Manaksia Steels Limited has informed the Exchange regarding Notice of Postal Ballot dated 31st January, 2026
MANAKSTEEL · price
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Manaksia Steels has issued a Postal Ballot notice seeking shareholder approval for four material related party transactions (RPTs) for Financial Year 2026-27, totaling up to Rs. 600 Crores. The transactions are: (1) sale of raw materials and spare parts to MINL Limited (Nigeria) up to Rs. 200 Crores, (2) sale of products to Manaksia Limited up to Rs. 75 Crores, (3) sale of raw materials and spare parts to Sumo Steels Limited (Nigeria) up to Rs. 250 Crores, and (4) sale of products to Manaksia Ferro Industries Limited up to Rs. 75 Crores. All four counterparties are related parties where the company's key managerial personnel and their relatives have significant influence. The proposed transactions range from 11.82% to 39.42% of the company's consolidated turnover for FY25, with the Sumo Steels transaction representing 82.5% of Sumo's standalone turnover. Remote e-voting runs from February 13 to March 14, 2026, with results to be announced by March 17, 2026. Related parties are barred from voting on these resolutions.
These are routine regulatory approvals required because the related party transactions cross SEBI's materiality thresholds. The resolutions are ordinary resolutions and the transactions are stated to be at arm's length and in the ordinary course of business. Approval should not materially affect the stock, but minority shareholders should note that the Sumo Steels RPT (Rs. 250 Cr) is the largest concentration and represents a very high share of the counterparty's standalone turnover (82.5%), warranting closer scrutiny of fairness.