North Eastern Carrying Corp raises capital limit, fund raising

North Eastern Carrying Corporation Limited secured shareholder approval to increase its authorised share capital and raise funds through secured or unsecured loans, following a postal ballot concluded on May 16, 2026. The company received consent to alter its memorandum of association and approve material related party transactions, impacting its capital structure and operational scope for the financial year 2026-27.

The postal ballot, conducted via remote e-voting from April 17, 2026, to May 16, 2026, sought consent on seven resolutions. Mr. Ashish Kumar Friends, Practicing Company Secretary, served as the Scrutinizer. The results were declared based on the Scrutinizer's Report dated May 18, 2026, and the minutes were submitted to the exchanges on June 08, 2026.

Capital and Memorandum Alterations

Shareholders approved an ordinary resolution to increase the authorised share capital from ₹100 crore to ₹110 crore by creating an additional 1 crore equity shares of ₹10 each. Consequently, Clause V of the Memorandum of Association was altered to reflect the new capital structure.

A special resolution was passed to alter the Objects Clause of the Memorandum of Association. This included modifications to Clause III (A) (2) to trade in various transport means and the addition of Clause III (A) (5) to establish and operate warehouses, cold storage facilities, and distribution centres.

Fund Raising and Financial Approvals

The company approved raising funds through secured or unsecured loans up to ₹50 crore, with an option for lenders to convert the debt into fully paid-up equity shares. The conversion price will be determined at the time of conversion, complying with applicable regulations.

Shareholders also authorised the Board to provide loans, guarantees, or security to subsidiaries or associate companies where directors are interested, up to an aggregate amount of ₹100 crore. Furthermore, the company received approval to make investments, give loans, and provide guarantees exceeding the limits specified under Section 186 of the Companies Act, 2013, up to ₹100 crore.

Conversion of Unsecured Loans and Related Party Transactions

A special resolution allowed the conversion of outstanding unsecured loans amounting to ₹6.83 crore into 45 lakh equity shares on a preferential basis to persons belonging to the Promoter and Promoter Group. The relevant date for determining the minimum issue price was fixed as April 16, 2026.

Finally, shareholders approved an ordinary resolution for material related party transactions with Shreyans Logistics Private Limited for the financial year 2026-27, up to a value of ₹50 crore.

Resolution Item	Description	Votes For	Votes Against	Invalid Votes
Item 01	Increase in Authorised Share Capital	5,68,71,636 (99.99%)	10,870 (0.01%)	-
Item 02	Alteration of Objects Clause	5,68,71,637 (99.99%)	10,869 (0.01%)	-
Item 03	Raising of Funds via Loan	5,68,71,637 (99.99%)	10,869 (0.01%)	-
Item 04	Loans to Subsidiaries/Associates	3,61,62,886 (99.97%)	10,969 (0.03%)	2,07,08,651
Item 05	Investments/Loans exceeding Section 186 limits	5,68,71,564 (99.99%)	10,942 (0.01%)	-
Item 06	Conversion of Unsecured Loans	3,61,62,533 (99.97%)	11,322 (0.03%)	2,07,08,651
Item 07	Related Party Transaction with Shreyans Logistics	3,61,61,156 (99.96%)	12,699 (0.04%)	2,07,08,651

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.60%	+8.94%	+1.84%	-11.81%	-36.52%	+42.20%

North Eastern Carrying Corporation Limited reported a 24.4% decline in net profit to ₹775.07 lakh for the financial year ended March 31, 2026, compared to ₹1025.25 lakh in the previous year. Revenue from operations decreased to ₹30804.38 lakh from ₹32872.47 lakh in FY25. The Board of Directors approved the audited financial results at a meeting held on May 29, 2026.

For the quarter ended March 31, 2026, the company posted a net profit of ₹70.01 lakh, a significant drop from ₹176.01 lakh in the corresponding quarter of the previous year. Quarterly revenue from operations stood at ₹9622.98 lakh, up from ₹8809.71 lakh in the same period last year. Total income for the quarter rose to ₹9811.84 lakh.

Financial Performance

The company's total expenses for FY26 were ₹30367.62 lakh, lower than the ₹31639.89 lakh recorded in the previous year. Finance costs increased to ₹930.75 lakh from ₹707.82 lakh in FY25. Earnings per share (EPS) for the year stood at ₹0.78, down from ₹1.03 in the previous year.

Metric	FY26 (₹ in Lakhs)	FY25 (₹ in Lakhs)
Revenue from Operations	30804.38	32872.47
Total Income	31434.37	32943.54
Total Expenses	30367.62	31639.89
Net Profit	775.07	1025.25
EPS (Basic)	0.78	1.03

Audit Qualifications

The statutory auditor, Nemani Garg Agarwal & Co., issued a qualified opinion on the financial results. The qualifications relate to the company not providing a provision for doubtful debts, as management believes debtors are fully realizable, and the fact that debit and credit balances are subject to confirmation. The company stated that debtors are fully realizable and it is in the process of receiving confirmations from concerned parties.

Board Decisions

In addition to the financial results, the Board approved the re-appointment of M/s Sanghi & Co., Chartered Accountant, as Internal Auditor for a period of five consecutive years, from FY 2026-27 to FY 2030-31. The meeting commenced at 1600 Hours and concluded at 1650 Hours.

The audited financial results for the quarter and year ended March 31, 2026 were published in Financial Express (English) and Jansatta (Hindi), both dated May 31, 2026.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE553C01016/46bd202a84584d70.pdf