors.