Melstar Information Technologies Limited (MELSTAR)

Melstar Information Technologies has issued a Postal Ballot notice seeking shareholder approval via special resolutions for four key matters, including a change of company name and altering its Objects Clause to diversify into the aviation and aerospace sector. Remote e-voting is scheduled from November 03, 2026, to December 02, 2026, with a cut-off date of October 30, 2026. The move marks a potential major pivot for the company, which is categorized as a shell company with Rs 7 Cr net worth and Rs 10 Cr debt. Results of the postal ballot will be announced within two working days of conclusion.

• Proposed amendment to Objects Clause to venture into the aviation and aerospace sector
• Resolutions include change of company name, altering MoA, and adopting new AoA as per Companies Act, 2013
• Remote e-voting opens November 03, 2026 (9:00 AM IST) and closes December 02, 2026 (5:00 PM IST)
• Record/Cut-off date for voting eligibility set as October 30, 2026

Melstar Information Technologies has approved changing its name to 'Melstarr Aerospaces and Technologies Limited' and pivoting its core business to aerospace, aviation, and MRO services. The company is altering its Memorandum of Association to add passenger/cargo air transport, aircraft leasing, and drone manufacturing. The board fixed October 30, 2026, as the cut-off date for e-voting via postal ballot. These approvals remain subject to shareholder and statutory clearances.

• Board approved changing company name to 'Melstarr Aerospaces and Technologies Limited'
• Altered MOA to include aviation, aerospace, MRO facilities, drone manufacturing, and aircraft leasing
• Cut-off date for postal ballot e-voting set as October 30, 2026
• Company operates with a small net worth of ₹7 Cr and debt of ₹10 Cr while entering a capital-intensive industry

Melstar Information Technologies' wholly owned subsidiary, Melstarr Aviations Tech Private Limited, signed a non-binding Memorandum of Understanding with the Andhra Pradesh Economic Development Board on October 23, 2026. The proposed project plans an investment of approximately ₹20 crore to establish a Maintenance Training Organization on 5 acres at Orvakal, Kurnool District. This planned investment is substantial relative to the company's existing net worth of ₹7 crore. However, the agreement is strictly non-binding, confers no legal commitment, and is valid for 12 months.

• Proposed investment of approximately ₹20 crore to set up a Maintenance Training Organization
• Requires 5 acres of land at Orvakal, Kurnool District, Andhra Pradesh
• Estimated to generate 25 direct and 25 indirect employment opportunities
• MoU signed on October 23, 2026, and valid for 12 months
• MoU is non-binding and subject to land allotment policies and competitive bidding where applicable

Melstar Information Technologies' Board has approved altering its Object Clause to pivot into aerospace, aviation, MRO, and drone manufacturing. The Board also approved changing the company's name to 'Melstarr Aerospace & Technologies Limited' and adopting Table F Articles of Association under the Companies Act, 2013. Additionally, audited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026, were approved. These structural changes are subject to approval from shareholders and regulatory authorities, including the Ministry of Corporate Affairs.

• Board approved changing the company name to Melstarr Aerospace & Technologies Limited on 19th October, 2026
• MoA Object Clause altered to include aircraft MRO, drones/UAV manufacturing, pilot/AME training, and airline operations
• Adoption of Table F under the Companies Act, 2013, to replace the existing AoA governed by the 1956 Act
• Audited standalone and consolidated financial results approved for the period ended 30 September 2026

Melstar Information Technologies announced its board meeting outcome approving audited standalone and consolidated H1 FY27 (period ended September 30, 2026) financial results, reporting a consolidated profit before tax of ₹24.35 lakhs compared to a loss of ₹157.21 lakhs in the prior period. The Board also approved changing the company's name to 'Melstarr Aerospace & Technologies Limited' and altering its MoA Object Clause, subject to shareholder and MCA approvals. The auditor issued a qualified opinion noting the company is emerging from corporate insolvency resolution process (CIRP) and remains dependent on pending business licenses and clearances to start active operations.

