Bilcare Limited has initiated a postal ballot process to seek shareholder approval for the appointment of Mrs. Ashwini Ashok Hasabnis as a Non-Executive Woman Independent Director. The resolution proposes a tenure of five years, effective from April 25, 2026, to April 24, 2031, subject to the consent of the members. Mrs. Hasabnis, a legal professional with over two decades of experience, was initially appointed as an Additional Director by the Board on April 25, 2026.

The appointment requires ratification by shareholders within three months of the initial Board appointment to comply with Regulation 17(1C) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. As the forthcoming General Meeting is not scheduled within this period, the company is utilising the postal ballot route to secure the necessary approval. Mrs. Hasabnis holds no shares in the company and is entitled only to sitting fees as remuneration.

Voting Schedule and Process

The remote e-voting facility is available to shareholders whose names appear on the Register of Members or List of Beneficial Owners as on the cut-off date of June 12, 2026. The voting period commences on June 23, 2026, at 09:00 Hours IST and concludes on July 22, 2026, at 17:00 Hours IST. Physical copies of the postal ballot notice are not being dispatched; members must vote electronically through the designated systems.

Appointment Details

Mrs. Ashwini Ashok Hasabnis (DIN: 07766525) brings extensive legal expertise to the Board. She has attended one Board meeting since her initial appointment. The company has engaged MUFG Intime India Private Limited to facilitate the e-voting process, while M/s. Ghatpande & Ghatpande Associates, Practicing Company Secretaries, will act as the Scrutinizer to ensure a transparent voting process.

The results of the postal ballot will be announced within two working days from the closure of the e-voting period and will be displayed on the company's website. The resolution, if passed with the requisite majority, shall be deemed to have been passed on the last date specified for receipt of votes.

The National Company Law Tribunal (NCLT), Mumbai Bench, has directed Bilcare Ltd to deposit its outstanding fixed deposit liabilities, including accrued interest, into the Investor Education and Protection Fund (IEPF) by July 15, 2026. The order, dated June 5, 2026, condoned the delay in repayment of public deposits and disposed of the company's petition filed under Section 74(2) of the Companies Act, 2013. The company must also publish notices in English and vernacular newspapers by July 31, 2026, to inform unpaid depositors about the process for filing claims under the IEPF rules.

Bilcare Ltd had accepted fixed deposits from 27,498 depositors aggregating to ₹171.28 crores. The company stated that it continued to service these deposits by paying interest and made payments of matured and claimed deposits as permitted by its liquidity. Over the years, the company repaid an aggregate principal amount of ₹145.80 crore. As of the current disclosure, the company has made a total payment of ₹168.76 crores and is awaiting duly discharged receipts and updated bank details from 542 depositors for the remaining balance of ₹2.52 crores.

The company filed the petition, CP/286(MB)/2025, on December 3, 2025, seeking relief regarding the repayment timeline. It argued that a mismatch in credit periods caused a cash crunch and working capital strain. The company also cited its status as a "relief undertaking" under the Maharashtra Relief Undertakings (Special Provisions) Act, 1958, which suspended certain liabilities and legal remedies for enforcement. The latest notification extending this relief was valid until December 21, 2026.

The NCLT noted that the balance of deposit payments was certified at ₹3.25 crores as of March 31, 2026, by M/s S K Kotalwar & Co., Chartered Accountants. An amount of ₹3.92 crore was certified to be lying in the designated repayment account with HDFC Bank. The Tribunal observed that further repayments could not be made due to the absence of depositor particulars. Consequently, it directed the transfer of funds to the IEPF to facilitate claims by unpaid depositors.

The Tribunal's order was uploaded on the NCLT portal on June 12, 2026. Bilcare Ltd confirmed that it is taking necessary steps to comply with the directions contained in the order, pending receipt of the certified copy.