Notice Of 44th Annual General Meeting Of The Company
Awaiting price reaction for this filing.
Bheema Cements has called its 44th AGM for Monday, 27th April 2026 at 11:00 AM, to be held via video conferencing. Three items are on the agenda: (1) adoption of audited financial statements for the financial year ended March 31, 2023 (note: this is a delayed FY23 AGM being held in 2026), (2) re-appointment of Mr. Raja Kishore Tadimalla as a director liable to retire by rotation, and (3) shareholder approval for material related party transactions. The RPT approval seeks authorization for transactions with related entities (Fortuna Engi Tech, Fortuna Cements, Bheema Infratech, Aktis Infra) up to INR 200 crore per annum, and unsecured loans/advances from the Managing Director and two other directors of up to INR 300 crore per annum each, at nil interest with a right to convert into equity. The company confirms its plant is currently non-operational, with funds being used for NCLT-ordered payments to secured creditors and for reviving the plant.
Shareholders should note the very large RPT limits (up to INR 1,400+ crore per annum in aggregate) and promoter loans at 0% interest with equity conversion rights, which could dilute existing shareholders if triggered. The reference to an NCLT order indicates the company is emerging from a debt restructuring process, and the multi-year delay in holding the AGM signals serious past compliance or operational issues. Voting on Item 3 is important because all related parties are barred from voting, so outcomes will depend on minority/institutional shareholders.