Notice of Annual General Meeting of the company proposed to be held on Thursday, 21st August, 2025 at 12:30 p.m. to consider and approved the agenda as mentioned in the notice of AGM
Awaiting price reaction for this filing.
S R Industries Limited, a company rehabilitated from the Corporate Insolvency Resolution Process (CIRP), has called its 35th AGM on 21st August 2025 at 12:30 p.m. in Sas Nagar, Punjab. Bazel International Limited (BIL) was approved as the Successful Resolution Applicant by the NCLT Chandigarh Bench on 1 July 2024 and now holds a 92% promoter stake, with new management taking control in November 2024. Shareholders will vote on four key items: (1) adopting FY25 audited financials, (2) reappointing director Mr. Manish Kumar Gupta via rotation, (3) a special resolution to rename the company to 'Arur Footwear Limited' to reflect its new identity post-rehabilitation, and (4) appointing M/s Meenu G. & Associates as Secretarial Auditor for five years from FY26 to FY30. A fifth special resolution seeks shareholder acknowledgment of the issuance of up to 1.65 crore 0.01% Compulsorily Convertible Debentures (CCDs) of Rs. 10 each — totaling Rs. 16.5 crore — to promoter BIL, as mandated by the NCLT-approved Resolution Plan, which will raise BIL's stake to 95.65% on conversion. Voting will be conducted only via physical ballot paper because the new ISIN (INE329C01029) is not yet active due to pending BSE listing approval for the post-CIRP equity shares.
Public shareholders face significant dilution from 5% to about 2.72% once the CCDs convert into equity, and voting rights at this AGM are restricted to physical ballot only since e-voting is unavailable. The name change to Arur Footwear Limited and the new promoter-driven Rs. 16.5 crore capital infusion mark a decisive post-insolvency reset, which could be positive for long-term revival but also concentrates control further with BIL. Pending BSE listing of the new ISIN means existing shareholders have not yet received their post-restructuring shares in demat, which limits liquidity until that approval comes through.