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Adarsh Mercantile Limited has issued a Postal Ballot Notice seeking shareholder approval through e-voting (April 13 – May 12, 2025) for 13 special resolutions. Key proposals include appointment of Mr. Ajay Jaiswal as Managing Director and Mr. Vishal Jaiswal as Whole-Time Director, each for 3 years with remuneration of up to Rs. 1.20 crore per annum, along with the appointment of four new directors including a Women Independent Director. The company is also seeking approval to change its name to 'SMT Plastic Engineering Limited', alter its main objects to include manufacturing of machine tools, turbines, castings and plastic engineering, and shift its registered office from West Bengal to Madhya Pradesh. Additionally, it proposes raising borrowing, investment and loan/guarantee limits to Rs. 500 crore each, along with corresponding charge-creation powers on company assets.
Shareholders are being asked to approve a sweeping restructuring — leadership consolidation within the Jaiswal family, a rebrand toward plastic engineering and machinery manufacturing, a state-level office shift, and a substantial 10x jump in borrowing power to Rs. 500 crore. The combination of name change, expanded business scope and large debt headroom suggests the company is preparing for a significant business pivot and possible expansion that may materially affect its risk profile and future strategy.