Intimation of AGM Notice for the FY 2024-25
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SPEL Semiconductor has scheduled its 40th Annual General Meeting on September 26, 2025 at 2:45 PM via video conferencing. The book closure period is September 20-26, 2025, with the cut-off date for e-voting eligibility set as September 20, 2025. Remote e-voting will be open from September 23 (10:00 AM) to September 25 (5:00 PM). Key business items include adoption of FY25 audited financial statements and re-appointment of Dr. Nakkeeran Ekambaram as director. A special resolution seeks approval to convert Rs 6.95 crore of unsecured loans from Dr. A.C. Muthiah into non-convertible redeemable preference shares of Rs 100 each at par. Another special resolution seeks shareholder approval to sell, lease or dispose of up to 1.823 acres of land at the company's CMDA Industrial Estate, Maraimalai Nagar factory location. Other items include appointment of Dr. Nagarajan Govindan as Independent Director for 5 years, continuation of Mr. Swaminathan Chandramohan as director beyond age 75, and appointment of S Dhanapal & Associates LLP as secretarial auditor for 5 years from FY26 to FY30.
The proposed sale of factory land (up to 1.823 acres at the Maraimalai Nagar registered office and factory site) is a material event that could affect the company's operational footprint and asset base, and shareholders should review the rationale carefully. The conversion of promoter Dr. A.C. Muthiah's Rs 6.95 crore unsecured loans into preference shares reduces debt obligation but adds to preference capital; this is essentially a promoter balance sheet restructuring rather than fresh equity infusion.