Facor Alloys has initiated a postal ballot process to seek shareholder approval for altering the object clause of its Memorandum of Association to include logistics infrastructure operations. The company aims to develop, own, operate, and manage Gati Shakti Cargo Terminals (GCT) and integrated logistics infrastructure, utilizing its existing private railway siding. This strategic shift aligns with the Gati Shakti Policy framework of Indian Railways and the PM Gati Shakti National Master Plan.

The proposed resolution seeks to delete the existing Clause III(A)(1), which relates to a rehabilitation scheme sanctioned by the erstwhile Board for Industrial and Financial Reconstruction (BIFR), as it is no longer relevant. Additionally, the company plans to insert new clauses to carry on business as carriers, freight forwarders, and providers of warehousing and transport services using its existing rail tracks. The Board of Directors approved these alterations at its meeting held on May 25, 2026.

Postal Ballot and E-Voting Schedule

In compliance with Ministry of Corporate Affairs (MCA) circulars, the notice has been dispatched only through electronic mode. Shareholders whose names appeared in the Register of Members as on the cut-off date of June 12, 2026, are eligible to vote. Physical copies of the notice have not been dispatched. The remote e-voting period is open from June 19, 2026, at 09:00 a.m. IST to July 18, 2026, at 05:00 p.m. IST.

Scrutinizer and Process

The Board has appointed Mr. Tumul Maheshwari, Partner of M/s. MT & Co., Company Secretaries, Delhi, as the Scrutinizer to ensure the e-voting process is conducted fairly. The Scrutinizer will unblock the votes in the presence of at least two witnesses not in the company's employment and submit a report within two working days of the voting conclusion. The results will be declared by the Chairperson or an authorized person and subsequently communicated to BSE Limited and uploaded to the company's website.

Shareholders can cast their votes through the NSDL e-voting system. Individual shareholders holding shares in demat mode can log in using their demat account credentials via NSDL or CDSL. Those holding physical shares or non-individual shareholders must use specific user IDs and passwords provided by NSDL. The company has also provided helpdesk details for technical assistance regarding the e-voting process.

Facor Alloys Limited reported a consolidated net loss of ₹1,479.68 lakh for the year ended March 31, 2026, as statutory auditors issued a disclaimer of opinion regarding the exclusion of an overseas subsidiary. The company's manufacturing operations have remained suspended since October 31, 2023, resulting in minimal revenue and continuous losses for the past three years, which casts significant doubt on the group's ability to continue as a going concern.

The auditor, K. K. Mankeshwar & Co., stated they were unable to obtain sufficient appropriate audit evidence regarding the financial results of one overseas subsidiary. This exclusion followed a change in management during the financial year 2024–25, which prevented the new management from accessing complete and reliable financial information required for consolidation. While management believes the financial impact is not material, the auditor could not determine if adjustments were necessary.

Financial Performance for FY26

The group reported total income of ₹188.78 lakh for the year ended March 31, 2026, a significant decrease from ₹1,058.30 lakh in the previous year. Total expenditure stood at ₹2,554.70 lakh. The basic earnings per share (EPS) for the period was reported at -₹0.76, compared to -₹2.57 in the prior year.

Key Qualifications and Disclosures

The audit report highlighted several material factors affecting the financial statements. The disclaimer of opinion was driven by the inability to consolidate the overseas subsidiary. Additionally, the auditors drew attention to a material uncertainty related to the group's going concern status due to suspended operations and continuous losses.

An emphasis of matter was noted regarding the identification and sale of excess anthracite coal inventory, with proceeds of ₹50.09 lakh disclosed as exceptional items. Furthermore, the company received an advance of ₹27.97 crore for the proposed sale of plant and machinery classified as assets held for sale, though no transaction was recognised by the reporting date as the definitive agreement remained unexecuted.

Operational and Legal Updates

During the year, the company incurred a voluntary compensation expense of ₹834.32 lakh under its Voluntary Retirement Scheme (VRS). Regarding the excluded subsidiary, Facor Alloys filed a formal complaint with the Economic Offences Wing (EOW). The Chief Judicial Magistrate has directed the EOW to submit an action taken report, and part arguments have been heard with the matter listed for further hearing.

The Board of Directors approved the consolidated financial results at a meeting held on May 25, 2026.