1. Approval of Remuneration 2. Approval of Material RPT 3. Increase in Capital and change of object all subject to approval of Members 4. Change of RO and CO with in same ROC
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Awaiting price reaction for this filing.
At a board meeting on 2 May 2025, the company approved remuneration of up to Rs.12 lakh per annum each for its WTD-Chairman (Dharmendrabhai Jasani), WTD-Vice-Chairman (Ayush Dharmendrabhai Jasani), and Managing Director (Yagnik Tank), all subject to shareholder nod. The board also cleared material related party transactions worth up to Rs.50 crore each with Prasad Earth Movers Pvt Ltd (proposed wholly-owned subsidiary) and Kalind Earth Movers Ltd, along with acquiring the Kalind Earth Movers proprietorship as a going concern for up to Rs.20 crore. It approved raising authorised share capital sharply from Rs.7.5 crore to Rs.52 crore (5.2 crore equity shares of Rs.10) and added earth-moving equipment leasing/rental as a new business object. Additionally, the registered office will shift from Valsad to Surat and the corporate office from Mumbai to Surat, with shareholder approval to be sought via postal ballot.
The sharp jump in authorised capital and addition of earth-moving equipment rental business suggest the company is preparing for a major fund raise and a strategic pivot into infrastructure/equipment leasing. The large related-party transactions involving promoter-linked entities warrant close shareholder scrutiny on pricing and arm's-length fairness.