Notice of Annual General Meeting of the Company
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Kanel Industries has notified its 33rd AGM to be held on September 30, 2025, at 9:30 AM at its registered office in Ahmedabad. Along with routine adoption of the FY25 audited financial statements, shareholders will vote on regularizing the appointments of two independent directors, Mr. Bhavin Arvindbhai Mehta and Ms. Jasmin Jaykumar Doshi, each for a 5-year term from January 23, 2025. A key proposal is to alter the company's main objects clause, abandoning its earlier edible and non-edible oil business (the company notes it had undergone insolvency resolution in the past) to enter real estate/property development and consumer goods trading. The board is also seeking shareholder approval to raise overall borrowing limits to Rs. 30 crore under Section 180(1)(c), increase the threshold for loans, guarantees and investments to Rs. 50 crore, and approve related party transactions for three years starting October 1, 2025. Additionally, M/s. Malay Desai & Associates has been proposed for re-appointment as Secretarial Auditor for a 5-year term (FY26 to FY30).
This AGM represents a significant strategic pivot for the company after its past insolvency, with shareholders being asked to grant the board broad new financial powers including higher borrowing and lending limits and a shift in core business activity. Investors should watch the voting outcomes closely, as approval would give management wide latitude to diversify, raise capital and enter related-party deals worth up to Rs. 50 crore.