Kundan Minerals approves related party loans at 59th AGM
- Kundan Minerals and Metals held its 59th AGM on September 22, 2026, via video conferencing
- Shareholders approved five special resolutions regarding loans and advances with related parties
- Mr. Siddharth Gogia and Mr. Deepak Gupta were appointed as directors retiring by rotation
- Ms. Priya Khandelwal was approved as an Independent Director through a special resolution
*this image is generated using AI for illustrative purposes only.
Kundan Minerals and Metals Limited held its 59th Annual General Meeting on September 22, 2026, via video conferencing. The meeting focused on the adoption of financial statements and the approval of significant related party transactions involving loans and advances.
The company, formerly known as Eastern Sugar and Industries Limited, conducted the proceedings in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A total of 39 members attended the virtual meeting. Mr. Varun Gupta, Non-Executive Director and Chairman, presided over the session.
Resolutions put to vote
The Board placed ten resolutions before the shareholders, comprising five ordinary resolutions and five special resolutions. These covered the appointment of directors, adoption of financials, and extensive approvals for financial dealings with related parties.
| Resolution | Particulars | Type |
|---|---|---|
| 1 | Adoption of financial statement | Ordinary |
| 2 | Appointment of Mr. Siddharth Gogia (retiring by rotation) | Ordinary |
| 3 | Appointment of Mr. Deepak Gupta (retiring by rotation) | Ordinary |
| 4 | Appointment of Ms. Priya Khandelwal as Independent Director | Special |
| 5 | Approval of material related party transactions | Ordinary |
| 6 | Approval of material RPTs by wholly owned subsidiary | Ordinary |
| 7 | Loans and advances with related party under Section 185 | Special |
| 8 | Loans taken from related party under Section 180(1)(c) | Special |
| 9 | Loans and advances with related party by subsidiary | Special |
| 10 | Loans taken from related party by subsidiary | Special |
Governance and attendance
The meeting was attended by seven directors, including Executive Directors Mr. Siddharth Gogia and Mr. Deepak Gupta. Four independent directors were present: Mr. Rahul Sharma, Mr. Rahul Bhardwaj, Ms. Priya Khandelwal, and Ms. Sidhi Maheshwari. Mr. Udit Garg and Mr. Vidit Garg were unable to attend due to pre-occupation.
Ms. Sonica Verma, Company Secretary and Compliance Officer, managed the proceedings. She informed members that remote e-voting was facilitated by National Securities Depository Limited (NSDL). The voting window opened on September 19, 2026, and closed on September 22, 2026. Members who did not vote remotely could cast their votes during the meeting through the e-voting facility.
Scrutiny and results
Mr. Ansh Bhambri, a practicing company secretary, served as the scrutinizer for the voting process. The statutory auditor, M/s Ashwani & Associates, represented by Mr. Avnish Misra, was also present. The final voting results were scheduled for declaration after the receipt of the scrutinizer's report, with updates to be filed with BSE and NSE.
How will the newly approved material related party transactions impact Kundan Minerals' liquidity position and debt profile in the upcoming fiscal quarters?
What specific strategic objectives does the board aim to achieve through the extensive loans and advances authorized under Section 185 for both the parent company and its subsidiary?
How might the appointment of Ms. Priya Khandelwal as an Independent Director influence the company's governance standards and scrutiny of future related party dealings?
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