Kkalpana Plastick Limited shareholders have voted against the ordinary resolution for a material related party transaction with Bbigplas Poly Private Limited. The proposal, which sought approval to lease office space for a monthly license fee of ₹10,000, failed to pass with the requisite majority during the postal ballot process concluding on July 07, 2026. The rejection signifies a lack of shareholder support for the agreement, which was intended to renew a lease for office premises in Kolkata.

The resolution sought approval to lease 528 sq. ft. of office space at Maruti Building, Kolkata, for an initial term of 11 months from August 20, 2026, with provisions for renewal for two additional terms of 11 months each. The counterparty, Bbigplas Poly Private Limited, is identified as a promoter and a related party of the company. The transaction was proposed to be conducted at arm's length and in the ordinary course of business.

The voting process was conducted via remote e-voting facilitated by National Securities Depository Limited (NSDL). The e-voting period commenced on June 08, 2026, and concluded on July 07, 2026. Scrutinizer Ashok Kumar Daga, a Practicing Company Secretary, submitted the report confirming the outcome based on the register for voting provided by NSDL. The record date for determining shareholder eligibility was May 29, 2026.

A total of 34 members participated in the voting process, casting 25,798 votes. The results showed a strong dissent from the participating shareholders, with 98.90% of the total votes cast opposing the resolution. Public non-institutional shareholders were the primary participants, with 25,515 votes cast against the proposal compared to 283 votes in favour.

The detailed voting results indicate that while the resolution received some support, it was overwhelmingly rejected by the public non-institutional shareholders. Promoters and public institutions did not participate in the voting process. Consequently, the ordinary resolution contained in the notice dated May 04, 2026, was not passed by the requisite majority.

Ashish Begwani has initiated a mandatory open offer to acquire up to 14,37,420 equity shares, representing 26.00% of the paid-up capital of Kkalpana Plastick Limited , at a price of ₹28 per share. The offer, valued at ₹4,02,47,760, follows a Share Purchase Agreement (SPA) dated July 07, 2026, through which Begwani is acquiring 72.58% of the company from outgoing promoters Mrs. Sarla Surana and Bbigplas Poly Private Limited. This acquisition triggers the open offer obligation under Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011.

The acquirer has agreed to purchase 40,12,335 equity shares from the sellers at a negotiated price of ₹28 per share, aggregating to ₹11,23,45,380. Pursuant to this transaction, Begwani will assume control of the target company and become the new promoter. The open offer is being made to public shareholders as on the Identified Date of August 13, 2026. VC Corporate Advisors Private Limited has been appointed as the Manager to the Offer.

Financials and Valuation

The target company has reported total revenue of ₹48.44 lakh and a net income of ₹5.99 lakh for the financial year ended March 31, 2026. The company has not generated revenue from operations for several years and currently earns income primarily from interest on loans extended to related parties. The equity shares of Kkalpana Plastick Limited are infrequently traded on the BSE, while trading on the Calcutta Stock Exchange (CSE) has been non-operational for many years.

The offer price of ₹28 per share is justified under Regulation 8(2) of the SEBI (SAST) Regulations. While the negotiated price under the SPA is ₹28, an independent registered valuer certified the fair value of the equity shares at ₹12.71 per share.

Offer Structure and Timeline

The acquirer has deposited ₹1,01,00,000 in an escrow account with ICICI Bank Limited, representing more than 25% of the offer consideration. The offer is not conditional upon a minimum level of acceptance. Assuming full acceptance of the open offer, Begwani's post-offer shareholding will increase to 98.58% on a diluted basis.

The tendering period for the open offer is scheduled to commence on August 28, 2026, and close on September 10, 2026. BSE has been designated as the stock exchange for the tendering process, and Nikunj Stock Brokers Limited has been appointed as the buying broker. Payment for accepted shares will be made within ten working days of the expiry of the tendering period.