Extraordinary General Meeting will be held on Tuesday, 06th day of May, 2025 at 16:00 PM of Scan Projects Limited.
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Scan Projects Ltd has called an Extra Ordinary General Meeting (EGM) of shareholders on Tuesday, May 6, 2025 at 4:00 PM, to be held via Video Conferencing (VC)/OAVM. The only special business on the agenda is seeking shareholder approval to raise the company's overall borrowing limit from the existing Rs. 2.25 Crore to Rs. 5 Crore under Section 180(1)(c) of the Companies Act, 2013. The Board approved this increase at its meeting held on October 9, 2024, citing the need to support business operations and meet working capital requirements. The EGM will also allow the Board to create security (mortgage, pledge, charge, hypothecation) on company assets to secure such borrowings. The cut-off date for e-voting eligibility is April 29, 2025, with remote e-voting open from May 3 (10:00 AM) to May 5 (5:00 PM).
If approved, the company's borrowing capacity will more than double (from Rs. 2.25 Cr to Rs. 5 Cr), which could mean significantly higher debt on the books in the future. For shareholders, this signals that management anticipates needing additional funds for working capital or expansion, which may also lead to higher interest costs and potential pledging of company assets as collateral. Approval will depend on the special resolution being passed with the required majority at the EGM.