Outcome of the Right Issue Committee Meeting of the Board of Directors held on March 16,2026
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Suraj Industries held a Rights Issue Committee meeting on March 16, 2026, to review the receipt of the First Call Money on its partly paid-up rights equity shares. Out of 90,16,739 partly paid-up rights shares on which Rs. 9.02 crore was due, the company received Rs. 8.85 crore (about 98.1% collection) from holders of 88,48,110 shares during the payment window of Feb 25 – Mar 11, 2026. These shares will be converted from Rs. 2.5 paid-up to Rs. 5 paid-up (face value Rs. 10 each). For the remaining 1,68,629 shares with unpaid call money of Rs. 16.86 lakh, a Second Final Reminder-cum-Forfeiture Notice will be issued (March 20 – April 3, 2026). The company has also decided to waive off the 12% per annum interest penalty on non-payment of the First Call.
Strong ~98% collection on the First Call is a positive signal, boosting equity base and reducing pending defaults. The remaining 1.68 lakh shares face potential forfeiture, which is a small concern. Waiving the 12% interest penalty is a shareholder-friendly move that may help recover the last bit of pending call money.