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VHLTD Shareholders Approve Capital Reclassification and Related Party Loans
Viceroy Hotels Limited (VHLTD) held an Extraordinary General Meeting on December 27, 2025, where shareholders approved five key resolutions. Major approvals included the reclassification of the company's Authorized Share Capital and the provision of loans or guarantees to M/s. SLN Terminus Hotels and Resorts Private Limited. Additionally, shareholders approved a material related party transaction with Director Mr. S. Prabhaker Reddy and the appointment of two directors, with the first resolution receiving 99.98% support.
Key Highlights
Resolution to appoint Mrs. Kondareddy Sukanya as Director passed with 5,83,43,537 votes (99.98%) in favor.
Shareholders approved the reclassification of Authorized Share Capital and subsequent amendment to the Memorandum of Association.
Approval granted for providing loans, guarantees, or security to SLN Terminus Hotels and Resorts Private Limited under Section 185.
Material Related Party transaction with Director Mr. S. Prabhaker Reddy was approved by the members.
The EGM was conducted via Video Conferencing with 55 members in attendance.
💼 Action for Investors
Investors should monitor the specific terms and financial impact of the approved loans to SLN Terminus Hotels and the related party transactions. The capital reclassification may indicate future plans for equity restructuring or fundraising.
Kajaria Ceramics Reports Vendor Fraud at Kerovit Subsidiary; Achieves ₹150 Cr Cost Savings
Kajaria Ceramics disclosed a vendor fraud at its step-down subsidiary, Kerovit Global, involving an employee who created fake vendor accounts using forged signatures. The company has recovered ₹60 lakh so far and expects to treat the remaining loss as an exceptional item in its financials. To prevent future occurrences, management is implementing an automated vendor onboarding system across all subsidiaries under the 'Kajaria 2.0' initiative. Separately, the company reported achieving ₹150 crores in annualized cost savings through its 'Operation Manthan' efficiency program.
Key Highlights
Detected vendor fraud at Kerovit Global involving an 8-year employee using forged signatures for fake vendor payments.
Recovered ₹60 lakh immediately; management is conducting a forensic audit to determine the total financial impact.
Achieved ₹150 crores in annualized cost savings through 'Operation Manthan' by optimizing manpower and logistics.
Implementing a mandatory automated vendor onboarding portal (Sequelstring) across all subsidiaries within 3 months.
Management confirmed no discrepancies were found in other subsidiaries after a comprehensive internal review.
💼 Action for Investors
Investors should monitor the final quantified loss from the fraud and the outcome of the forensic audit. While the governance lapse is a concern, the ₹150 crore cost savings and management's proactive transparency are positive indicators of operational resilience.
Shree Pushkar Allots 7.36 Lakh Convertible Warrants to Promoter at Rs 407.50 Each
Shree Pushkar Chemicals & Fertilisers has approved the allotment of 7,36,196 fully convertible warrants to its Promoter and Joint Managing Director, Mr. Gautam Gopikishan Makharia. The warrants are issued at a price of Rs. 407.50 per unit on a preferential basis. The company has already received the mandatory 25% upfront subscription amount, totaling approximately Rs. 7.5 crores. This infusion of capital by the promoter signifies strong internal confidence in the company's long-term growth prospects.
Key Highlights
Allotment of 7,36,196 fully convertible warrants to Promoter Mr. Gautam Gopikishan Makharia
Issue price set at Rs. 407.50 per warrant, representing a significant capital commitment
Receipt of 25% upfront subscription amount totaling Rs. 7,49,99,968
Warrants are convertible into equity shares of face value Rs. 10 each within the statutory period
Preferential allotment follows approval from members in the EGM held on December 10, 2025
💼 Action for Investors
The promoter's decision to increase their stake at Rs. 407.50 per share is a positive signal for long-term investors. Shareholders should monitor the deployment of the remaining 75% of funds for future expansion or debt reduction.
