We wish to state that the board of directors ('Board') of Polychem Limited ('Company') at their meeting held today i.e. 29th July, 2025, has inter alia approved the items as mentioned in the Letter
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Polychem Ltd's board, at its meeting on 29th July 2025, approved the sale of a 12,022.40 sq. metre plot of leasehold land and the factory building on it, owned by its material subsidiary Gujarat Poly Electronics Limited (GPEL), to Tirex Transmission Private Limited for Rs. 29 crore. GPEL is the company's only revenue-generating unit, contributing 100% of turnover (Rs. 1,779.24 lakhs in the last financial year), though the company says GPEL has arranged to shift operations to a new location. The buyer is not a related party, and the deal is at arm's length, pending shareholder approval at an EGM on 1st September 2025. Separately, the board noted a fine levied by BSE for non-compliance with Regulation 19(1)/19(2) regarding NRC Committee composition for the March 2025 quarter; the company claims it was compliant and has filed a waiver application.
The Rs. 29 crore sale brings in cash but involves divesting the entire revenue-generating asset of the group, with execution risk tied to relocation of operations and pending GIDC approvals. Shareholders should watch the September 1 EGM outcome and any impact on future revenues. The BSE fine is a minor compliance matter under dispute.