Proceedings of Extra ordinary General Meeting dated 6th May, 2025 and Intimation for adjournment of the Extra Ordinary General Meeting(01/2025-26) of M/s Kundan Minerals and Metals Limited ('Company')
Awaiting price reaction for this filing.
Kundan Minerals and Metals Ltd's Extraordinary General Meeting (EGM) scheduled for May 6, 2025 was adjourned because the required quorum was not present even 30 minutes after the start time. The adjourned meeting will now be held on Tuesday, May 13, 2025 at 12:30 PM via video conferencing. The remote e-voting window (May 3-5, 2025) has already closed, so shareholders will only be able to vote at the adjourned meeting. The original agenda remains unchanged and includes seven major resolutions: approval of material related party transactions with Kundan Refinery Private Limited worth up to Rs. 5,000 Crores for FY 2024-25 and a similar (unspecified) cap for FY 2025-26; approval to advance loans and provide guarantees up to Rs. 2,500 Crores under Section 185; raising loan/investment limits up to Rs. 2,500 Crores under Section 186; increasing overall borrowing limits up to Rs. 2,500 Crores under Section 180(1)(c); loans to Gogia Leasing Limited up to Rs. 1,000 Crores; and borrowings from related parties (Gogia Leasing Limited and Mr. Vidit Garg) up to Rs. 1,500 Crores.
The quorum shortfall delays shareholder approval of large-value related party transactions and borrowing powers, but the agenda remains intact and the meeting is only postponed by one week. Shareholders should note the heavy concentration of related party dealings and the very large transaction caps being sought, which are governance-sensitive items.