Shirpur Gold Refinery to Hold 27th Committee of Creditors Meeting on Dec 30, 2025
Shirpur Gold Refinery Limited, which is currently undergoing the Corporate Insolvency Resolution Process (CIRP), has scheduled its 27th Committee of Creditors (CoC) meeting. The meeting is slated for December 30, 2025, at 11:30 A.M. and will be conducted via video conferencing. This meeting is part of the ongoing efforts by the Resolution Professional to resolve the company's debt obligations. Investors should be aware that the company's operations and management are currently under the control of the Resolution Professional, Ashish Vyas.
Key Highlights
27th Committee of Creditors (CoC) meeting scheduled for December 30, 2025
Company is currently under Corporate Insolvency Resolution Process (CIRP)
Meeting to be held at 11:30 A.M. through video conferencing
Resolution Professional Ashish Vyas's AFA validity is noted until December 31, 2025
💼 Action for Investors
Investors should remain extremely cautious as equity value is often significantly diluted or wiped out during insolvency resolutions. Monitor for any announcements regarding the approval of a resolution plan by the CoC.
DCAL Board Approves Rs 50 Crore NCD Issuance at 10% Coupon Rate
Dishman Carbogen Amcis Limited (DCAL) has approved the issuance of Senior, Secured, Rated NCDs aggregating up to Rs 50 crores on a private placement basis. The debt instruments carry a coupon rate of 10.00% per annum, with interest and principal payable on a quarterly basis. The tenure is set for 36 months, featuring a quarterly amortization schedule of 12 equal tranches. The issue is backed by a 1.1x security cover including company assets, promoter-owned land, and personal guarantees.
Key Highlights
Issuance of up to 5,000 NCDs with a face value of Rs 1,00,000 each, totaling Rs 50 crores
Fixed coupon rate of 10.00% per annum with quarterly interest and principal payments
Tenure of 36 months with principal to be redeemed in 12 equal quarterly tranches
Security cover of 1.1x provided through company assets, promoter land, and personal guarantees
Proposed listing on the Wholesale Debt Market Segment of BSE Limited
💼 Action for Investors
Investors should monitor the company's cash flow capacity to service the quarterly principal and interest repayments. While the fundraise amount is relatively small, the 10% interest rate reflects the current cost of debt for the company.
DCAL Board Approves Rs. 50 Crore Fundraise via Secured NCDs at 10% Coupon
Dishman Carbogen Amcis Limited (DCAL) has approved the issuance of Senior, Secured, Rated, Listed Non-Convertible Debentures (NCDs) totaling Rs. 50 crores. These NCDs carry a coupon rate of 10.00% per annum, with both interest and principal to be paid on a quarterly basis. The debt has a tenure of 36 months and is structured with a quarterly amortization schedule of 12 equal tranches. The issue is backed by a 1.1x security cover, including charges on specific properties and personal/corporate guarantees.
Key Highlights
Issuance of 5,000 NCDs with a face value of Rs. 1,00,000 each, aggregating to Rs. 50 crores.
Fixed coupon rate of 10.00% per annum with a quarterly payment frequency.
Tenure of 36 months with principal repayment in 12 equal quarterly amortizing tranches.
Secured by 1.1x cover on specific immovable properties in Ahmedabad and the Naroda Plant.
Includes personal guarantee from Promoter Mr. Arpit Vyas and corporate guarantee from Dishman Infrastructure Ltd.
💼 Action for Investors
Investors should monitor the company's quarterly cash flows to ensure they can comfortably service the high-frequency amortization and 10% interest payments. While the fundraise amount is relatively small, the structured repayment schedule requires disciplined liquidity management.
Diamond Power Infrastructure Secures ₹66.18 Crore Order for Power Cable Supply
Diamond Power Infrastructure Limited (DIACABS) has received a Letter of Intent from Hild Projects Private Limited for the supply of power cables. The domestic order is valued at approximately ₹66.18 Crores, excluding GST. The execution of this contract is scheduled to take place between January 1, 2026, and June 30, 2026. Notably, the contract includes a Price Variation (PV) formula, which helps protect the company's margins against fluctuations in raw material costs.
Key Highlights
Total order value of ₹66,18,25,690 (exclusive of GST) from Hild Projects Private Limited.
