Clarification on drafting error in Point 7 of AGM notice for proposed preferential issue
Orchasp corrected a drafting error in Point 7 of its AGM notice for the proposed preferential issue: the allottee is "going to belong" to the Promoter & Promoter Group, not already in it.
By ScoutQuest · · 2 min read
- Votes in favour
- 99.99%
- AGM date
- September 30, 2026
- Allottee existing status
- non-promoter with nil shareholding
What the company clarified
Orchasp has issued a clarification on an inadvertent drafting error that remained in Point No. 7 of the Explanatory Statement of Agenda 6, forming part of the Notice of the Annual General Meeting held on September 30, 2026. Agenda 6 relates to the proposed preferential issue of equity shares. The clarification follows an observation raised by NSE while the company's request for in-principle approval of the proposed preferential issue was being processed.
The wording, before and after
- As it presently reads: the equity shares are being offered to the proposed allottee, "who belongs to the category of Promoters & Promoter Group of the Company".
- As it should be read: the equity shares are being offered to the proposed allottee, "who is going to belong to the category of Promoters & Promoter Group of the Company".
What the company says about the allottee's current status
Point No. 14 of the Explanatory Statement, according to the company, correctly discloses the existing status of the proposed allottee as a non-promoter with nil shareholding in the company. The company states that the reference in Point No. 7 to the allottee as already belonging to the Promoters & Promoter Group was inadvertent and does not correct the existing status disclosed in Point No. 14.
Background
- A corrigendum was published in newspapers and communicated to shareholders on September 26, 2026, before the commencement of e-voting, and was also intimated to the stock exchanges the same day.
- This particular drafting error in Point No. 7 was omitted from that corrigendum and was identified following the observation raised by the stock exchange.
- The resolution for the proposed preferential issue was passed by shareholders at the Annual General Meeting held on September 30, 2026, with 99.99% of the votes cast in favour of the resolution.
What changes, and what does not
- The correction is to the description of the proposed allottee: from someone already in the Promoter & Promoter Group to someone who will belong to that category.
- The company states that, except for this clarification, there is no change to the other terms and conditions of the proposed preferential issue or to the resolution passed by the shareholders.
- The company says the intimation is being made to bring the clarification to the notice of all stakeholders and to ensure transparency and uniform dissemination of information to the public.
How a retail investor can read this
This is a correction of wording in an explanatory statement, not a change in the terms of the issue, per the company. It does, however, make clear that the proposed allottee is not currently part of the promoter group and would become part of it.
Also from Orchasp
Promoter's demise intimated; 42,605 shares (0.01%) to be transmitted to nominee
12 Oct 2026
More numbers
- Votes cast in favour of the preferential issue resolution at the AGM99.99%
- Existing shareholding of the proposed allottee in the companynil
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