Karma Energy Limited has informed the Exchange regarding Notice of Postal Ballot
KARMAENG · price
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Karma Energy Limited has issued a postal ballot notice seeking shareholder approval through e-voting (February 24 to March 25, 2026). Two ordinary resolutions propose material related party transactions with Tapi Energy Projects Limited and Windia Infrastructure Finance Limited, each allowing borrowings up to Rs. 50 crore and inter-corporate deposits (ICDs) up to Rs. 50 crore during FY 2026-27. The company holds a 14.52% stake in Tapi Energy Projects, a promoter group NBFC, with prior year transactions of Rs. 16.80 crore (FY25) and Rs. 7.27 crore (FY26 YTD). A third special resolution seeks approval to continue Mr. Dharmendra Gulabchand Siraj as a Non-Executive Non-Independent Director beyond age 75. The proposed borrowings and ICDs are unsecured at 8% per annum interest, structured as short-duration demand loans.
The proposed related party transactions are very large relative to the company's scale (over 1,100% of consolidated turnover on a gross basis), though management states net exposure will be far lower due to short-tenure borrowings and ICDs that are repaid or recalled as needed. Shareholders should evaluate the arm's-length pricing rationale and the necessity of routing funding through promoter group NBFC entities.