Sical Logistics Limited has informed the Exchange regarding Notice of Postal Ballot
SICALLOG · price
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Sical Logistics has dispatched a Postal Ballot Notice to shareholders seeking approval through remote e-voting on three resolutions. The first is an ordinary resolution to approve a material related party transaction with its step-down subsidiary Sical Multimodal and Rail Transport Limited (SMART). The second and third are special resolutions to approve creating a mortgage on SMART's land and building at Vallur, Chennai, and pledging 53.60% of shares in material subsidiary Sical Infra Assets Limited (SIAL). All three resolutions are linked to securing a Rs. 250 crore rupee term loan facility from Aditya Birla Capital Limited and other lenders under a facility agreement dated June 16, 2025. The loan is intended to fund the second and final instalment payment to financial creditors under the resolution plan approved by NCLT Chennai on December 8, 2022. The transaction value represents 112.70% of the company's annual consolidated turnover, making it a material related party transaction. E-voting will run from July 9, 2025 to August 7, 2025, with results declared within two working days thereafter.
Shareholders are being asked to approve pledging key subsidiary assets and shares as collateral for a Rs. 250 crore loan that will help the company complete payments owed to creditors under its NCLT-approved resolution plan. While this enables execution of the resolution plan, it exposes subsidiary assets and a majority stake in SIAL to lender enforcement risk if the company defaults on the facility. Related parties cannot vote on the RPT resolution, so outcome depends on approval by non-related shareholders.