Disclosure for Submission of Corrigendum 1 to the Notice of Extraordinary general Meeting to be scheduled on Tuesday, 06.05.2025 at 16:00 PM.
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Scan Projects Ltd (formerly Ambala Cements Ltd) has issued a Corrigendum to its EGM notice for a meeting scheduled on May 6, 2025 at 4:00 PM via video conferencing. The corrigendum adds Resolution No. 2, which was missed in the original April 11 notice. Item 1 seeks shareholder approval (Special Resolution under Section 180(1)(c)) to raise the company's overall borrowing limit from Rs. 2.25 crore to Rs. 5 crore to support working capital needs. Item 2 seeks approval (Special Resolution under Section 186) to make investments, give loans, and provide guarantees up to Rs. 5 crore beyond the statutory 60%/100% thresholds. The explanatory statement clarifies that current investments are within legal limits, and the increase is sought for greater financial flexibility. E-voting will be open from May 3 to May 5, 2025, with a cut-off date of April 29, 2025.
Both resolutions are Special Resolutions, meaning they require a 75% majority of votes cast to pass. If approved, the company gains more headroom to raise debt (up to Rs 5 Cr) and to invest/lend/guarantee beyond current statutory caps, which could support expansion or group-level financial activity. For shareholders, this is a small-cap company seeking flexibility rather than an immediate dilution or large capital raise, so direct impact on share price is likely limited unless borrowing is actually drawn.