In accordance with the provision of SEBI (LODR) Regulation, 2015, we enclose herewith Notice of Postal Ballot seeking approval of the members whose name are in the register of members as ....
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Spice Islands Industries Limited has issued a Postal Ballot Notice seeking shareholder approval for three material related party transactions via remote e-voting. Item 1 is a service agreement with Ladhukara Trust (connected to Whole-Time Director Mr. Sandeep Merchant) for leasing and operating hospitality properties such as hotels, resorts and lounges on a yearly renewal basis, valued at up to Rs. 10 Crores per annum. Item 2 is a service arrangement with Ferry Automotive Private Limited (linked to Director Mr. Faraaz Irfan Chapra and Mr. Deval Sandeep Merchant) for leasing EV two-wheelers and other EV vehicles, valued at up to Rs. 10 Crores per annum. Item 3 is a Joint Development Agreement with Chapra Capital Ventures Private Limited for developing a residential or commercial site over 5 years, with a total value not exceeding Rs. 300 Crores. All three are ordinary resolutions requiring shareholder approval as they qualify as material related party transactions under SEBI Listing Regulations. E-voting runs from May 1, 2025 to May 30, 2025, with results to be announced on or before June 3, 2025.
Shareholders are being asked to approve three related-party transactions totaling up to Rs. 320 Crores in potential value, with the largest being a Rs. 300 Crore joint development deal. Interested directors (Mr. Sandeep Merchant and his son Mr. Deval Merchant) cannot vote on these resolutions. Investors should assess whether these transactions, particularly the Rs. 300 Crore real estate venture, are in the company's interest given its small current consolidated turnover base.