North Eastern Carrying Corporation Ltd Approves Capital Increase, New Business Objects, and Corporate Lending Measures
North Eastern Carrying Corporation Ltd announced several key corporate approvals following its Board of Directors meeting held on April 14, 2026. The board addressed significant structural changes, including expanding the company's authorized capital and broadening its operational scope.In terms of capital structure, the board approved increasing the company's authorized share capital and altering the relevant clause of the Memorandum of Association.
Capital Structure Changes
The authorized share capital was approved to increase from Rs. 100,00,00,000 (Rupees One Hundred Corres Only) to Rs. 110,00,00,000 (Rupees One Hundred Ten Crores Only). This expansion increases the total authorized equity shares from 10,00,00,000 (Ten Crores) shares of Rs. 10 each to 11,00,00,000 (Eleven Crores) shares of Rs. 10 each.Business Expansion and Financing
The board also cleared the alteration of the Object Clause (Clause III) of the Memorandum of Association, allowing the addition of new business activities. Specifically, the company was authorized to include the raising of funds through secured and/or unsecured loans, which carry the option to convert into equity shares. These funds can cover outstanding loans and may be secured in one or more tranches.Furthermore, the board approved several financial and operational powers:
- Loans and Guarantees: Approval was granted to provide loans, guarantees, and securities to subsidiary companies or other corporate bodies where any Director may have an interest, up to an aggregate limit not exceeding Rs. 100 Crore.
- Section 186 Compliance: The company was authorized to make investments, extend loans, provide guarantees, and offer securities exceeding the limits specified under Section 186 of the Companies Act, 2013.
- Preferential Issue: The board approved the conversion of unsecured loans held by the promoter(s) into equity shares through a preferential issue.
Related Party and Material Transactions
The board also addressed material related party transactions, approving the entry into business dealings with Shreyans Logistics Private Limited. This transaction limit is set at Rs. 50 Crores within a financial year.Shareholder Approvals and Notice
The board further approved the draft Postal Ballot Notice, initiating the process to seek shareholder approval for all the aforementioned matters through remote e-voting. The record date for the postal ballot has been fixed as February 10, 2026.NECCLTD Stock Price Movement
On Monday, North Eastern Carrying Corporation Limited shares slipped by 2.68% to close at ₹15.63. The stock finished the day having traded on a volume of 133,696 shares, shedding ₹0.43 from the previous session's close.Source:
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