Proceedings of the 1st Adjourned Extra-Ordinary General Meeting of M/s Kundan Minerals and Metals Limited
Awaiting price reaction for this filing.
Kundan Minerals and Metals Ltd held its 1st Adjourned Extra-Ordinary General Meeting on 13th May 2025 at 12:30 PM via video conferencing. The original EGM held on 6th May 2025 was adjourned due to lack of quorum, and even at the adjourned meeting only 3 members attended in person, so members present were treated as quorum under Section 103 of the Companies Act, 2013. Seven resolutions were put to vote through remote e-voting and e-voting during the meeting. These included approval and ratification of material related party transactions with Kundan Refinery Private Limited for FY 2024-25 and FY 2025-26, along with special resolutions on advancing loans to related parties, increasing borrowing and investment limits under Sections 185, 186, and 180 of the Companies Act. Voting results were pending awaiting the Scrutinizer's report from Mr. Ansh Bhambri. The meeting concluded at 1:08 PM.
The repeated quorum failure raises minor corporate governance concerns for shareholders. However, the meeting transacted important business related to related party transactions with Kundan Refinery and changes in borrowing limits, which could affect the company's capital structure and related party exposure once voting results are declared.