Confidence Petroleum India Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on May 02, 2026
CONFIPET · price
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Confidence Petroleum India has called an Extraordinary General Meeting (EGM) on Saturday, May 02, 2026 at 1:00 PM, to be held via video conferencing. Three special resolutions will be put to shareholders: (1) Appointment of M/s. Katariya and Munot, Chartered Accountants (FRN: 128438W) as the new Joint Statutory Auditor, following the resignation of L N J & Associates; (2) Increasing the company's borrowing limit under Section 180(1)(c) of the Companies Act from the existing ₹500 crores to ₹1,000 crores; and (3) Authorising the Board to create charges/mortgages on company assets up to ₹1,000 crores to secure these borrowings. The company states the higher borrowing limit is needed to support growth plans, capital expenditure, and working capital needs. E-voting will be conducted through NSDL from April 29, 2026 (9:00 AM) to May 1, 2026 (5:00 PM), with a cut-off date of April 24, 2026 for eligibility to vote.
The doubling of the borrowing ceiling to ₹1,000 crores signals the company is preparing for significant expansion, capex, or higher working capital needs, which could lead to higher debt and interest costs in the future. The auditor change is a routine governance matter. Shareholders who want to vote must ensure their shares are recorded by the April 24, 2026 cut-off date and cast votes before the e-voting window closes on May 1, 2026.