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NACL Industries Limited Proxy Solicitation & Information Statement 2023

Apr 4, 2023

60931_rns_2023-04-04_5b352067-bb8b-41e4-9781-012271d5e688.pdf

Proxy Solicitation & Information Statement

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SATISH Digitally signed by SATISH KUMAR KUMAR SUBUDHI Date: 2023.04.04 SUBUDHI 14:20:43 +05'30'

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MUMBAI | TUESDAY, 4 APRIL 2023

MUMBAI | TUESDAY, 4 APRIL 2023 TAKE TWO 13 ~~. <~~ ON THE JOB Wabtec: Life beyond 1,000 Labour churns in March After delivering the 1,000th diesel locomotive to the Railways, the US-based transportation Covid-19 pandemic. Employment in the industry fell from 72.34 million in February to 62.76 major’s Indian subsidiary is planning to turn the Bihar factory into an export-oriented unit million in March. The next biggest loss of employment in March SHINE JACOB & DHRUVAKSH SAHA A strong order book of was in the retail trade industry. Employment Chennai, New Delhi, 3 April around $1.5 billion itself is here fell from 75.75 million in February to 67.65 proof of Wabtec’s growing million in March. This loss of nearly 8 million n early 2019, Wabtec Corp - strength in the Indian rail secjobs again, is the largest fall in the industry since o ration (formerly GE Tran - tor. In CY2022, the US major’s the second wave of Covid-19 in May 2021. I s portation) appeared to be India business size was seen at It appears that these large declines in employin fusing a fresh lease of life $472 million. The India arm is ment in construction and retail trade are not into Marhowra in Bihar, a town expec ted to become a $1-bilMAHESH VYAS necessarily a fall in the demand for labour in then living on its past induslion enterprise by 2025. these industries but a likely seasonal shift of trial glory. “When we say enterprise, it labour to farmlands in preparation to harvest At the time Business Stan - means not just for the business Headline labour market metrics of March 2023 the rabi crop. dard described the place as a in India, but also what India turned out to be disappointing. The unemployAgriculture saw a 17.23 million increase in “graveyard, full of the tombs does for the globe,” Narayan ment rate climbed from 7.5 per cent in February employment in March. An increase in employof long deceased factories” — said. She added that while the 2023 to 7.8 per cent in March; the labour particiment in agriculture in March is normal. But a 17 Morton Confectionery, Saran India business is likely to touch pation rate fell from 39.9 per cent to 39.8 per cent million surge is the highest we have seen since Distillery, Saran Engineering $750 million by 2025, exports and the employment rate dropped from 36.9 per we started monitoring employment in 2016. The Works and Kanpur Sugar from the country will increase cent to 36.7 per cent in the same months. increase in employment in agriculture in March Works, among others. from $100 million now to India’s unemployment has remained elevated 2022 was 15 million. Earlier, it was even less. Four years down the line, around $250-300 million. throughout 2022-23. Each of the quarters of the Within the agricultural sector, labour has Marhowra is considered an “This includes sourcing of year had an unemployment rate of over 7 per moved from allied activities to crop cultivation. iconic symbol of Make in components from India for our cent. The average monthly unemployment rate Nearly six million labourers moved out of allied India, being home to one of global factories, manufacturduring the fiscal was 7.6 per cent. The first half activities, poultry, plantations and fishing into MARHOWRA’S TRACK RECORD WABTEC GROWTH the largest foreign direct ing of products in our factories averaged at 7.4 per cent while the second half crop cultivation. This is a clearer indication of ROAD MAP investments (FDI) in the rail $2.6 billion : Value of contract Oct 2017: The first diesel-electric for global customers, and engisaw the unemployment rate rise to an average movement of labour for harvesting the rabi crop. sector. Braving the pandemic, for supplying diesel