Board approves capital hike, loan conversion clause and director changes
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Board approved raising authorised share capital from Rs 85 Cr to Rs 95 Cr by adding 1 crore equity shares for future fundraising. Approved equity conversion clause on Rs 2,000 Crore loan from Bank of India consortium, triggered on default. WTD Ms Shikha Bansal remuneration raised from Rs 38.49 Lakhs to Rs 1.38 Crore per annum. Two related party transactions noted: renting office premises at Rs 70,000 per month and appointing relative Ms Ashvika Bansal as CSR Head at Rs 2.4 lakh per month. Re-appointed two WTDs, extended independent director beyond age 75, reconstituted board committees, and approved 37th AGM.
Capital hike signals future fundraising plans. Loan conversion clause may dilute equity on default. Higher director pay and family appointments may draw governance scrutiny.