EGM of the Company scheduled to be held on Friday , March 06,2026 at 12:00 P.M.(Noon)
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Suraj Industries Ltd has called an EGM on March 6, 2026 at 12:00 PM (via video conferencing) with a cut-off date of February 27, 2026 and remote e-voting from March 3–5, 2026. Four key resolutions are on the table: (1) Raising the Section 186 limit for inter-corporate loans, investments, and guarantees to Rs. 500 Crores; (2) Approving a material related-party transaction to acquire 56,25,400 equity shares of VRV Foods Limited for about Rs. 37.13 Crores from 8 promoter group entities; (3) Approving a 15-year rent agreement with material subsidiary Carya Chemicals & Fertilizers Pvt Ltd for 2.50 acres of land in Rajasthan at Rs. 50,000/month to set up a corrugated boxes/PET bottles unit; (4) Altering the objects of the recent Rights Issue, reducing the originally earmarked Rs. 1,499.36 lakh for corrugated boxes/PET bottles capex to just Rs. 416.83 lakh, and diverting Rs. 3,712.76 lakh towards acquiring VRV Foods shares from promoters, with Rs. 1,539.65 lakh retained for general corporate purposes.
Existing shareholders should note that funds raised via the recent Rights Issue are being substantially redirected away from the manufacturing capex they were originally told about, and channelled into buying shares of VRV Foods Limited from promoter group entities — effectively a transfer from the company to the promoters. The Rs. 500 Crore borrowing/investment limit also gives the board wide financial flexibility. Shareholders should review the explanatory statement carefully and may want to consider voting against the Rights Issue object modification if they are uncomfortable with the change in use of proceeds.