Outcome of Board Meeting for the following matters : 1. Approval of proposal for sale/transfer/disposable of property 2. Approval for entering into Material Related Party Transaction 3. ....
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The Board of Nilachal Refractories Ltd has approved the sale/transfer/disposal of movable fixed assets including plant, machinery and capital work-in-progress, representing substantially the whole of the company's undertaking. The transaction value is capped at Rs 2 Crores. The sale involves related parties including Lekay International Limited, Gss Associates, Wagons, and Thermal Solutions, all connected through common directors. The proposals require shareholder approval under Section 180(1)(a) of the Companies Act and SEBI LODR regulations. An Extra-Ordinary General Meeting is scheduled for 18 May 2026 to seek these approvals. Additionally, Company Secretary Mr. Vijay Kumar Gupta resigned citing a family medical emergency.
This is a major corporate action as the company is disposing of substantially its entire business undertaking. Shareholders must carefully evaluate the EGM proposals, especially the related party transactions which involve entities connected to board directors. The resignation of the Company Secretary adds governance concerns at a critical time.