Thacker & Company has launched a postal ballot to secure shareholder approval for key corporate changes. Proposals include the re-appointment of manager Raju R. Adhia, the appointment of new statutory auditors, and enabling provisions for future security buy-backs. Crucially, the company is seeking to modify an inter-corporate deposit arrangement with Biodegradable Products India Limited, shifting from an unsecured facility to one secured by a mortgage. Shareholders are invited to vote on these resolutions via remote e-voting starting September 23, 2026.
Thacker & Company Announces Postal Ballot for Strategic and Governance Resolutions
- The company seeks approval to modify a Rs 20 crore revolving inter-corporate deposit (ICD) with Biodegradable Products India Limited.
- Shareholders will vote on the appointment of V K Beswal & Associates as new statutory auditors.
Reader Takeaway: Shareholders should weigh the added mortgage security against the borrower’s negative net worth and financial instability.
What just happened
Thacker & Company Ltd has initiated a postal ballot process to resolve four major corporate items. The board is seeking Special Resolutions for the re-appointment of Mr. Raju R. Adhia as Manager and the alteration of Articles of Association to enable future buy-backs. Ordinary resolutions are proposed for the appointment of M/s. V K Beswal & Associates as statutory auditors and the continuation of an inter-corporate deposit arrangement with Biodegradable Products India Limited (BPIL).
Why this matters
The modification of the ICD arrangement with BPIL is a critical point for investors. While the company is shifting from an unsecured facility to a secured one, backed by a joint mortgage on land, BPIL’s financials remain a point of concern. BPIL reported a loss of Rs 460.26 lakh and a negative net worth of Rs 3,020.52 lakh for FY 2025-26. The mortgage security provides some mitigation, but the borrower’s underlying financial health is weak.
Key Resolutions
- Managerial Tenure: Mr. Raju R. Adhia is proposed for a five-year term. Because he will turn 70 during this tenure, a Special Resolution is required under the Companies Act, 2013.
- Auditor Change: Following the resignation of M/s. P.R. Agarwal & Awasthi, the company proposes M/s. V K Beswal & Associates to fill the casual vacancy.
- Buy-Back Provision: Article 63A is being introduced to provide an enabling clause for future securities buy-backs, subject to further regulatory approvals.
Voting Process
The remote e-voting window opens on September 23, 2026, at 09:00 AM IST and closes on October 22, 2026, at 05:00 PM IST. The cut-off date for eligibility to vote is September 18, 2026. Final results are expected to be announced by October 24, 2026.