Kundan Minerals and Metals Limited has scheduled its 59th AGM for September 22, 2026. While the company reported growth in consolidated revenue, it flagged a massive decline in standalone financials. Shareholders are tasked with approving significant related-party transactions totaling up to Rs 1,500 crore. Additionally, the company disclosed ongoing scrutiny by the Directorate of Revenue Intelligence and the Income Tax Department, further complicating its post-insolvency recovery phase.
Kundan Minerals & Metals: AGM Notice and Operational Update
Standalone revenue fell to Rs 11.60 crore from Rs 3,956.08 crore; Net profit dropped to Rs 2.59 crore from Rs 125.79 crore.
Reader Takeaway: Consolidated growth contrasts with sharp standalone declines and substantial related-party transaction proposals requiring careful investor oversight.
What just happened
Kundan Minerals and Metals Limited has issued a notice for its 59th Annual General Meeting, scheduled for September 22, 2026. The meeting agenda includes the adoption of annual financial statements, the re-appointment of directors, and critical approvals for related-party transactions. The company is currently operating under a post-Corporate Insolvency Resolution Process (CIRP) framework following an NCLT-approved plan in 2023.
Why this matters
Shareholders are being asked to approve significant related-party transactions involving entities such as Gogia Leasing Limited and Mr. Vidit Garg. The proposed limits for these transactions reach as high as Rs 1,500 crore. While the board maintains these are at arm's length and in the ordinary course of business, the scale of these inter-company movements is a key focus area for minority shareholder scrutiny.
Risks to watch
Regulatory exposure remains a primary concern for investors. The company confirmed that the Directorate of Revenue Intelligence conducted a search on December 6, 2025, and the Income Tax Department performed a survey under Section 133A on January 28, 2026. Both proceedings remain under review. Furthermore, the massive divergence between standalone performance and consolidated revenue growth (Rs 4,757.39 crore in FY26) signals significant operational volatility that investors should monitor closely.
What to track next
The company is still awaiting final listing and trading approvals from stock exchanges for certain shares issued during its restructuring process. Investors should also monitor any updates regarding the outcomes of the ongoing tax and revenue department inquiries, as these could influence future cash flows and corporate governance stability.