Notice of the 01st Extra Ordinary General Meeting of the company to be held on Monday 16th June 2025 at 3:00 PM
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Awaiting price reaction for this filing.
Nikhil Adhesives Limited has called its 1st Extra Ordinary General Meeting (EGM) on Monday, 16th June 2025 at 3:00 PM via Video Conferencing (VC/OAVM). The EGM will consider four special business items: (1) regularization of Mr. Sethunathan Charlayath Laxmanan as Non-Executive Independent Director for a 5-year term till 16th March 2030; (2) appointment of Dr. Satish Gaonkar as Executive Director for 3 years from 16th June 2025 (currently the COO, with a PhD in Polymer Chemistry and prior experience at BASF); (3) appointment of Mr. Madhu T Ankleshwaria (age 76) as Independent Director for 5 years till 15th June 2030, requiring a special resolution under SEBI's age-75 rule; and (4) increasing the company's borrowing limit under Section 180(1)(c) from the existing Rs. 100 Crores to Rs. 250 Crores. Remote e-voting will be open from 13th June to 15th June 2025, with the book closure period from 9th to 15th June 2025.
The EGM proposes significant board reshuffling (three director additions/regularizations) and a 2.5x increase in the borrowing limit (from Rs. 100 Cr to Rs. 250 Cr), which could signal upcoming expansion plans, capex, or working capital needs. Shareholders should watch the borrowing resolution closely as it materially expands the company's debt-raising capacity.