Please find enclosed herewith Voting results along with scrutinizer''s report of Extra-Ordinary General Meeting of the members of the company held on 31st March, 2025.
RNBDENIMS · price
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R&B Denims held an Extra-Ordinary General Meeting on 31st March 2025 where all four resolutions were approved by shareholders with overwhelming majority. Resolution 1 was a special resolution to change Mr. Amit Dalmia's designation from Whole-Time Director to Chairman and Managing Director, effective 5th March 2025, for the remainder of his tenure until May 2029. Resolution 2 approved borrowing/lending powers under Section 186 up to an aggregate of Rs. 400 Crores. Resolution 3 approved an unsecured loan of up to Rs. 35 Crores to M/s Ricon Textile Private Limited, described as a future subsidiary, carrying interest up to 9% per annum. Resolution 4 approved the related party transaction framework with Ricon Textile as an ordinary resolution. Voting results showed near-unanimous support with only 1 dissenting vote per resolution.
The redesignation of Amit Dalmia consolidates leadership at the top of the company. Shareholders have cleared the way for the company to lend up to Rs. 35 Crores to a future subsidiary (Ricon Textile) and raised the borrowing/investment ceiling to Rs. 400 Crores, indicating potential expansion or restructuring plans. These are administrative/structural approvals and likely have minimal immediate impact on stock price, though the subsidiary loan signals upcoming business moves.