Postal Ballot Notice dated July 04, 2025
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Pharmaids Pharmaceuticals has sent a Postal Ballot Notice to shareholders seeking approval for two key items. Resolution 1 (Ordinary Resolution) seeks approval for material related party transactions with Koye Lifesciences Private Limited (KLS) worth up to Rs. 20 crores for FY 2025-26, covering leasing, lending/borrowing, sale/purchase of goods, and other operational transactions. KLS is a related party because Dr. S N Vinaya Babu, the company's Chairman and Non-Executive Director, also serves as a director and majority shareholder in KLS. Resolution 2 (Special Resolution) seeks approval to divest the company's entire 66.50% partnership stake in Anugraha Chemicals, a material subsidiary engaged in API manufacturing, to existing partner Mr. Sourabh Hadimani for a total consideration of Rs. 10.50 crores. E-voting runs from July 16, 2025 to August 14, 2025, with results expected by August 19, 2025.
Shareholders should note that the KLS transaction represents 132% of the company's annual consolidated turnover, making it significant in scale, and related parties cannot vote on Resolution 1. The divestment of Anugraha Chemicals signals a strategic shift away from the partnership's API manufacturing business, with the Rs. 10.50 crore inflow potentially strengthening the company's balance sheet. Approval or rejection of these resolutions could materially impact the company's related party exposure and future strategic direction.