Creative Eye532392Board decision

Board approves PNB overdraft and Loan Against Property; CFO resigns with effect from 14 November 2026

Board meeting held on 22 October 2026.

By ScoutQuest · Thu 22 Oct 2026, 5:07 PM IST · 2 min read

Overdraft facility approved (PNB): Rs. 37,98,00,000/- (Rupees Seven Crore Ninety-Eight Lakh only)
Loan Against Property approved: up to Rs. 8,00,00,000/- (Rupees Eight Crore only), secured against the company's property
CFO resignation effective date: Mr. Sachin Devare, effective 14 November 2026, citing personal reasons and professional commitments

The Board approved availing an Overdraft Facility of Rs. 37,98,00,000/- (Rupees Seven Crore Ninety-Eight Lakh only) from Punjab National Bank (PNB), in accordance with the bank's offer letter.
The Board approved availing a Loan Against Property (LAP) of up to Rs. 8,00,00,000/- (Rupees Eight Crore only), secured against the property of Creative Eye Limited.
The update states the LAP proceeds shall be utilised for the Company's business operations and future projects.

An overdraft is a facility that lets a company draw money up to a sanctioned limit and repay as funds come in; it is typically used for day-to-day working capital needs.
A Loan Against Property is borrowing in which the company's own property is kept as security with the lender. If the loan is not repaid, the lender can recover dues from that property.
Both are liabilities the company takes on. The overdraft is stated as being taken in line with the bank's offer letter.

The Board took note of and accepted the resignation of Mr. Sachin Devare, Chief Financial Officer, with effect from 14 November 2026.
The stated reason is personal reasons and pre-occupations of professional commitments. He has confirmed there is no other material reason for the resignation.
His resignation letter, dated 22 October 2026, says he intends to pursue a new professional opportunity and that he is willing to hand over his duties to his successor or a designated person during the transition period.

The financing decisions and the CFO exit were both taken at the same board meeting, which ran from 03:45 p.m. to 04:15 p.m.
The resignation takes effect from 14 November 2026, so the change is effective from that date.

Details of how the borrowed money is priced and for how long would normally matter for judging the cost of the new debt.
A CFO exit is a key management change; the update attributes it to the individual's personal and career reasons.

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