Williamson Magor & Co. Limited has announced the withdrawal of an insolvency application filed against the company under section 7 of the Insolvency and Bankruptcy Code, 2016. The development follows a settlement reached between the parties involved in the dispute.

Settlement Details

The company informed stock exchanges that on March 10, 2026, both parties jointly submitted before the National Company Law Tribunal (NCLT), Kolkata Bench that the matter had been settled fully and finally. Following this joint submission, the NCLT dismissed the application as withdrawn.

Regulatory Compliance

The intimation was made pursuant to Regulation 30 and other applicable regulations of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has informed all relevant stock exchanges including BSE Ltd., National Stock Exchange of India Ltd., and The Calcutta Stock Exchange Ltd.

Documentation

Williamson Magor stated that a copy of the NCLT order will be disclosed upon receipt. The company secretary, Sk Javed Akhtar, signed the regulatory filing on March 11, 2026.

The resolution of this insolvency application removes a potential legal overhang for the tea company, which operates under the corporate identity number L01132WB1949PLC017715 with its registered office located at Four Mangoe Lane, Surendra Mohan Ghosh Sarani, Kolkata.

Williamson Magor & Co. Limited has issued a comprehensive postal ballot notice to its shareholders, seeking approval for the appointment of two new directors to strengthen its board composition. The notice, dated February 12, 2026, outlines the company's proposal to formalize the appointments of directors who were initially brought on board as additional directors.

Director Appointments Under Consideration

The postal ballot focuses on two key appointments that require shareholder approval:

Both directors were initially appointed as additional directors by the Board of Directors following recommendations from the Nomination and Remuneration Committee on January 27, 2026. The appointments were made in accordance with Section 161(1) of the Companies Act, 2013.

E-Voting Timeline and Process

The company has established a comprehensive timeline for the postal ballot process, conducted entirely through electronic voting:

Shareholders whose email addresses are registered with the company, depositories, or the registrar and transfer agent as of the cut-off date will receive the postal ballot notice electronically. The company has emphasized that no physical copies of the notice will be distributed.

Director Profiles and Qualifications

The explanatory statement provides detailed information about both proposed directors:

Mr Dillip Kumar Parida brings over twenty years of experience in accounts and taxation departments, having worked with reputed organizations including DGM Vigilance & Maintenance Services Pvt. Ltd. and Jaguar Securities. Born on June 3, 1975, he holds a Higher Secondary Commerce qualification and currently serves as a director of Babcock Borsig Limited.

Mr Javed Hossain, born on December 19, 1972, possesses more than twenty-five years of experience in accounts and administration departments. He has worked with organizations such as Seajuli Developers & Finance Ltd. and DGM Vigilance & Maintenance Services Pvt. Ltd., and also serves as a director of Babcock Borsig Limited.

Regulatory Compliance and Governance

The postal ballot process adheres to multiple regulatory frameworks:

• Companies Act, 2013: Sections 108, 110, and 161
• SEBI Listing Regulations: Regulation 30 and 44
• MCA Circulars: Various circulars from 2020 to 2025
• Secretarial Standards: SS-2 on General Meetings

The company has notified BSE Limited, National Stock Exchange of India Limited, and The Calcutta Stock Exchange Limited about the postal ballot process. Results will be made available on the company's website ( www.wmttea.com ), NSDL's platform ( www.evoting.nsdl.com ), and the respective stock exchange websites.

Shareholder Participation Guidelines

Voting rights will be proportionate to shareholders' equity holdings as of the cut-off date. The company has provided comprehensive instructions for e-voting through various channels, including demat accounts with NSDL and CDSL, and direct access through the NSDL e-voting platform. Institutional shareholders are required to submit relevant board resolutions and authority letters to participate in the voting process.

Both resolutions are proposed as ordinary resolutions, and if approved by the requisite majority, will be deemed passed on April 10, 2026, the last date for e-voting.