We are enclosing along the Postal ballot Notice of the Company
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Velox Shipping and Logistics (formerly Velox Industries) is seeking shareholder approval via postal ballot to change the use of Rs. 7.625 crore it raised through a preferential allotment in August 2022. None of the money has been spent so far. The original stated purpose was business expansion, general corporate purposes and working capital. The company now wants to redirect the entire unutilised amount mainly towards acquiring or investing in a foreign entity called 'International Logistics Associates LLC (ILA)', along with other inorganic acquisitions, working capital and general corporate purposes. E-voting runs from May 14, 2025 to June 12, 2025, with cut-off date of May 9, 2025. M/s. Sushil Talathi & Associates has been appointed as scrutinizer. The board says the change is needed because the company sees good returns from inorganic roll-up acquisitions, though it acknowledges risks like market conditions, regulatory controls and overseas execution challenges.
Shareholders should note this is a material change in use of proceeds - the original objective (domestic expansion and working capital) is being pivoted toward an unlisted foreign logistics acquisition, which adds execution and regulatory risk. The resolution needs to pass as a Special Resolution; voting outcome will be declared within 2 working days after June 12, 2025.