The Board approved two key items:
1. Borrowing of Unsecured Loan with Conversion Option: Approved borrowing of unsecured loan up to an aggregate principal amount of ₹15,00,00,000 (Rupees Fifteen Crores Only) from one or more lenders. The loan terms include an option for conversion of the outstanding loan amount, in whole or in part, into fully paid equity shares of the Company. This approval is subject to shareholder approval at the 37th Annual General Meeting scheduled for September 25, 2026, under Section 62(3) of the Companies Act, 2013.
2. Corrigendum to AGM Notice: Approved issuance of a corrigendum cum addendum to the Notice of the 37th Annual General Meeting originally dated September 1, 2026, and dispatched to shareholders on September 2, 2026.
Additional Resolution Details
The corrigendum adds Item No. 4 to the Special Business section of the AGM Notice, seeking prior approval of members for raising funds through unsecured loan with conversion option. The resolution specifies:
- Maximum loan amount: ₹15,00,00,000 (Rupees Fifteen Crores Only)
- Conversion may be exercised by lenders during currency period of loan
- Conversion terms and pricing must comply with Companies Act, 2013 and Chapter V of SEBI ICDR Regulations
- Shares allotted upon conversion will rank pari-passu with existing equity shares
- Board authorized to finalize loan terms and execute conversion
Purpose of Funds
The explanatory statement indicates the funds are intended for "meeting financial obligations, including primarily for one-time settlement (OTS) of outstanding dues with the Company's existing banks/financial institutions."
Governance
None of the Directors, Key Managerial Personnel or their relatives are interested in the resolution except to the extent of their shareholding.
The original AGM Notice dated September 1, 2026, remains unchanged except for this addition. The corrigendum has been uploaded to the company website: https://www.aiml.in/