North Eastern Carrying Corporation Limited will allot 1,00,00,000 (One Crore) convertible warrants to its promoter, Sunil Kumar Jain, on a preferential basis. The company has scheduled a board meeting for October 1, 2026, to approve this issuance at an issue price of ₹18.51 per warrant.

The allotment follows the approval obtained from the members of the company at the Annual General Meeting held on September 10, 2026. This action is taken pursuant to applicable laws, rules, and regulations governing preferential issues.

Board Agenda and Compliance

The Board of Directors will convene at the registered office of the company. The primary agenda item is the consideration and approval of the allotment of warrants to Mr. Sunil Kumar Jain. Additionally, the board will address matters incidental or ancillary to this allotment.

This intimation is made in compliance with Regulation 29(1) and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. The company informed both BSE Limited and National Stock Exchange of India Limited regarding the scheduled meeting.

Key Transaction Details

The transaction represents a significant capital infusion mechanism for the company, directed specifically toward the promoter entity. The issue price is fixed at ₹18.51 per warrant, as approved by shareholders earlier in September 2026.

North Eastern Carrying Corporation Limited shareholders approved all eight resolutions at its 41st Annual General Meeting held on September 10, 2026. The approvals include a ₹40 crore authorized capital hike and preferential allotment of convertible warrants to the promoter.

The meeting was conducted via video conferencing or other audio-visual means (VC/OAVM), with proceedings deemed to have taken place at the company's registered office in Delhi. Mr. Utkarsh Jain, Executive Director, chaired the meeting. Remote e-voting was open from September 7, 2026, to September 9, 2026, with a cut-off date of September 3, 2026, for determining shareholder eligibility.

Voting Participation and Results

The consolidated voting results, scrutinized by M/s A.K. Friends & Co., show varying participation levels across resolutions. For ordinary resolutions not involving promoter interest, such as the adoption of financial statements, total votes polled reached 59,869,425, representing 57.30% of outstanding shares. In contrast, resolutions involving promoter interest, such as management re-appointments and warrant allotments, saw lower total poll participation of 34,670,296 votes (33.18% of outstanding shares), primarily driven by promoter group voting.

All resolutions were passed with requisite majorities. The promoter group held 57,691,261 shares, while public non-institutional holders held 46,808,739 shares as on the cut-off date.

Capital Structure Changes

Members approved increasing the authorized share capital from ₹110 crore to ₹150 crore. This involves creating 4 crore additional equity shares of ₹10 face value each. The resolution also mandates amending Clause V of the Memorandum of Association accordingly. This special resolution received 99.98% support from votes polled.

Promoter Warrant Allotment

The AGM approved the preferential allotment of 1 crore convertible warrants to Mr. Sunil Kumar Jain, the promoter. Each warrant entitles the holder to one equity share of ₹10 face value. The issue price is set at ₹18.51 per warrant, aggregating to ₹18.51 crore. This special resolution secured 99.97% approval from polled votes.

Debt Conversion Option

Shareholders granted approval to convert loans from various lenders into equity-linked securities. This facility covers loans up to ₹50 crore. Lenders may opt to convert debt into convertible warrants, preference shares, debentures, or non-convertible debentures with conversion rights. The resolution passed with 99.98% support.

Management Re-appointments

The meeting approved the re-appointment of key management personnel for five-year terms starting October 1, 2026:

Mr. Utkarsh Jain was also re-appointed as a director retiring by rotation. Both re-appointments required special resolutions due to promoter interest and passed with over 99.95% support from polled votes.

Audit Appointment

M/s Nemani Garg Agarwal & Co. were re-appointed as statutory auditors for five years, from April 1, 2026, to March 31, 2031. The company secretary informed members that the audited financial statements for FY26 were adopted during the meeting. This ordinary resolution received 99.97% approval.