Board okays postal ballot for material related party transactions
SALSTEEL · price
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Board approved a postal ballot to ratify and approve material related party transactions. Items include post-facto ratification of Rs 228.67 Cr unsecured loan from Lawrence Merchants and Rs 174.62 Cr transactions with holding company Sree Metaliks covering purchases, sales and loans. Prior omnibus approvals cover one year of trade, loans and corporate guarantees up to Rs 1050 Cr with Sree Metaliks, Lawrence Merchants and Elite Metaliks. Sree Metaliks now controls a 57.51 percent stake after a recent takeover. E-voting runs from 20 Oct to 18 Nov 2026.
Shareholders will vote on large related party deals with promoter group entities, showing high dependence on the new holding company for funding and raw material supply.