locomotives locomotive built by General $472 million: India neering services that we proof 7.8 per cent. Trends during the year do not su - The addition of labour into crop cultivation was in February 2023, Wabtec to the Indian Railways Electric as part of the deal business size in CY2022 vide from our Bengaluru cenggest any mellowing of the unemployment rate. a massive 23 million in March. completed the delivery of its arrives in India tre,” Narayan added. The labour participation rate (LPR) seems to This massive movement of labour from one 500th locomotive from ~1,200 crore: Overall $1 billion: Target Wabtec is aggressively exp - have settled at sub-40 per cent levels sector to another within short time Marhowra, on time. This was infrastructure development Sep 17, 2018: Wabtec starts for 2025, including anding the digital side, too, in 2022-23. This is lower than the It remains moot intervals reflects the extraordinary yet another milestone as part in the region operations at the unit exports through predictive mainten - 40.1 per cent LPR in 2021-22. The whether the mobility of labour in response to of the $2.5-billion deal signed ance. In March 2022, it had won LPR climbed well towards the end construction and demand in India. But, it also reflects in 2015 under the government Nov 2015: Wabtec (then GE Feb 2023: Wabtec delivers $1.5 billion: Order a contract from Indian Railways of 2022, but this increase in labour retail industries can the large informal and precarious of India’s “Make in India” pubTransportation) gets Railways order 500th locomotive book size for its Online Monitoring of in the labour markets seems to have afford to release nature of employment. It remains lic-private partnership proRolling Stock (OMRS) project. caused a spike in the unemploy- labour in such large moot whether the construction and gramme to develop and supThe new automated OMRS sysment rate. The LPR had peaked at quantum during retail industries can afford to release ply 1,000 high-power diesel meet the same fate as other areas where the Indian largest component manufactem is part of Indian Railways’ 40.5 per cent in December 2022. harvest periods labour in such large quantum durfreight locomotives over a industries in Marhowra? government is supporting turers in the country. “It is “Smart Yard” initiative to This led to the unemployment rate ing harvest periods. Can labour go period of 10 years. Wabtec thinks it has the and financing?” important to note that all the improve the availability of the spiking to 8.3 per cent in the month. The markets back to these industries after the harvest and The road to success was not answer. The company wants From a logistics point of critical components of an railways’ fleet of coaches, wagcouldn’t offer the jobs corresponding to the rise can these industries remain correspondingly in so easy for the project because to develop Marhowra as an view, South Asia, South East electric locomotive today are ons and locomotives by detectin LPR. The LPR rolled back in January 2023. limbo in the meanwhile? in 2017 the Indian Railways export-oriented unit. “We still Asia and China may be advansupplied by us — be it paning and addressing defects and The labour markets have been weak during The average monthly variation in employcame out with the concept of have five years to deliver the tageous for exports from tographs, brakes, couplers, all preventing in-service failures. the last quarter of 2022-23. The LPR has lost subment in agriculture is 0.28 per cent but the stan100 per cent electrification, 1,000 locomotives. There is a India. “The free trade agreethose items are part of the The company has 111 sites for stantial ground as it fell from 40.5 per cent in dard deviation of this variation is large at 5.5 per two years after the deal for discussion going on ments that the govWabtec portfolio which is wheel and bearing monitoring, December to 39.8 per cent in March 2023. The cent. The median monthly variation is -0.63 per diesel locomotive manufacturwhether we can ernment is negotimanufactured in the country. which will be commissioned by fall in the unemployment rate during this period