Execution timeline set for a six-month period from January 2026 to June 2026.
Contract awarded on a 'Kms rate basis' with a Price Variation (PV) formula included.
The order is domestic and does not involve any related party transactions or promoter interest.
💼 Action for Investors
This order win strengthens the company's revenue visibility for the first half of 2026. Investors should monitor the company's ability to maintain margins through the Price Variation clause as they execute this contract.
Vaxtex Cotfab Files for Reclassification of Four Promoters to Public Category
Vaxtex Cotfab Limited (VCL) has officially applied to the National Stock Exchange on December 26, 2025, for the reclassification of four promoter entities to the public category. The outgoing promoters include two individuals, Mr. Khushant Gupta and Mr. Mithleshkumar M Agrawal, and two corporate entities, Qmin Industries Limited and Vax Enterprise Private Limited. This move is being executed under Regulation 31A of SEBI (LODR) Regulations, 2015. Such reclassifications typically indicate a formal reduction in the influence or ownership stake of the founding group in the company's governance.
Key Highlights
Application for reclassification submitted to NSE on December 26, 2025
Four entities from the Promoter Group are seeking transition to the Public category
Outgoing individual promoters identified as Mr. Khushant Gupta and Mr. Mithleshkumar M Agrawal
Corporate entities Qmin Industries Limited and Vax Enterprise Private Limited are also seeking reclassification
The process follows compliance with Regulation 31A of SEBI (LODR) Regulations, 2015
💼 Action for Investors
Investors should monitor the final approval from the stock exchange and observe if this change in promoter structure leads to any shifts in management or strategic direction. No immediate action is required as this is a regulatory filing regarding ownership status.
Aurobindo Pharma Subsidiary Terminates Biosimilar Agreement with BioFactura
CuraTeQ Biologics, a wholly-owned subsidiary of Aurobindo Pharma, has mutually agreed to terminate its license agreement with BioFactura Inc, USA. The agreement, originally signed on July 7, 2023, was for the development and commercialization of BFI-751, a biosimilar to the drug Stelara (Ustekinumab). The company stated that this decision is part of a strategic portfolio prioritization and is not expected to have a material impact on its overall biosimilars strategy. This move allows the company to reallocate resources toward other high-priority projects within its biologics pipeline.
Key Highlights
Termination of the July 7, 2023, agreement with BioFactura Inc for the BFI-751 biosimilar.
BFI-751 is a proposed biosimilar to Stelara (Ustekinumab), which is used for treating autoimmune diseases.
CuraTeQ Biologics previously held global manufacturing rights and a profit-sharing arrangement under the deal.
Management confirms the termination will not have a material impact on the company's long-term biosimilars roadmap.
💼 Action for Investors
Investors should view this as a strategic portfolio adjustment rather than a setback, though it is important to monitor the progress of Aurobindo's remaining biosimilar pipeline for future growth drivers.
APL Apollo Tubes Releases FY25 ESG Report Highlighting Net Zero Roadmap and Global Compliance
APL Apollo Tubes has published its fifth ESG Report for FY 2024-25, covering 100% of its operations across 11 manufacturing units in India and Dubai. The report is aligned with international standards like GRI 2021 and ISSB, and includes reasonable external assurance on SEBI BRSR Core Indicators. It outlines the company's strategic journey toward Net Zero and provides detailed metrics on energy and emission management. This level of transparency is aimed at strengthening stakeholder trust and attracting ESG-focused institutional investment.
Key Highlights
Comprehensive ESG disclosure covering 11 manufacturing plants and 100% of company revenue.
Adherence to global reporting standards including GRI 2021, ISSB, and UN Sustainable Development Goals.
Reasonable external assurance obtained for SEBI BRSR Core Indicators via Sustainability Actions Pvt. Ltd.
Includes a detailed Net Zero journey roadmap and specific targets for Scope 1 and Scope 2 emissions.
Governance oversight confirmed with reviews by the CMD, CFO, and Chief Strategy Officer.
💼 Action for Investors
This report confirms APL Apollo's commitment to high governance and sustainability standards, which is a positive sign for long-term institutional holding. Investors should track the execution of the Net Zero roadmap as a key non-financial performance indicator.
