ENCLSOED HEREWITH SCRUTINIZER REPORT FOR EGM HELD ON 27/05/2025
Awaiting price reaction for this filing.
Deccan Bearings Ltd held an Extra-Ordinary General Meeting on May 27, 2025 via video conferencing, where all 11 resolutions were passed unanimously with 100% votes in favour. Total voting participation stood at 56.70% (12,38,165 shares out of 21,83,334 outstanding), with promoter group voting 39.11% and public shareholders 76.90% of their holdings. Key resolutions approved include a preferential issue of 1,78,16,666 equity shares (Face Value Rs. 10) to non-promoters, an increase in authorised share capital to Rs. 20 crore (2 crore equity shares), appointment of Mr. Priyankbhai Ghelani as Managing Director with remuneration, and induction of four Independent Directors. Members also approved higher borrowing limits under Section 180 and expanded powers for loans, investments and guarantees under Sections 185 and 186. The scrutinizer was CS Amarendra Mohapatra (CP No. 14901).
Shareholders should expect significant equity dilution once the 1.78 crore preferential shares are allotted to non-promoters, along with a major board restructuring led by the new Managing Director. The higher borrowing and investment limits give the company much greater financial flexibility, which could be positive for growth but also increases leverage risk.