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

30 Aug 2023 CW Team

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.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..