ENCLOSED HEREWITH BOARD MEETING OUTCOME DATED 21/06/2025
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Suncity Synthetics Ltd's board approved a 98% reduction in paid-up share capital to set off accumulated business losses that have exceeded the company's capital base. Post-reduction, share capital will stand at approximately Rs. 9.89 lakh comprising 98,916 equity shares, down from roughly Rs. 4.95 crore currently. The move requires shareholder approval at the 37th AGM on 29th July 2025, with the relevant date fixed as 1st April 2025, and will also need NCLT clearance. The board simultaneously approved the AGM notice, board's report, MD&A, corporate governance report, book closure from 23rd to 29th July, and e-voting arrangements through CDSL.
Severely negative for shareholders — 98% of paid-up capital is being wiped out, meaning each shareholder's effective holding shrinks to just 2% of its current face value to absorb past losses. This is a strong signal of deep financial distress and could weigh heavily on the stock price.