Madhav Marbles and Granites Limited has informed the Exchange regarding Outcome of Board Meeting held on March 05, 2026.
MADHAV · price
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The Board of Directors of Madhav Marbles and Granites, at its meeting held on March 05, 2026, approved granting an unsecured loan of OMR 35,000 (approximately ₹83.30 lakhs at the conversion rate of INR 238/OMR) to Madhav Surfaces FZC LLC, a related party and associate company based in the Sultanate of Oman. Madhav Marbles holds a 13.33% direct stake in Madhav Surfaces. The loan carries an interest rate of 9% per annum, has a tenure of two years, and is intended for the borrower's business operations and working capital needs. Promoters and directors Mr. Madhav Doshi (CEO & MD) and Mrs. Riddhima Doshi (Whole Time Director) are also directors in Madhav Surfaces FZC LLC and belong to the promoter group. The transaction has been approved by the Audit Committee and Members of the Company and is stated to be at arm's length.
While the loan amount (~₹83.30 lakhs) is relatively modest and earns a 9% interest return, it is an unsecured loan to an Oman-based associate where promoters hold key positions, which carries modest risk for shareholders. Proper Audit Committee and shareholder approvals and arm's length declaration provide some comfort.