Outcome of Board Meeting held on 05th September, 2025
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The Board approved the Notice and convening of the 38th Annual General Meeting (AGM) on September 29, 2025 at 1:00 PM via video conferencing, along with the Director's Report for FY ending March 31, 2025. The Board also approved seeking shareholder approval for raising funds through secured or unsecured loans up to Rs. 50 Crores, with an option to convert those loans into equity shares (potential dilution). Additionally, 9 promoter and promoter group entities (holding negligible shares, mostly 0%, with only about 11,500 shares totaling 0.19% collectively) have been approved for reclassification into the public shareholder category, subject to shareholder and BSE approval. The AGM notice also covers appointment of Ms. Chaitali Kalpataru Shah as Executive Director, appointment of Ms. Vivek Mukesh Yadav as Independent Director, change of statutory auditors (replacing M/s Laxmikant Kabra Co LLP with M/s Sarang Shivajirao Chavan & Associates), appointment of a new Secretarial Auditor for 5 years, and an increase in borrowing and investment limits up to Rs. 100 Crores each.
Shareholders should note the proposed fund-raising of up to Rs. 50 Crores through loans convertible into equity, which could lead to dilution if lenders choose to convert. The promoter reclassification is largely procedural as the outgoing promoters hold negligible shares. Several governance changes including new directors, auditor change, and expanded borrowing authority (up to Rs. 100 Crores) signal potential fundraising or expansion activity ahead of the AGM.