Notice of Extra Ordinary General Meeting to be held on August 08, 2025 at 01: 00 P.M. at corporate office at 4th Floor, wood stock Tower, B-35/958, Adarsh Nagar, Ferozepur Road, Ludhiana-141012, ....
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Rudra Ecovation (formerly Himachal Fibres) has called an EGM on August 8, 2025 at 1:00 PM at its Ludhiana corporate office to seek shareholder approval on three special resolutions. The first is to regularise the appointment of Mr. Akhilesh Kumar Tiwari (DIN: 11086015) as Executive Director & CEO for 5 years (May 9, 2025 to May 8, 2030) at a CTC of Rs. 3 lakh per month plus HRA and standard perquisites. The earlier postal ballot (ended July 11, 2025) had approved this only by ordinary resolution, but SEBI LODR requires a special resolution, so it is being put to vote again. The second and third resolutions seek approval for material related party transactions of up to Rs. 50 crore each with Shiva Texfabs Limited and Yogindera Worsted Limited, both textile companies under common control (promoters Akhil Malhotra and family). Shiva Texfabs had a standalone turnover of about Rs. 420 crore in FY24 with a net worth of Rs. 58.6 crore, while Yogindera Worsted had a turnover of Rs. 64 crore but negative net worth of Rs. 2.3 crore and net loss of Rs. 8.65 crore in FY24. E-voting window runs from August 5 to August 7, 2025, with record date of July 11, 2025.
For shareholders, the CEO re-appointment is largely procedural since it already passed by ordinary majority, but the two related party transaction approvals are more substantive, especially the one with Yogindera Worsted which has eroded net worth and is loss-making. Shareholders should review whether up to Rs. 50 crore of transactions with each related party serve the company's interest at arm's length terms.