Wherrelz IT Solutions Issues Corrigendum to EGM Notice Scheduled for May 18, 2026
Wherrelz IT Solutions Limited issued a corrigendum on May 07, 2026 to its EGM notice for the meeting scheduled on May 18, 2026 via Video Conferencing, approved by the Board of Directors on the same date. The corrigendum corrects postal ballot dates from April 17, 2025 and January 17, 2025 to December 14, 2024, and revises loan utilization disclosures with a total utilized amount of 46,77,03,000. Pre-preferential shareholding details for seven proposed allottees have been updated, with corrections ranging from 800 to 15,000 shares held prior to the proposed allotment. Additionally, the status of proposed allottees has been corrected from "none" to "all" being existing shareholders of the company.
*this image is generated using AI for illustrative purposes only.
Wherrelz IT Solutions Limited has issued a corrigendum dated May 07, 2026 to the notice of its Extra Ordinary General Meeting (EGM) scheduled to be held on Monday, May 18, 2026 at 02:00 P.M. (IST) through Video Conferencing ("VC") / Other Audio Visual Means ("OAVM"). The corrigendum was approved by the Board of Directors at its meeting held on May 07, 2026, and has been circulated to shareholders on the same date. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Key Corrections in the EGM Corrigendum
The corrigendum addresses five specific corrections and modifications to the original EGM Notice dated April 17, 2026. The following table summarises the nature of each correction:
| Correction No. | Area of Correction |
|---|---|
| 1 | Postal ballot date in Item No. 2, para 1 (page 4) |
| 2 | Postal ballot date in Explanatory Statement, Item No. 2, point 1 (page 17) |
| 3 | Objects and utilization of loan proceeds, Item No. 2, point 2 (page 18) |
| 4 | Pre-preferential shareholding details of proposed allottees, Item No. 2, point 6 (page 21) |
| 5 | Status of proposed allottees as existing shareholders, Item No. 2, point 11 (page 24) |
Corrections to Postal Ballot Dates
Two corrections relate to the date of shareholders' approval obtained through postal ballot in connection with loan agreements. The original EGM Notice referenced a postal ballot dated April 17, 2025 (in Item No. 2, para 1) and January 17, 2025 (in the Explanatory Statement). Both have been corrected to December 14, 2024 in the corrigendum.
Revision in Loan Utilization Disclosure
The corrigendum also revises the description of objects for which loan proceeds were utilized. The corrected objects are:
- To acquire stake in LLP by way of capital contribution
- To invest in fertilizer business by way of strategic investment in capital for development of IT Data and application for fertilizer business
- To meet Working Capital requirement of the company
The utilization of loan proceeds, before conversion of the loan into shares, is detailed below:
| S.N. | Particulars | Total Amount Utilized | Tentative Timelines |
|---|---|---|---|
| 1 | To acquire stake/capital contribution in Skytone Logistic Park LLP, engaged in acquisition of land for establishment of proposed IT park | 23,43,89,300 | Upto March, 2025 |
| 2 | To invest in fertilizer business for development of IT applications, data infrastructure and technology solutions for the fertilizer sector | 18,94,40,000 | Upto March, 2025 |
| 3 | To meet Working Capital requirement of the company | 4,38,73,700 | Upto March, 2025 |
| Total | 46,77,03,000 |
Corrections to Pre-Preferential Shareholding Details
The corrigendum corrects the pre-preferential shareholding details for seven proposed allottees under Item No. 2 of the Explanatory Statement. The original notice had stated zero pre-preferential shares for all allottees. The corrected figures are presented below:
| Sr. No. | Name of Proposed Allottee | Pre-Preferential Shares | % of Voting Rights | Shares Proposed to be Issued | Post-Preferential Shares | Post % of Voting Rights |
|---|---|---|---|---|---|---|
| 1 | Balaji Forex India Private Limited | 800 | 0.21 | 59,24,200 | 59,25,000 | 12.56 |
| 2 | Blackberry Sarees Private Limited | 800 | 0.21 | 39,24,200 | 39,25,000 | 8.32 |
| 3 | Comely Electrical Private Limited | 15,000 | 3.85 | 64,84,200 | 64,99,200 | 13.78 |
| 4 | Matrix Life Care Private Limited | 800 | 0.21 | 73,24,200 | 73,25,000 | 15.53 |
| 5 | Morning Vinimay Private Limited | 800 | 0.21 | 82,24,200 | 82,25,000 | 17.44 |
| 6 | Tripari Dealtrade Private Limited | 800 | 0.21 | 54,24,200 | 54,25,000 | 11.50 |
| 7 | Integrated Proteins Limited | 800 | 0.21 | 94,65,100 | 94,65,900 | 20.07 |
All seven proposed allottees are categorised as Non-Promoter, Body Corporate entities.
Correction Regarding Allottee Shareholder Status
The fifth correction pertains to the status of the proposed allottees as existing shareholders of the company. The original EGM Notice stated that none of the proposed allottees are existing shareholders of the company. The corrected statement reads that all the proposed allottees are existing shareholders of the company, and pursuant to the allotment, they shall be covered under the public category in the shareholding pattern filed with the Stock Exchange.
Except for the modifications detailed in this corrigendum, all other contents of the EGM Notice dated April 17, 2026 remain unchanged. The corrigendum forms an integral part of the EGM Notice and is to be read in conjunction with it. The filing was signed by Pankaj Narendra Saxena, Managing Director (DIN: 10289985).
Historical Stock Returns for Wherrelz IT Solutions
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | 0.0% | -4.98% | -35.58% | -37.00% | -11.65% |
How might the significant post-preferential shareholding concentration among seven allottees — with Morning Vinimay and Integrated Proteins holding over 17% and 20% respectively — impact Wherrelz IT Solutions' corporate governance and minority shareholder rights going forward?
Given the ₹23.4 crore investment in Skytone Logistic Park LLP for an IT park and ₹18.9 crore in fertilizer sector IT infrastructure, how could these diversified strategic bets affect Wherrelz IT Solutions' core business focus and future revenue streams?
Will SEBI or stock exchange regulators scrutinize the multiple factual errors in the original EGM Notice — including incorrect postal ballot dates and misrepresentation of allottee shareholder status — and could this trigger a compliance review of the company's disclosure practices?
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