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Gourmet Gateway India EGM Approves Share Capital Increase and New Director
Team Finance Saathi
28/Dec/2024
What's covered under the Article:
- Authorized share capital increased to ₹23.5 crores, enabling business expansion.
- Issuance of convertible equity warrants on a preferential basis to non-promoters.
- Appointment of Neeraj Jain as an Independent Director for five years.
Gourmet Gateway India Ltd Approves Crucial Business Decisions at EGM
On December 28, 2024, Gourmet Gateway India Limited (formerly Intellivate Capital Ventures Limited, CIN: L27200HR1982PLC124461), held its Extraordinary General Meeting (EGM) to discuss several significant corporate matters. The meeting witnessed the approval of pivotal resolutions that reflect the company’s strategic direction and future growth initiatives.
Key Resolutions Approved by the Board
1. Increase in Authorized Share Capital
The company approved the increase in its authorized share capital and made corresponding amendments to its Memorandum of Association. The new authorized share capital is set at Rs. 23.5 Crores, divided into 18.5 Crores equity shares and 5 Crores preference shares, each having a face value of Rs. 1/- per share.
This change is in line with the company’s plans to expand its equity base and accommodate future growth. The amended Clause V of the Memorandum of Association is included in the filing and reflects this increase in capital, ensuring the company’s foundation for further expansion.
2. Issue of Convertible Equity Warrants
The Board also approved the issuance of convertible equity warrants to certain non-promoter persons/entities on a preferential basis. These warrants are a strategic move to raise capital and bring in fresh investments, supporting the company’s growth trajectory. The detailed terms of this issuance were provided in the meeting notice and will be executed as per SEBI guidelines.
3. Appointment of Neeraj Jain as Independent Director
In a move to strengthen its leadership, the company appointed Mr. Neeraj Jain as a Non-Executive Independent Director, effective from December 2, 2024, for a term of five years.
Mr. Jain, a Fellow Member of the Institute of Company Secretaries of India (ICSI), brings over 14 years of experience in corporate governance, legal compliance, business development, and financial restructuring. His extensive expertise in corporate negotiations, securities market, and capital raising will be pivotal for Gourmet Gateway’s strategic growth.
Moreover, Mr. Jain is not related to any director or key managerial personnel of the company and has no debarments from holding office as a director. This appointment marks a significant milestone in enhancing the governance structure of Gourmet Gateway India Ltd.
Regulatory Compliance and Disclosure
The resolutions and their details are in compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company also provided the necessary disclosures under SEBI Circular No. CIR/CFD/CMD/4/2015 regarding the appointment and share capital changes, ensuring transparency and adherence to listing regulations.
Future Prospects
The approved resolutions demonstrate Gourmet Gateway India Ltd’s commitment to strengthening its equity base, attracting strategic investments, and enhancing governance. With the increase in share capital, the company is poised for further expansion and to tap new business opportunities. Additionally, the appointment of a seasoned professional like Mr. Neeraj Jain signals the company’s intent to build a robust leadership structure.