Please take on your record the proceedings and outcome of the EGM held today 16th May, 2025
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Garware Marine Industries held an Extra Ordinary General Meeting (EGM) on 16th May 2025 via video conferencing, chaired by Mr. Aditya A. Garware, who joined from Singapore. Three Special Resolutions were passed: (1) raising the threshold for loans, guarantees, securities and investments under Section 186 of the Companies Act, 2013; (2) approving transactions under Section 185 of the Companies Act, 2013; and (3) approving Material Related Party Transactions with Global Offshore Services Limited. For Items 2 and 3, where Mr. Garware (a common Director and Promoter) had a personal interest, he stepped aside and Independent Director Mr. Sanjay V. Chinai chaired the discussion. The EGM ran from 11:30 AM to 12:14 PM, with 11 registered shareholders speaking, of whom 7 appreciated the Board's efforts. The scrutinizer's consolidated voting report will be declared within the regulatory timeline and uploaded to the company's website.
The Section 186 resolution gives the company wider financial flexibility to lend, invest or give guarantees up to a higher ceiling, which could support growth or group-level funding. The approval of material related party transactions with Global Offshore Services Limited — a promoter-group entity — warrants close scrutiny by minority shareholders, as it deepens financial ties within the promoter group and could affect capital allocation decisions.