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Karnavati Finance Limited held its 41st Annual General Meeting on September 30, 2025 via video conferencing. All four resolutions were approved by shareholders: (1) adoption of audited financial statements for FY ending March 31, 2025, passed with 99.97% votes in favour; (2) re-appointment of Mr. Raman Morzaria (Whole-Time Director) via retire by rotation, passed with 99.41% in favour (promoter votes treated as invalid since they are deemed interested); (3) appointment of M/s. Jitendra Parmar and Associates as Secretarial Auditor, passed with 99.97% in favour; and (4) a special resolution to increase the company's borrowing powers under Section 180(1)(c) of the Companies Act, 2013 up to INR 250 Crores, passed with 99.41% in favour. The company has 9,988 shareholders on record, and 64 shareholders attended through video conferencing (4 promoters and 60 public). Promoters collectively hold about 58.6% of total equity (10.05 crore shares). The increase in borrowing ceiling to ₹250 crores is the most significant agenda item.
The most material item is the approved increase in borrowing power to ₹250 crores, giving management significant headroom to raise additional debt, which could be used for lending or expansion but also increases financial risk. The director reappointment and statutory items are routine. The company remains closely held with promoter voting power near 59%, so outcomes of shareholder votes are largely already known in advance.