Kundan Minerals and Metals Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on May 06, 2025
Awaiting price reaction for this filing.
Kundan Minerals and Metals Ltd has called an Extraordinary General Meeting (EGM) on Tuesday, May 6, 2025 at 12:30 PM IST, to be held via video conferencing. The EGM has seven special business items, most of which involve seeking shareholder approval for related party transactions and enhanced borrowing/investment limits. Key proposals include ratifying and approving material related party transactions with Kundan Refinery Private Limited (up to Rs. 5,000 Crores for FY 2024-25 and similar cap for FY 2025-26), approving loans/guarantees up to Rs. 2,500 Crores to entities where directors are interested under Section 185, increasing limits for loans, guarantees, securities and investments up to Rs. 2,500 Crores under Section 186, raising overall borrowing limit to Rs. 2,500 Crores under Section 180(1)(c), and approving loans/advances with Gogia Leasing Limited (Rs. 1,000 Crores) and borrowings from Gogia Leasing Limited and Mr. Vidit Garg (Rs. 1,500 Crores). E-voting via NSDL will be open from May 3 to May 5, 2025, with the cut-off date set as April 29, 2025.
Shareholders will vote on several proposals that significantly expand the company's related party dealings and overall borrowing/loan limits, collectively touching over Rs. 10,000 Crores in transaction caps. Approval would give the board wide latitude for inter-group transactions and capital deployment, which could affect minority shareholder interests depending on arm's-length pricing and governance disclosures.