Munjal Showa Receives Income Tax Demand Notice of INR 703.83 Lakhs
Munjal Showa Limited has received a tax demand notice of INR 703.83 Lakhs, including interest, for the Assessment Year 2022-23. The Income Tax Department assessed the company's income at INR 2768.90 Lakhs, which is significantly higher than the returned income of INR 489.48 Lakhs. The primary reason for this discrepancy is an adjustment of INR 2254.99 Lakhs related to royalty and other payments. The company has stated it will challenge this order before the Income Tax Appellate Tribunal (ITAT) based on strong merits.
Key Highlights
Total tax demand of INR 703.83 Lakhs issued for Assessment Year 2022-23
Assessed income revised to INR 2768.90 Lakhs against reported INR 489.48 Lakhs
Adjustment of INR 2254.99 Lakhs made specifically regarding royalty payments
Company to file an appeal before the Income Tax Appellate Tribunal (ITAT)
💼 Action for Investors
Investors should monitor the outcome of the ITAT appeal as a final unfavorable ruling would impact the company's cash flows. However, since the company is contesting the demand, there is no immediate cash outflow beyond potential mandatory deposits for the appeal.
CRISIL Reaffirms 'AAA/Stable' Rating for LG Electronics India; Plans ₹5,000 Cr Capex
CRISIL has reaffirmed its highest credit rating of 'AAA/Stable' for LG Electronics India, citing its dominant market position and robust financial profile. The company reported a 14% revenue growth in FY25 to ₹24,371 crore, supported by strong sales in air conditioners and refrigerators. Despite a moderation in H1 FY26 margins to 10.2% due to commodity pressures, the company remains debt-free with cash reserves of ₹4,284 crore as of September 2025. A significant ₹5,000 crore greenfield expansion in Andhra Pradesh is planned over the next 4-5 years, to be funded entirely through internal accruals.
Key Highlights
CRISIL reaffirmed 'AAA/Stable' and 'A1+' ratings for bank facilities worth ₹618.27 crore.
FY25 revenue increased 14% to ₹24,371 crore with a PAT of ₹2,203 crore.
Company maintains a debt-free balance sheet with cash equivalents of ₹4,284 crore as of Sept 2025.
Planned ₹5,000 crore capex for a new manufacturing facility in Sri City for ACs and refrigerators.
Interest coverage ratio remains exceptionally strong at over 90 times for FY25.
💼 Action for Investors
The reaffirmation of the highest credit rating and the announcement of a large, self-funded expansion plan signal strong fundamental health and long-term growth prospects. Investors should monitor the company's ability to maintain margins amidst intense competition and volatile raw material costs.
Kotak Mahindra Bank Shareholders Approve Stock Split and Chairman Remuneration
Kotak Mahindra Bank has received shareholder approval for a sub-division of equity shares (stock split) with a near-unanimous 99.9996% majority. Additionally, shareholders approved the alteration of the bank's Capital Clause and the remuneration for Non-Executive Chairman Mr. C. S. Rajan. The voting process, concluded on December 26, 2025, saw high participation with over 1.70 billion valid votes cast for the primary resolutions. This move is expected to enhance the liquidity of the bank's shares in the secondary market.
Key Highlights
Sub-division of equity shares approved with 99.9996% votes in favor (1,70,53,10,961 votes)
Remuneration for Mr. C. S. Rajan as Non-Executive Chairman passed with 99.9980% support
Alteration of the Capital Clause of Memorandum of Association received 99.9996% approval
Total valid votes polled for the stock split resolution reached 1,70,53,17,624
💼 Action for Investors
Investors should monitor for the announcement of the specific record date for the stock split to manage portfolio positions. The high approval rates suggest strong institutional and retail backing for the current management's strategic decisions.
Solarworld Bags INR 725.33 Cr EPC Order for 250 MWac Solar Project from NTPC REL
Solarworld Energy Solutions Limited has secured a significant Engineering, Procurement, and Construction (EPC) contract from NTPC Renewable Energy Limited. The project involves developing a 250 MWac Grid Connected Solar PV Project with an order value of approximately INR 725.33 crore. This domestic contract is scheduled for completion within the financial year 2026-27. This win strengthens the company's order book and provides clear revenue visibility for the next two fiscal years.
