REVISED 37th ANNUAL REPORT OF THE COMPANY FOR THE FY 2024-2025
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Awaiting price reaction for this filing.
Suncity Synthetics Limited has filed its revised 37th annual report for FY 2024-25. The most critical item is a proposal to reduce share capital by 98% to set off accumulated losses of Rs. 4.86 crore against the company's paid-up capital of Rs. 4.94 crore (49,45,800 equity shares of Rs. 10 each). After the reduction, paid-up capital will shrink to just Rs. 9.89 lakh (98,916 shares of Rs. 10 each), with each shareholder receiving 2 shares for every 100 currently held. The scheme, effective from April 1, 2025, requires NCLT approval. The 37th AGM is scheduled for August 2, 2025 via video conferencing. The company also proposes appointing M/s Amarendra Mohapatra & Associates as the new Secretarial Auditor for a 3-year term.
Extremely negative for existing shareholders, who face a near-total (98%) wipeout of their shareholding value. While the capital reduction helps clean up the balance sheet by eliminating accumulated losses, it signals deep financial distress and the stock is likely to react sharply downward once the market digests the proposal.