Enclosed herewith is the Postal ballot Notice of the Company
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Velox Shipping and Logistics Ltd has issued a postal ballot notice seeking shareholder approval to change the purpose of Rs. 7,62,50,000 raised through a preferential allotment on August 26, 2022. The funds were originally meant for business expansion, general corporate purposes, and working capital, but none of the amount has been used so far. The company now proposes to utilize the entire unutilized amount for acquiring or investing in a foreign entity named International Logistics Associates LLC ('ILA'), other inorganic acquisitions, working capital, and general corporate purposes. E-voting runs from May 14, 2025 to June 12, 2025, with the cut-off date set as May 9, 2025. The resolution requires approval as a Special Resolution under Section 27 of the Companies Act, 2013.
Shareholders are being asked to approve a major change in how the company plans to deploy funds raised nearly three years ago. Approval would allow the company to pursue foreign acquisition opportunities, which could affect long-term earnings and cash flows positively if successful, but also exposes shareholders to the risks of inorganic expansion and overseas investments.