cent. Agriculture absorbs labour in large parcels Other than ing in Marhowra was sign ed. leverage this facility ating may also In that sense, the push for the middle of next year. is small — from 8.3 per cent to 7.8 per cent. The in some months and then releases labour after units at Hosur At the time, General Electric, not only for India make the export of electric locomotives, directly “Moving forward, the Rail - weakness of the labour markets is best reflected just one month in smaller parcels over multiple in Tamil Nadu the parent of GE Tran - but for the globe as locomotives easier. or indirectly, is helping us,” ways would like to deploy in the employment rate. The employment rate months. This explains these descriptive statistics. and Baddi in sportation, went public with well,” said Sandeep We will also supSelot added. imaging technology to help fell from 37.1 per cent in December 2022 to In March 2022, it had increased labour absorption Himachal its concerns about the fate of Selot, managing port the Indian According to the company, them identify parts that are 36.7 per cent by March 2023. by 10.4 per cent and then shed labour by 3 per its diesel locomotive project. director and vice- Pradesh, the Rail ways, being the all rolling stock on the rails of hanging or missing or factors This fall in the employment rate translated cent, 6 per cent and 6 per cent in the following company is in Later, it was assured that the president (sales and only diesel locoIndia has Wabtec components. like oil leaks. It is a space we into a 2.6 million fall in absolute employment three months. In March 2023, agriculture saw a Indian Railways will take all government the process of motive manufacIt is the largest brake supplier expect to evolve in the coming between December 2022 and March 2023. Most 12 per cent increase in labour absorption. We can the 1,000 diesel locomotives affairs), South Asia constructing a turer in In d ia,” said for rolling stock in India, suptwo years. Metros are also of this fall was in March 2023. expect labour to be released from agriculture in ~200-crore from Marhowra. and South East Sujatha Na rayan, plying for the Indian Railways looking at these technoloEmployment fell by 2.27 million in March the following 2-3 months. plant in The factory opened for Asia, Wabtec. senior vice-presiand Metro trains. Now, it is in gies,” Selot said. 2023. This is the net fall in employment after sigAgriculture accounts for nearly 40 per cent Rohtak business on September 17, “We are also dent and regional the process of supplying brake For the time being, hownificant churn in the labour markets during the of the total employment in India. According 2018, and a year later GE looking at how we leader, Wabtec. systems to the Vande Bharat ever, the company’s main month. Labour has moved substantially in what to the government’s Periodic Labour Force Transportation was merged can do exports in partnership Globally, Wab tec is aggressup erfast trains. Other than focus is on Marhowra comappears to be shifting seasonal demand. Survey, it is even higher. The substantial volatilwith Pittsburgh-based Wabtec with the Indian Railways. Is sively looking at battery elect - units at Hosur in Tamil Nadu pleting the rem aining 500 Employment in construction fell by 9.58 mility of employment in this large labour-intenCorporation. But the old questhere a possibility we can ric, hybrid and hydrogen and Baddi in Himachal locomotives for supply to the lion in March. This is an exceptionally large sive sector renders large parts of the Indian tion remains: What happens to partner with them to see if locos, too. As a company, Pradesh, the company is in the Railways and developing the fall. It is comparable to the 11.6 million fall in labour vulnerable. the factory after it delivers the there are projects in neighIndia’s electric push is helpprocess of constructing a ~200region as a global manufacemployment in the construction industry in 1,000th locomotive? Will it bouring countries, and in ing Wabtec, being one of the crore plant in Rohtak. turing unit for Wabtec. May 2021 in the wake of the second wave of the The writer is MD & CEO, CMIE

