Attached herewith the Proceeding of the 35th Annual General Meeting
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Velan Hotels held its 35th AGM on September 27, 2025, via video conferencing from 11:45 AM to 1:45 PM. The Managing Director and Chairman, Mr. E.V. Muthukumara Ramalingam, stepped back from chairing the meeting citing age and ill health, and Executive Director Mr. M.R. Gautham was elected to chair the meeting in his place. Out of 8,913 eligible shareholders, 45 attended. A total of 10 resolutions were passed, covering adoption of FY25 financial statements, re-appointment of directors including Mr. M.R. Gautham as Executive Director and Mr. Nagaraj Saveethkumar as Independent Director, approval of related party transactions, sale of company assets, and alteration of the main objects of the Memorandum of Association. The Statutory Auditor's report on FY25 accounts contained qualifications/observations, which was read out at the meeting. E-voting results and scrutinizer's report are to be filed separately.
Investors should take note of the qualified auditor's report on FY25 accounts and the significant resolutions on related party transactions and potential sale of company assets, which could affect shareholder value. The Chairman's health-driven exit from chairing duties also raises governance continuity questions that may weigh on sentiment in the near term.