Pursuant to Regulation 34 of SEBI(Listing Obligations and Disclosure Requirement) Regulations, 2015, please find enclosed Annual Report for Financial Year 2024-25 along with Notice of 51st ....
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Modern Steels Limited has submitted its 51st Annual Report for FY 2024-25 along with the AGM notice. The 51st AGM will be held on Friday, 27th June 2025 at 2:00 PM via video conferencing, with e-voting open from 24th to 26th June 2025 (cut-off date 20th June 2025). Key agenda items include adoption of audited FY25 financials, re-appointment of CMD Mr. Krishan Kumar Goyal (retiring by rotation, holds 36.85 lakh shares), appointment of M/s Sanger & Associates as Secretarial Auditor for 3 years, and shareholder approval for a material related party transaction — purchase of land (64 Kanal & 17 Marla) at Village Chattarpura, Punjab from Chandigarh Finance Private Limited for Rs. 16.50 crore. Notably, the Directors' Report states that the company's manufacturing business has been sold and it is now working on its future course of business. No dividend was recommended for FY25.
For shareholders, the key item requiring attention is the Rs. 16.50 crore land purchase from a related party (Chandigarh Finance Private Limited), where CMD Mr. Krishan Kumar Goyal is a director and shareholder — shareholders should evaluate this related party transaction carefully. The absence of dividend and confirmation that the core manufacturing business has been sold signal that the company is in a transitional phase, which could affect the stock's valuation.