Proceedings of the 1st Adjourned Extra- Ordinary General Meeting for the Financial Year 2025-26 of M/s Kundan Minerals and Metals Limited
Awaiting price reaction for this filing.
Kundan Minerals and Metals Limited held its 1st Adjourned Extra-Ordinary General Meeting on 13th May 2025 at 12:30 PM via video conferencing. This was a continuation of the original EGM held on 6th May 2025, which was adjourned because the required quorum was not present. Even at the adjourned meeting, the Company Secretary informed members that the requisite quorum was absent after waiting 30 minutes, so under Section 103 of the Companies Act, 2013, the 3 members present were treated as the quorum. Seven resolutions were placed before shareholders for approval: two ordinary resolutions to approve and ratify material related party transactions with M/s Kundan Refinery Private Limited for FY 2024-25 and FY 2025-26, and five special resolutions covering loans, guarantees, and investments under Sections 185 and 186, overall borrowing limits under Section 180(1)(c), and related party loans under SEBI's Listing Regulations. Voting took place through remote e-voting (3rd-5th May 2025) and e-voting during the meeting, with results to be declared after the Scrutinizer's report from Mr. Ansh Bhambri is submitted.
The repeated failure to meet quorum is a mild governance red flag. Shareholders should watch for the voting results on these resolutions, especially the related party transactions with Kundan Refinery Private Limited and the expanded borrowing and lending powers, which could shape the company's capital structure and dealings with related entities.