Scrutinizer''s Report of EGM held on 09.06.2025
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Corporate Merchant Bankers Limited held an Extra-Ordinary General Meeting (EGM) on June 9, 2025, and submitted the scrutinizer's report on June 11, 2025. Three resolutions were voted on, and all three passed with 100% votes in favor (777,718 shares from 31 members) and zero votes against. Resolution 1 (ordinary) approved an increase in authorized equity share capital and corresponding alteration of the Memorandum of Association. Resolution 2 (special) approved the issuance of up to 8,16,47,431 equity shares on a preferential basis upon conversion of outstanding unsecured loans from the non-promoter group — a very large potential dilution. Resolution 3 (special) approved the issuance of equity shares on a preferential basis. Notably, 99.99% of the votes (777,700 shares) were cast at the venue rather than via remote e-voting.
All three resolutions cleared easily, giving the company board approval to raise its authorized capital and issue a very large number of preferential shares (up to ~8.16 crore) — likely tied to loan conversion and fund-raising. Existing shareholders should expect significant potential dilution from the preferential issuances, though the small absolute number of shares voted (under 8 lakh) suggests very limited public participation in this EGM.