Enclosed herewith Notice of Postal Ballot dated May 22,2025
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Mercury Ev-Tech Ltd has issued a Postal Ballot notice dated May 22, 2025, seeking shareholder approval through remote e-voting between May 31, 2025 and June 29, 2025. The ballot covers 9 resolutions including ratification of related party transactions worth Rs. 35.74 crore with Sunbuy Renewables Limited for FY 2024-25. It also seeks approval for fresh material related party transactions up to Rs. 200 crore each per annum for FY 2025-26 with five related parties: Sunbuy Renewables, DC2 Mercury Cars, Powermetz Energy, Traclaxx Tractors, and Finmer Electric Fintech. Additionally, three Special Resolutions are proposed: authorising the Board to sell, lease or dispose of undertaking (up to Rs. 500 crore), borrowings (up to Rs. 500 crore), and loans, guarantees and investments (up to Rs. 1,000 crore). Cut-off date for eligibility is May 23, 2025.
Shareholders are being asked to grant wide-ranging financial powers to the Board, including significant related party dealing limits and an investment/borrowing headroom of up to Rs. 1,000 crore. Multiple related parties with common directors are involved, which investors should scrutinise for governance and conflict-of-interest concerns. Voting outcome by June 29, 2025 will shape the company's financial flexibility for FY 2025-26.