Key Highlights
Awarded a major EPC contract worth approximately INR 725.33 crore including taxes.
The project involves the development of a 250 MWac Grid Connected Solar PV Project.
Contracting entity is NTPC Renewable Energy Limited, a reputable domestic player.
Project execution is scheduled for completion during the financial year 2026-27.
💼 Action for Investors
Investors should monitor the company's execution progress as this large order significantly boosts revenue visibility. The association with a major PSU like NTPC enhances the company's profile in the renewable energy sector.
Nagarjuna Fertilizers MD and Chairman Resign as Promoter AMPL Exits 49.51% Stake
Ambika Mercantile Private Limited (AMPL) has completely exited its 49.51% stake in Nagarjuna Fertilizers and Chemicals Limited, amounting to 29,60,72,140 equity shares. Consequently, AMPL has withdrawn its nominated directors, leading to the immediate resignation of Mr. K Rahul Raju as Managing Director and Mr. Uday Shankar Jha as Chairman effective December 26, 2025. The stake sale was conducted through open market transactions and block deals during FY 2024-25. This marks a total exit of a major promoter and a significant leadership vacuum at the top level of the company.
Key Highlights
Promoter AMPL exited its entire 49.51% stake consisting of 29,60,72,140 equity shares
Managing Director K Rahul Raju and Chairman Uday Shankar Jha have resigned effective Dec 26, 2025
AMPL has officially ceased to be a shareholder and promoter of the company
The exit was executed via open market transactions and block deals during the 2024-25 financial year
💼 Action for Investors
Investors should exercise caution and monitor the company for announcements regarding new leadership appointments and potential changes in strategic direction. The exit of a nearly 50% shareholder and the top management creates significant uncertainty for the company's near-term outlook.
Nagarjuna Fertilizers MD and Chairman Resign Following 49.51% Stake Exit by Promoter AMPL
Ambika Mercantile Private Limited (AMPL), a major promoter, has exited its entire 49.51% stake in Nagarjuna Fertilizers and Chemicals Limited (NFCL) through open market and block deals. Consequently, AMPL has withdrawn its nominated directors, resulting in the immediate cessation of Mr. K Rahul Raju as Managing Director and Mr. Uday Shankar Jha as Chairman effective December 26, 2025. This marks a complete overhaul of the company's top leadership and promoter structure following the sale of 29,60,72,140 equity shares.
Key Highlights
Promoter AMPL exited its entire stake of 29,60,72,140 equity shares, representing 49.51% of the company
Mr. K Rahul Raju has stepped down as the Managing Director effective December 26, 2025
Mr. Uday Shankar Jha has ceased to be the Chairman of the Board effective December 26, 2025
The stake sale was completed during FY 2024-25 via open market transactions and block deals
💼 Action for Investors
Investors should exercise caution and monitor the company's next steps regarding the appointment of a new management team. The complete exit of a nearly 50% promoter and the resignation of the MD and Chairman create significant uncertainty regarding future operations.
Utkarsh Small Finance Bank Files NCLT Application for Merger with Utkarsh CoreInvest
Utkarsh Small Finance Bank has reached a significant milestone in its corporate restructuring by filing a joint application with the NCLT Allahabad Bench on December 26, 2025. The application seeks directions for convening meetings of shareholders and creditors regarding the merger of the promoter entity, Utkarsh CoreInvest Limited, into the bank. This move follows the initial board approval granted on September 20, 2024, and is aimed at simplifying the corporate structure. Such reverse mergers are standard regulatory requirements for Small Finance Banks to comply with RBI licensing conditions.
Key Highlights
Joint application filed with NCLT Allahabad Bench on December 26, 2025, under Sections 230-232 of the Companies Act.
The scheme involves the amalgamation of Utkarsh CoreInvest Limited (Transferor) with Utkarsh Small Finance Bank (Transferee).
