Space Incubatrics Technologies Announces Board Meeting to Address Director Changes

Space Incubatrics Technologies Limited (BSE: 541890) has announced a Board of Directors meeting scheduled for September 20, at the company's registered office in Pawan Puri, Muradnagar, Ghaziabad. The meeting's agenda includes changes in the company's leadership, focusing on the appointment and resignation of a Director, along with other undisclosed matters.

Key Meeting Details

Date: September 20
Venue: Registered Office of Space Incubatrics Technologies Limited
Primary Agenda: Appointment and resignation of a Director

Official Communication

The company has formally notified BSE Limited about the scheduled board meeting through a communication signed by Khushbu Singhal, the Company Secretary and Compliance Officer. This notification, dated September 17, adheres to the company's commitment to transparency and compliance with regulatory requirements.

Company Background

Space Incubatrics Technologies Limited, listed on the BSE with the scrip ID SPACEINCUBA, operates under the CIN: L17100UP2016PLC084473. The company maintains its registered office in Muradnagar, Ghaziabad, Uttar Pradesh.

Implications

While the specific details regarding the Director changes remain undisclosed, such board-level modifications often signal strategic shifts or governance updates within a company. Shareholders and market observers will likely be interested in the outcomes of this meeting, as changes in directorship can potentially influence the company's future direction and operations.

The company has not provided information on any other items on the meeting's agenda, stating only that 'other things' will be discussed alongside the director-related matters.

Investors and stakeholders are advised to await further updates following the board meeting, as the decisions made could have implications for the company's governance structure.

Space Incubatrics Technologies Limited , a company listed on the BSE, has recently undergone significant changes in its shareholding structure and approved several key resolutions at its Annual General Meeting (AGM). The company, which has a total equity share capital of Rs. 34.61 crore, saw major movements in its promoter holdings and passed important resolutions that could shape its future operations.

Promoter Stake Sale

Mahesh Chand Mittal HUF, a promoter entity, sold 680,724 equity shares, representing 1.96% of the company's paid-up equity share capital, at Rs. 2.10 per share on September 5, 2025. This transaction was conducted through an open market sale, resulting in Mahesh Chand Mittal HUF's individual holding in the company reducing to nil, while retaining 92 shares together with persons acting in concert.

In a separate transaction on the same day, Suman Mittal, another promoter, sold 3,761,924 equity shares, representing 10.87% of the paid-up equity share capital, also at Rs. 2.10 per share. Following this sale, Suman Mittal's individual holding in the company was reduced to nil, with 680,816 shares remaining with persons acting in concert, representing 1.96% of the total shareholding.

Annual General Meeting Resolutions

The company held its 9th Annual General Meeting on September 6, 2025, where several key resolutions were passed:

Adoption of Financial Statements: The audited standalone financial statements for the financial year ended March 31, 2025, along with the reports of the Board of Directors and Auditors, were adopted.
Re-appointment of Director: Mr. Nishant Mittal (DIN: 02766556) was re-appointed as a director, retiring by rotation.
Property Sale Approval: The sale of company property to Mr. Nishant Mittal, Managing Director, or Mrs. Suman Mittal was approved.
Motor Vehicle Sale Approval: The sale of company motor vehicles to Mr. Mahesh Chand Mittal, Director, or Mrs. Suman Mittal was approved.
Material Related Party Transaction: A resolution for approval of material related party transactions was passed.
Investment and Loan Limits: The company received approval to make investments, give loans, guarantees, and security in excess of the limits prescribed in Section 186 of the Companies Act, 2013.
Authorization under Section 180(1)(A): A special resolution authorizing certain actions under Section 180(1)(A) of the Companies Act, 2013, was passed.

Voting Results

The resolutions were passed with significant majority support. The adoption of financial statements and the authorization under Section 180(1)(A) received 98.99% votes in favor. The resolution for investments and loans in excess of prescribed limits garnered 98.92% support. However, the resolutions for property and motor vehicle sales to promoters saw relatively lower support, with 77.38% votes in favor and 22.62% against.

These developments indicate a shift in the promoter holding structure of Space Incubatrics Technologies Limited and suggest that the company is preparing for potential strategic moves in terms of asset sales and financial flexibility. The strong shareholder support for most resolutions demonstrates confidence in the company's direction, although the asset sale to promoters faced some opposition.