Approval to convene an EGM of shareholders on 31st July 2025, to seek approval for the sale and leaseback of land and building through open bid under Section 180(1)(a) of the Companies Act, 2013
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The board of Uniroyal Marine Exports has approved convening an Extraordinary General Meeting (EGM) of shareholders on 31 July 2025. At the EGM, shareholders will vote on a proposal to sell the company's land and building through an open bid process and then lease the same property back from the buyer. Since this involves disposal of a substantial part of the company's assets, the approval is being sought under Section 180(1)(a) of the Companies Act, 2013, which requires shareholder consent for such transactions. The actual bid amount, buyer identity, and lease terms will likely be determined through the open bid process or shared with shareholders ahead of the meeting.
A sale-and-leaseback can unlock cash locked in real estate assets, improving liquidity, but it also creates a long-term rental obligation that could weigh on future profits. Shareholders should watch for the bid value and lease rental terms once disclosed, as these will determine whether the deal is value-accretive or simply an expensive way to raise money.