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 ....
Awaiting price reaction for this filing.
Kundan Minerals and Metals Limited held its first EGM of FY 2025-26 on 6th May 2025 via video conferencing, but the meeting had to be adjourned because the required quorum was not present even 30 minutes after the start time (by 1:00 PM). The adjourned EGM is now scheduled for Tuesday, 13th May 2025 at 12:30 PM via VC/OAVM. Remote e-voting, which had ended on 5th May 2025, will not reopen, so shareholders who missed it can vote at the adjourned meeting. The original agenda remains unchanged and includes seeking shareholder approval for material related party transactions with Kundan Refinery Pvt Ltd worth up to Rs 5,000 crore for FY 2024-25, along with borrowing powers and loan/guarantee limits of Rs 2,500 crore, and up to Rs 1,000-1,500 crore in transactions with Gogia Leasing Ltd and director Vidit Garg. Voting results will be declared within two working days of the adjourned meeting.
The adjournment itself is procedural and unlikely to move the stock, but it does delay the shareholder vote on very large related-party transactions and borrowing limits that could materially affect the company's capital structure and governance. Shareholders should note they can still cast votes at the rescheduled meeting on 13th May 2025 if they did not vote during the remote e-voting window.