JK Lakshmi shareholders reject raising transaction limit to Rs 10,000 crore
Cement

JK Lakshmi shareholders reject raising transaction limit to Rs 10,000 crore

Shareholders of JK Lakshmi Cement Limited (JKLC) have rejected a proposal to raise the inter-corporate transaction limit to Rs 10,000 crore at the company's annual general meeting held on August 24.

The special resolution seeking approval under Section 186 of the Companies Act, 2013 received only 71.10% votes in favor, falling short of the minimum 75% required to pass a special resolution.

Proxy advisory firm IiAS had opposed the move, stating the proposed limit was 277% higher than the current automatic limit of Rs 2,650 crore, of which JKLC has already utilized 91.7%.

While acknowledging the need for some increase, IiAS said the massive proposed hike warranted more disclosures from JKLC.
However, a separate special resolution for approval of Rs 2.50 crore commission to Chairman Bharat Hari Singhania for FY23 was passed with 85.29% votes, crossing the regulatory requirement of over 50% approval for payments exceeding 50% of total remuneration to all non-executive directors.
JKLC, part of the JK Organisation group, had revenue of Rs 6,071 crore in FY23. The rejection of the inter-corporate transaction limit hike indicates shareholders want more clarity before approving such a substantial increase.

Shareholders of JK Lakshmi Cement Limited (JKLC) have rejected a proposal to raise the inter-corporate transaction limit to Rs 10,000 crore at the company's annual general meeting held on August 24.The special resolution seeking approval under Section 186 of the Companies Act, 2013 received only 71.10% votes in favor, falling short of the minimum 75% required to pass a special resolution.Proxy advisory firm IiAS had opposed the move, stating the proposed limit was 277% higher than the current automatic limit of Rs 2,650 crore, of which JKLC has already utilized 91.7%.While acknowledging the need for some increase, IiAS said the massive proposed hike warranted more disclosures from JKLC.However, a separate special resolution for approval of Rs 2.50 crore commission to Chairman Bharat Hari Singhania for FY23 was passed with 85.29% votes, crossing the regulatory requirement of over 50% approval for payments exceeding 50% of total remuneration to all non-executive directors.JKLC, part of the JK Organisation group, had revenue of Rs 6,071 crore in FY23. The rejection of the inter-corporate transaction limit hike indicates shareholders want more clarity before approving such a substantial increase.

Next Story
Resources

Ajmera Realty launches tree drive on Environment Day

Ajmera Realty & Infra India marked World Environment Day with a large-scale tree plantation initiative—Plant-with-Purpose—across its projects in Mumbai and Bangalore. The drive was inaugurated at Ajmera Manhattan and Ajmera Greenfinity in Wadala, with senior company officials and residents in attendance. The campaign encourages residents to embrace eco-conscious, self-reliant lifestyles by growing useful plants and trees within their communities. Horticulture expert Devendra Bhekar guided residents on creating and maintaining green spaces. Ajmera Realty planted over 500 trees..

Next Story
Resources

Twaron®-reinforced tyre powers Brunel’s solar race car

Teijin Aramid’s Twaron® with circular content will debut in Bridgestone’s race tyres for the 2025 Bridgestone World Solar Challenge, supporting the Brunel Solar Team’s Nuna 13 car. This marks the first use of the recycled-content aramid in a high-performance race tyre. The Twaron®-reinforced belts help enhance durability, reduce rolling resistance, and maintain lightweight strength—critical for the 3,000-km solar race across Australia. Bridgestone combines this with ENLITENTM tech and other recycled inputs to maximise environmental and performance outcomes. Teijin Aramid, a..

Next Story
Building Material

Kamdhenu Paints launches new wood coating range

Kamdhenu Paints has launched a comprehensive premium wood coating range designed for both interior and exterior applications. The collection includes high-performance solutions like Kamwood 2K PU for a rich matt or high-gloss finish, Kamwood 1K PU for clarity and stain protection, and the Kamwood Melamyne system for a smooth, durable finish. Also featured are Kamwood Wood Stains, which enhance wood grains with vibrant colour, and NC Sanding Sealer for high-build grain filling. The range is supported by Kamwood Thinners for ease of application and optimal finish. Saurabh Agarwal, MD, ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?