• Consolidated PBT reached ₹24.35 lakhs for the half year ended September 30, 2026 versus a loss of ₹157.21 lakhs in the previous period
• Board approved changing company name to 'Melstarr Aerospace & Technologies Limited'
• Total consolidated assets stood at ₹1,739.80 lakhs as of September 30, 2026 compared to ₹1,391.46 lakhs as of March 31, 2026
• Current borrowings rose to ₹1,168.20 lakhs from ₹854.28 lakhs over the same period
• Auditor issued a qualified opinion regarding going concern assumptions while the company awaits operational licenses

Melstar Information Technologies Limited reported the proceedings of its 39th Annual General Meeting held on September 30, 2026. Key agenda items transacted included ordinary business as well as approvals for material related-party transactions for FY 2026-27. Crucially, the company sought approval via a special resolution for accepting loans up to Rs 300 crore from Promoters and/or Directors with an option to convert into equity. Detailed voting tallies and the final scrutinizer report results are to be formally declared.

• Approval sought for loan acceptance up to Rs 300 crore from Promoters/Directors with equity conversion option
• Approval sought for Material Related Party Transactions for FY 2026-27
• Remote e-voting held between September 27, 2026 and September 29, 2026
• 39th AGM conducted via Video Conference on September 30, 2026 from 11:28 AM to 11:40 AM

Melstar Information Technologies submitted its 39th Annual Report for FY 2025-26 and scheduled its AGM for September 30, 2026. Key special resolutions include approval for intercorporate loans up to Rs 150 crore each with ultimate holding entity Mindsweep Ideas and holding entity Shivasons Solutions India. Additionally, the company is seeking shareholder approval to accept loans up to Rs 300 crore from promoters/directors with an option to convert into equity under Section 62(3).

• 39th AGM scheduled for September 30, 2026 at 11:00 AM IST via VC/OAVM
• Special resolution proposed to accept up to Rs 300 crore loan from promoters/directors with equity conversion option
• Approval sought for material related-party loan limits of Rs 150 crore with Mindsweep Ideas Pvt Ltd
• Approval sought for Rs 150 crore intercorporate loans/business transactions with Shivasons Solutions India Pvt Ltd
• Remuneration limit of Rs 25,00,000 proposed for Director Tarun Kashyap

Melstar Information Technologies has issued the notice for its 39th Annual General Meeting scheduled for September 30, 2026. Key special resolutions include approval to accept loans up to ₹300 crore from Promoters/Directors with an option to convert outstanding debt into equity shares. Additionally, the company seeks approval for material related party transactions up to ₹150 crore each with Mindsweep Ideas Pvt Ltd and Shivasons Solutions India Pvt Ltd for FY 2026-27.

• AGM scheduled for September 30, 2026 at 11:00 AM via VC/OAVM
• Approval sought to borrow up to ₹300 crore from Promoters/Directors with equity conversion option under Section 62(3)
• Related party transaction limit of ₹150 crore proposed for intercorporate loans with Mindsweep Ideas Pvt Ltd
• Related party transaction limit of ₹150 crore proposed with holding company Shivasons Solutions India Pvt Ltd
• Approval for remuneration of ₹25,000,000 (₹25 lakh) to Director Tarun Kashyap

Melstar Information Technologies has approved a proposal to raise an unsecured loan of Rs 300 Crore with an option to convert into equity from Promoters, Promoter Group, and Directors, subject to shareholder approval. The company has convened its 39th Annual General Meeting (AGM) on September 30, 2026, to seek approval for this transaction. The cut-off date for e-voting has been fixed as September 18, 2026, with remote e-voting running from September 27 to September 29, 2026. Given the company's micro/shell status and lack of disclosed base revenue, a Rs 300 Crore infusion represents a massive proposed capital restructuring.

• Approved raising unsecured loan of Rs 300 Crore with equity conversion option from Promoters and Directors
• 39th Annual General Meeting scheduled for September 30, 2026
• Cut-off date for e-voting eligibility set for September 18, 2026
• Remote e-voting open from September 27, 2026 (9:00 AM) to September 29, 2026 (5:00 PM)