Kundan Edifice Limited — Important, 02-12-2024: Updates

Kundan Edifice Limited will hold an Extra Ordinary General Meeting through video conferencing to approve significant business matters.

The first item on the agenda is to secure the members' consent for a material related party transaction with Kundan Industries Limited. This involves acquiring industrial land, valued at approximately ₹32.5 crore, with existing and future contracts anticipated to exceed the stipulated materiality threshold. The transaction aligns with Kundan Edifice's expansion strategy and is deemed beneficial, based on independent valuation.

Additionally, the meeting will address the regularization of Mr. Ulhas Anant Joshi's appointment as a Non-Executive Independent Director. He brings over four decades of leadership experience in various industries and has satisfied the criteria for independence under applicable regulations. His five-year term is proposed to enhance the board's capabilities.

Shareholders are encouraged to participate actively in the meeting to voice their positions on these pivotal issues impacting the company's strategic direction.