Grand Foundry Limited has successfully conducted its Extra-Ordinary General Meeting (EGM) on November 30, 2024, where key decisions were made to support the company’s future growth and operational flexibility.

Key Resolutions Approved

During the meeting, the shareholders approved several important resolutions, including:

1. Approval of Borrowing Limits: The shareholders authorized the company to raise borrowings exceeding the limits prescribed under Section 180(1)(c) of the Companies Act, 2013.
2. Creation of Mortgage or Charge: Approval was granted under Section 180(1)(a) to allow the creation of a mortgage or charge on the company’s assets to secure borrowings.
3. Increased Threshold for Loans & Guarantees: The company was also granted approval under Section 186 of the Companies Act, 2013, to increase the threshold for loans, guarantees, and securities provided.
4. Related Party Transactions: Shareholders approved various related party transactions as part of regularizing the company’s internal financial arrangements.
5. Approval for Advancing Loans/Guarantees: Under Section 185 of the Companies Act, 2013, the company received approval to advance loans or provide guarantees or securities.
6. Appointment of Director: The appointment of Ms. Shefali Kesarwani (DIN: 10259458) as a Non-Executive Non-Independent Director was formally approved.
   
   

   The Upcoming IPOs in this week and coming weeks are Property Share REIT, Nisus Finance, Emerald Tyre Manufacturers, Rosmerta Digital and Avanse Financial.

   The Current active IPO is Ganesh Infraworld, Suraksha Diagnostic, Agarwal Toughened.

Ms. Shefali Kesarwani’s Appointment

Ms. Shefali Kesarwani, a member of the Institute of Company Secretaries of India, brings extensive experience in corporate law, mergers & acquisitions, private equity, and corporate governance. Her expertise has guided both Indian and international companies in matters related to restructuring, mergers, and acquisitions. She joined the board on September 2, 2024, and her term will continue until resignation or retirement.

No Related Party Transactions Involved

It was confirmed that there are no relationships between Ms. Kesarwani and any of the company’s other directors, and she is not debarred from accessing capital markets.

This EGM marks a significant step for Grand Foundry Limited, with approvals that will help enhance its financial flexibility and corporate governance framework. The meeting concluded successfully at 1:03 PM.