ABS Marine Services Limited has announced key decisions following its Board meeting held on February 25, 2025. The company disclosed these developments under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.
Key Approvals from the Board Meeting:
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Increase in Borrowing Limits
The Board has approved an increase in the company’s borrowing limits under Section 180(1)(c) of the Companies Act, 2013. The company is now authorized to borrow up to ₹600 crore, exceeding its paid-up share capital and free reserves. This borrowing can be facilitated through banks, financial institutions, and other lenders, with terms determined at the Board’s discretion. The decision is subject to shareholder approval via a postal ballot. -
Creation of Mortgage/Charge on Properties
Under Section 180(1)(a) of the Companies Act, 2013, the Board has approved the creation of a mortgage or charge on the company’s movable and immovable properties, assets, and undertakings. This applies to both present and future assets and will serve as security for borrowings, including loans and debt securities. The approved mortgage limit is ₹500 crore, exceeding the company’s paid-up capital and free reserves. This is also subject to shareholder approval via a postal ballot. -
Appointment of Scrutinizer for Postal Ballot Process
The company has appointed Mr. Nagarajan Shree Ram Prassad, a practicing company secretary, to oversee the e-voting process for the postal ballot related to these approvals.
The Board meeting concluded at 5:15 PM on February 25, 2025.
These decisions mark a significant step in the company’s financial planning, allowing it to secure necessary funding for expansion and operational requirements.
Disclaimer:
The information provided is for informational purposes only and should not be considered financial or investment advice. Investors are advised to conduct their own due diligence or consult with financial professionals before making any investment decisions.
