True Colors Board Clears Loans, Guarantees and Borrowing Limits, Convenes EGM

True Colors Limited's board approved loans, guarantees and securities for True Colors Advance Materials Private Limited and increased borrowing limits at its meeting on November 5, 2026, ScanX reported. The board also convened an Extra Ordinary General Meeting for shareholder ratification and appointed National Securities Depository Limited as the remote e-voting agency.

True Colors Board Resolutions on Loans and Borrowing

The board approved advancing loans, giving guarantees or providing security to True Colors Advance Materials Private Limited (TCAMPL) under Section 185, extending to entities where directors are deemed interested. It also approved higher limits for loans, investments and security under Section 186, and for creating charges or mortgages on company property under Section 180(1)(a).

Borrowing limits were raised beyond the paid-up share capital, free reserves and securities premium account under Section 180(1)(c). The board approved material related party transactions with TCAMPL. The board and audit committee recommended these matters to members for approval.

For the EGM, the board appointed National Securities Depository Limited as the remote e-voting agency and M/s. Prasad & Partners LLP (formerly ALAP & Co. LLP) as scrutinizer. It authorized the executive directors and company secretary to dispatch the EGM notice. The meeting ran from 4:00 pm to 4:30 pm.

True Colors' Advance Materials Venture

True Colors is a Surat-based digital printing company selling textile and commercial printing machines, proprietary inks, sublimation paper and fabric processing services, according to akta.pro company records. The same records show total revenue of Rs 234 crore for the quarter ended March 31, 2026, up 46% from Rs 161 crore a year earlier, and standalone net profit of Rs 24 crore for Q4 FY26, up 184% year on year.

Earlier Steps Toward the Inkia Inks Merger

True Colors said on August 28, 2026 that it would hold meetings of equity shareholders and unsecured creditors on September 28, 2026 to approve its amalgamation with Inkia Inks Private Limited, following an August 17, 2026 order from the NCLT Ahmedabad Bench, ScanX reported. On September 24, 2026, True Colors and Blue Blends (India) notified stock exchanges of a secretarial auditor name change from M/s. ALAP & Co. LLP to M/s. Prasad and Partners LLP, an administrative change with no alterations to appointment terms, tenure or scope, ScanX reported.

What Comes Next for True Colors

The board authorized the executive directors and company secretary to dispatch the EGM notice to shareholders, with NSDL running remote e-voting and Prasad & Partners LLP scrutinizing the process.