Intimation for notice of 36th Annual General Meeting to be held on Tuesday, 30/09/2025 through video Conferencing/Other Audio Visual Means at 3:00 PM.
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The company has notified that its 36th AGM will be held on Tuesday, September 30, 2025 at 3:00 PM through video conferencing, with e-voting from September 27-29, 2025 and cut-off date of September 23, 2025. Ordinary business includes adoption of FY25 audited financial statements and re-appointment of Mr. Arun Kumar Sharma (DIN: 09008061) as director retiring by rotation. Special business includes re-appointment of Mr. Sharma as Whole Time Director for 2 years from November 13, 2025 at a monthly remuneration not exceeding Rs. 3,00,000, appointment of M/s Monika Kohli & Associates as secretarial auditors for 5 years (FY26-FY30), and an increase in remuneration of COO Mr. Varun Gupta (related party/promoter group) to up to Rs. 90 lakh per annum from October 1, 2025. The notice also seeks approval for enhanced borrowing/investment limits of up to Rs. 50 crore beyond Section 186 thresholds, and three capital-raising items: up to 13,13,131 CCPS at Rs. 99 each (~Rs. 13 crore) to promoter Express Infra Financial Consultancy against unsecured loan conversion, up to 7,50,000 convertible warrants at Rs. 99 each (~Rs. 7.43 crore) to Mr. Varun Gupta, and 7,50,000 sweat equity shares at Rs. 99 each to Mr. Varun Gupta.
Promoters are converting an unsecured loan of about Rs. 13 crore into CCPS equity and putting in roughly Rs. 7.43 crore via warrants, alongside sweat equity to the COO, indicating promoter confidence but also notable equity dilution potential of about 28.6 lakh new equity shares (on full conversion). Shareholders should watch for related-party concerns around Varun Gupta's multiple roles (warrants + sweat equity + COO pay hike) and the broader Section 186 borrowing headroom of Rs. 50 crore that the board is seeking.