The filing follows the initial Board of Directors approval previously announced on September 20, 2024.
The bank is seeking directions to convene meetings for equity shareholders and relevant stakeholders to vote on the scheme.
The filing complies with Regulation 37 of the SEBI Listing Obligations and Disclosure Requirements.
💼 Action for Investors
Investors should view this as a positive step toward regulatory compliance and simplified ownership. Monitor upcoming NCLT hearing dates and shareholder meeting notices for the final approval timeline.
RailTel Secures ₹19.84 Crore International Order for Ethiopia Data Centre Project
RailTel Corporation of India has received a work order from the Ministry of External Affairs for an international project in Addis Ababa, Ethiopia. The contract involves project implementation services for establishing a Data Centre for the Ethiopian Ministry of Foreign Affairs. The total order value is approximately ₹19.84 Crores. This project is slated for completion by December 25, 2029, indicating a long-term execution and service commitment.
Key Highlights
Total order value is ₹19,83,74,494 (approximately ₹19.84 Crores)
Project involves establishing a Data Centre for the Ministry of Foreign Affairs (MoFA) in Ethiopia
Contract awarded by the Ministry of External Affairs, Government of India
Execution timeline is set for completion by December 25, 2029
💼 Action for Investors
Investors should note RailTel's successful expansion into international IT infrastructure projects, which diversifies its revenue stream beyond Indian Railways. While the order size is relatively small, it strengthens the company's credentials for future global tenders.
FirstCry Restructures Hygiene Vertical; Increases Stake in Swara Baby to 76.59%
Brainbees Solutions (FirstCry) has approved an intra-group restructuring to consolidate its hygiene business under one entity. The company is increasing its stake in Swara Baby Products from 75.92% to 76.59% by swapping its 79.34% direct holding in Solis Hygiene. Consequently, Swara Baby will now own 100% of Solis Hygiene, which becomes a step-down subsidiary. Separately, the company appointed Mr. Mandar Joshi as Company Secretary following the resignation of Ms. Neha Surana.
Key Highlights
FirstCry's stake in subsidiary Swara Baby Products increases to 76.59% via a share swap valued at ₹84.40 crore.
Swara Baby to acquire 100% of Solis Hygiene, consolidating the hygiene vertical under a single roof.
Solis Hygiene reported a turnover of ₹240.7 crore in FY25, contributing 3% to consolidated revenue.
Swara Baby Products reported a turnover of ₹545.14 crore for the financial year 2024-25.
Mr. Mandar Joshi appointed as Company Secretary and Compliance Officer effective December 27, 2025.
💼 Action for Investors
This is a routine internal restructuring aimed at operational efficiency and does not significantly change the company's fundamental value. Investors should monitor if this consolidation improves the reporting and margins of the hygiene segment in future quarters.
FirstCry Consolidates Hygiene Vertical; Increases Stake in Swara Baby to 76.59%
Brainbees Solutions (FirstCry) has approved an intra-group restructuring to consolidate its hygiene business under its subsidiary, Swara Baby Products. The company will increase its stake in Swara Baby from 75.92% to 76.59% through a share swap valued at INR 84.40 Crore. As part of this move, Solis Hygiene will become a 100% subsidiary of Swara Baby, streamlining the hygiene vertical's reporting and operations. Separately, the company appointed Mr. Mandar Joshi as the new Company Secretary following the resignation of Ms. Neha Surana.
Key Highlights
FirstCry's stake in Swara Baby Products to increase from 75.92% to 76.59% via a share swap.
Swara Baby to acquire 100% of Solis Hygiene, which contributed INR 240.7 Crore to FY25 turnover.
The cost of acquisition for the additional shares in Swara Baby is valued at INR 84.40 Crore.
Restructuring aims to bring the entire hygiene vertical under a single entity for better operational efficiency.
Mr. Mandar Joshi appointed as Company Secretary & Compliance Officer effective December 27, 2025.
💼 Action for Investors
This is an internal restructuring aimed at operational synergy and does not materially alter the consolidated financial position. Investors should monitor the hygiene segment's performance for improved margins following this consolidation.