Tikona Communication Ltd: EGM Approves Capital Increase and Related Party Transactions
Tikona Communication Limited's EGM on October 28, 2026, approved 10 resolutions. These included increasing authorized share capital, issuing warrants and shares on a preferential basis, and approving related party transactions. The acquisition of 90.82% of Fusionnet Web Services from SAR Televenture was also approved.
The resolutions passed involve significant corporate actions such as capital increase, preferential issuance of shares and warrants, and a material acquisition, which are expected to have a substantial impact on the company's structure and future operations.
All resolutions presented at the EGM were passed by the shareholders, indicating positive sentiment and approval of the company's proposals.
Tikona Communication Limited (formerly Grand Foundry Limited) held its 2nd Extra Ordinary General Meeting (EGM) on October 28, 2026. The meeting, conducted via Video Conferencing (VC) / Other Audio Visual Means (OAVM), saw all ten resolutions presented being passed with the requisite majority.
The resolutions included an ordinary resolution to increase the authorized share capital and consequential alteration of the capital clause of the Memorandum of Association. Special resolutions were passed for the issue of warrants convertible into equity shares on a preferential basis, the issue of equity shares on a preferential basis to non-promoter group, and the issuance of redeemable non-convertible cumulative preference shares through private placement.
Additionally, ordinary resolutions were approved for material related party transactions with SAR Televenture Limited, Parametrique Electronic Solutions Private Limited, and Fusionnet Web Services Limited. A significant resolution involved the approval of the acquisition of 1,28,09,761 equity shares, representing 90.82% of the equity share capital of Fusionnet Web Services Limited from SAR Televenture Limited.
The voting period for remote e-voting commenced on October 25, 2026, and concluded on October 27, 2026. The e-voting facility during the EGM remained open for fifteen minutes after its conclusion. All resolutions were passed with 100% of the votes cast in favour, with the exception of related party transactions and the acquisition, where 5 members voted in favour and 2 members abstained, resulting in the approved resolutions passing with the required majority.
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Tikona Communication Limited filed this with the NSE as a statutory disclosure, categorised under egm. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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