OUTCOME OF THE BOARD MEETING HELD ON MONDAY, 21ST APRIL, 2025 AT THE REGISTERED OFFICE OF THE COMPANY AND THROUGH VIDEO CONFRENCING PURSUANT TO REGULATION 30 AND OTHER RELEVANT REGULATIONS ....
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The board of Pro CLB Global Ltd met on April 21, 2025 and approved several key items. Two new Independent Directors have been appointed for 5-year terms: CA Manish Agrawal and Ms. Yashvi Shah (Advocate), subject to shareholder approval. Mr. Vinod Nagappa Mendon has been appointed as the new Chief Financial Officer following the resignation of Mr. Amrit Nirmal Chamaria. The board also approved a 4x increase in authorized share capital, from Rs. 6.25 crores to Rs. 25 crores (split into 2.5 crore equity shares of Rs. 10 each), along with a corresponding amendment to the Memorandum of Association. Additionally, the Audit Committee, Nomination & Remuneration Committee and Stakeholders Relationship Committee have been reconstituted, and CS Satish Sharma has been appointed as Secretarial Auditor for FY 2024-25. An Extra-Ordinary General Meeting has been scheduled for May 19, 2025 to seek shareholder approval on these matters.
The 4x authorized capital hike signals potential fundraising plans in the pipeline, which could lead to dilution for existing shareholders once executed. The complete change in top finance leadership and addition of two new independent directors points to a significant restructuring of the company's governance, worth watching closely ahead of the May 19 EOGM.