In Compliance with Regulation 30 & 33 of SEBI ( Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that in terms of Regulation 30 and 33 of SEBI Listing ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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The board of Nilachal Refractories, at its meeting on January 12, 2026, approved a proposal to change the terms of its 0% Redeemable Preference Shares of Rs. 100 each. The company wants to waive the entire redemption premium that has accrued or will accrue on these shares, so they can be redeemed only at face value. To proceed, the company will need written consent from preference shareholders holding at least three-fourths of that class of shares, as required under Section 48 of the Companies Act, 2013. The board meeting ran from 1:30 PM to 2:15 PM. This is essentially a request to preference shareholders to give up a future financial benefit they were entitled to.
For common equity shareholders, this could be modestly positive as it reduces the company's future cash outflow when redeeming these preference shares. However, preference shareholders are being asked to accept a lower payout, so the proposal needs their three-fourths majority approval to move forward.