~~.~~

Wabtec: Life beyond 1,000

NACL Industries Limited

CIN: L24219TG1986PLC016607 NACL Registered Office: Plot No.12-A, “C” Block, Lakshmi Towers, No.8-2-248/1/7/78, Nagarjuna Hills, Panjagutta, Hyderabad-500082, Telangana State, India Phone: 040-24405100; e-mail: [email protected]; Website: www.naclind.com NOTICE OF POSTAL BALLOT AND REMOTE E-VOTING INFORMATION NOTICE is hereby given to the Members of M/s. NACL Industries Limited (‘the Company’), pursuant to the provisions of Section 108, Section 110 and other applicable provisions, if any, of the Companies Act, 2013 (the “Act”) read with Rule 20 and Rule 22 of the Companies (Management and Administration) Rules, 2014 (the “Rules”), including any statutory amendment(s), modification(s), variation(s) or re-enactment(s) thereto, for the time being in force and in accordance with the guidelines prescribed by the Ministry of Corporate Affairs (“MCA”) for holding general meetings / conducting the process of postal ballot through remote e-voting vide General Circular Nos. 14/2020 dated April 08, 2020; 17/2020 dated April 13, 2020; 22/2020 dated June 15, 2020; 33/2020 dated September 28, 2020; 39/2020 dated December 31, 2020; 10/2021 dated June 23, 2021; 20/2021 dated December 08, 2021; 3/2022 dated May 5, 2022 and 11/ 2022 dated December 28, 2022 including any other circular issued in this regard (“relevant Circulars”), the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), the Secretarial Standard – 2 issued by the Institute of Company Secretaries of India and other applicable laws and regulations, if any, that the Resolution as set out in this Notice is proposed for consideration by the Members of the Company for passing by means of Postal Ballot by voting through electronic means only (‘remote e-voting’). In terms of the MCA and SEBI Circulars, the Notice has been sent through electronic mode only to the Members of the Company whose email addresses are registered with the Depository Participant(s)/Company/Registrar and Share Transfer Agent ("RTA") i.e., XL Softech Systems Limited. The electronic dispatch of the Notice has been completed on April 03, 2023. The Notice inter-alia indicating the process and manner of remote e-voting is also available on the Company's website www.naclind.com, on the website of Stock Exchanges i.e., BSE Limited www.bseindia.com and National Stock Exchange of India Limited www.nseindia.com and on the website of CDSL at https://www.evotingindia.com. Pursuant to the provisions of Section 108 of the Act read with Rule 20 of the Companies (Management and Administration) Rules, 2014 ("Rules"), as amended from time to lime, Regulation 44 of the Listing Regulations and SS-2 issued by the ICSI, the Company has engaged the services of Central Depository Services (India) Limited (CDSL) for providing remote e- voting facility to its members to enable its Members to cast their vote by electronic means in respect of the business proposed to be transacted. The details pursuant to the Act read with the Rules, SS-2 and MCA Circulars are as under: a) Members holding shares either in physical form or in dematerialised form, as on Friday, March 24, 2023 ("the Cutoff Date") only shall be eligible to exercise their right to vote by remote e-voting. A person who is not a Member as on the Cutoff Date should read the Notice for information purposes only, b) Manner of registering/updating email addresses: • For Physical shareholders - please provide necessary details like Folio No., Name of shareholder, scanned copy of the share certificate (front and back), PAN (self-attested scanned copy of PAN card), AADHAR (self-attested scanned copy of Aadhar Card) by email to Company/RTA email id. • For Demat shareholders - Please update your email id & mobile no. with your respective Depository Participant (DP). • In terms of SEBI circular dated December 09, 2020 on 'E-voting facility provided by Listed Companies', individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are required to update their mobile number and email ID correctly in their demat account in order to access e-voting facility. c) Manner of casting vote through e-voting: Members will have an opportunity to cast their votes remotely on the business as set forth in the Notice through e-voting system. The login credentials for casting the votes through e- voting shall be available to the Members through email after successfully registering their email addresses in the manner provided above. The detailed procedure for casting the votes through e-voting is provided in the Notice. The details are also made available on the website of the Company. d) The remote e-voting period will commence on Wednesday, April 05, 2023, 10:00 a.m. (IST) and end on Thursday, May 04, 2023, 5:00 p.m. (IST). The remote e-voting module shall be disabled for voting thereafter by CDSL and voting shall not be allowed. e) Once the vote on a resolution is cast, the Member shall not be allowed to change it subsequently. f) All the Members of the Company as on the Cut-Off Date (including those Members who may not have received the Notice due to non-registration of their e-mail addresses with the Company/RTA/Depositories) shall be entitled to vote in relation to the proposed business in accordance with the process specified in the Notice. g) Mr. S. Srikanth, Partner (M.No. A22119), representing M/s. B S S & Associates, Practicing Company Secretaries, has been appointed as the Scrutinizer for conducting the Postal Ballot through remote e-voting process, in a fair and transparent manner. h) Members may refer to the Notice for detailed instructions on remote e-voting for the Special Business being transacted through Postal Ballot by way of remote e-voting. i) The results of the Postal Ballot will be announced within two working from the conclusion of the e-voting and the same will be displayed on the website of the Company viz, www.naclind.com and on the website of Stock Exchages and CDSL. The resolutions, if passed by the requisite majority of Members, shall be deemed to have been passed on Thursday, May 04, 2023 i.e. the last date specified for receipt of votes through the remote e-voting process. If you have any queries or issues regarding e-Voting from the CDSL e-Voting System, you can write an email to [email protected] or contact at toll free no. 1800 22 55 33. All grievances connected with the facility for voting by electronic means may be addressed to Mr. Rakesh Dalvi, Sr. Manager, Central Depository Services (India) Limited, AWing, 25th Floor, Marathon Futurex, Mafatlal Mill Compounds, N M Joshi Marg, Lower Parel (East), Mumbai - 400013 or send an email to [email protected] or call at toll free no. 1800 22 55 33. for NACL Industries Limited Sd/- Satish Kumar Subudhi Place : Hyderabad Vice President – Legal & Company Secretary Date : April 04, 2023 FCS 9085

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