The Board has passed the following resolutions in its meeting held today: 1. Approved the proposal to issue corporate guarantee on behalf of an entity with common Director and Promoter), ....
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The board of Garware Marine Industries approved issuing a corporate guarantee on behalf of Global Offshore Services Limited, an entity that shares common directors and promoters with Garware Marine. The guarantee is for a loan that Global Offshore Services intends to avail, though the loan amount has not been disclosed. Because this is a Material Related Party Transaction under Sections 185, 186, and 188 of the Companies Act, the board has recommended it for shareholder approval. An Extra Ordinary General Meeting has been scheduled for May 16, 2025 to seek this approval. The audit committee has already cleared the transaction.
This creates a contingent liability for Garware Marine Industries — if Global Offshore Services defaults on its loan, Garware Marine will be on the hook. Shareholders should monitor the EGM outcome and any future disclosures on the loan size and risk exposure.