Kundan Minerals and Metals Limited has informed the Exchange about General Updates
Awaiting price reaction for this filing.
Kundan Minerals and Metals Limited held its 1st Adjourned Extra-Ordinary General Meeting (EGM) on 13th May 2025 at 12:30 PM via video conferencing. The original EGM had been adjourned on 6th May 2025 due to lack of quorum, and even at the adjourned meeting, only 3 members were present and the required quorum was not met, so the members present were treated as the quorum under Section 103 of the Companies Act, 2013. Seven resolutions were put to vote, including two ordinary resolutions to approve material related party transactions with Kundan Refinery Private Limited for FY 2024-25 and FY 2025-26, and five special resolutions covering loans and guarantees under Section 185, increasing investment and lending limits under Section 186, raising overall borrowing limits under Section 180(1)(c), and related party loans. Voting was conducted through remote e-voting (3rd–5th May 2025) and e-voting during the meeting, with results to be declared after the Scrutinizer's report is received.
The meeting dealt with significant corporate actions including material related party transactions with a group company and expansion of borrowing, lending, and investment powers, which are important for the company's future operations. The repeated failure to achieve quorum and very low member attendance (only 3) may raise governance concerns among retail investors, even though the meeting was validly held under the Companies Act provisions.