Kundan Minerals and Metals Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on May 13, 2025
Awaiting price reaction for this filing.
Kundan Minerals and Metals Limited held its 1st Adjourned Extraordinary General Meeting (EGM) on May 13, 2025, via video conferencing. The original EGM had been adjourned on May 6, 2025 due to lack of quorum, and even at the adjourned meeting only 3 members were present in person, with the required quorum still not met — so the attending members were deemed the quorum under Section 103 of the Companies Act. Seven resolutions were put to vote, covering key items such as approval of material related party transactions with Kundan Refinery Private Limited for FY 2024-25 and FY 2025-26, authority to give loans or guarantees under Section 185, raising investment and lending limits under Section 186, increasing overall borrowing limits under Section 180(1)(c), and related-party loans both given and taken. Voting took place through remote e-voting and e-voting during the meeting, with results to be declared after the scrutinizer's report is received.
The very thin attendance (only 3 members, no quorum) suggests weak shareholder engagement at this meeting. The resolutions, especially the related-party deals with Kundan Refinery Private Limited and the increased borrowing powers, are significant for minority shareholders to watch — the final voting results will determine whether these proposals have shareholder backing.