Vineet Laboratories Limited has informed the Exchange regarding Notice of Postal Ballot
VINEETLAB · price
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Vineet Laboratories has sent a Postal Ballot Notice to shareholders seeking approval for two special businesses. First, the appointment of Mr. Rajesh Kumar Kathulla (DIN: 05349717) as a Whole Time Director (Key Managerial Personnel) for 3 years from May 14, 2025 to May 13, 2028, with nil remuneration and sitting fees; he currently holds 49,907 equity shares in the company. Second, the company proposes to increase its Authorised Share Capital from Rs. 10.81 crore (1.08 crore equity shares of Rs. 10 each) to Rs. 20 crore (2 crore equity shares of Rs. 10 each), creating room for an additional 91.9 lakh shares. The increase is stated to be for working capital needs and general corporate purposes, hinting at a possible future fundraise. E-voting runs from May 27, 2025 to June 25, 2025, with results to be declared by June 27, 2025. Contextually, the company reported a loss before tax of about Rs. 20.78 crore on revenue of Rs. 74.99 crore in FY25, attributing it to COVID after-effects, competition, and weak inventory turnover.
Shareholders are being asked to approve a new director with no pay and to expand the share capital headroom, which could be followed by a dilutive equity raise given the company's recent losses. The WTD appointment adds a new KMP without immediate cost, but the capital expansion signals potential future dilution if shares are eventually issued.