Submission of Postal Ballot Notice dated November 14, 2025, in pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.
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K I C Metaliks Limited has issued a Postal Ballot Notice dated November 14, 2025 seeking shareholder approval for material related party transactions with Bengal Energy Limited (BEL) for FY 2025-26, capped at Rs. 500 crores (excluding taxes). BEL became a related party after an NCLT Kolkata order (August 1, 2025) sanctioned a scheme making Thermic Steel Company the holding company of both BEL and Karni Syntex (which already holds 64.81% in KIC Metaliks). The transactions cover sale and purchase of goods like coal, coke, sinter, pellets, steel scrap and auxiliary services. The proposed value represents 69.71% of KIC's annual consolidated turnover. Previous transactions included purchases of Rs. 37,472.81 lakhs in FY24-25 and Rs. 16,945.71 lakhs till Q2 FY26. E-voting runs from November 23, 2025 (9:00 AM) to December 22, 2025 (5:00 PM) via NSDL.
Shareholders are being asked to approve a significant related party transaction that accounts for over two-thirds of the company's turnover, which could raise governance concerns despite management stating it's at arm's length. Related parties Karni Syntex and MD Mr. Radhey Shyam Jalan cannot vote; minority shareholders effectively decide the outcome of this large inter-group deal.