Board approves PNB overdraft and loan against property; CFO resigns
Board meeting on 22 October 2026 approved two borrowing lines.
By ScoutQuest · · 2 min read
- Overdraft facility approved
- Rs. 7,98,00,000 from Punjab National Bank
- Loan Against Property approved
- up to Rs. 8,00,00,000, secured against the company's property
- CFO resignation effective date
- Sachin Devare resigns with effect from 14 November 2026, citing personal reasons
Creative Eye Limited's board met on 22 October 2026 and approved two borrowing lines, while also noting the exit of its Chief Financial Officer.
What the board approved
- An overdraft facility of Rs. 7,98,00,000 (Rupees Seven Crore Ninety-Eight Lakh) from Punjab National Bank, in accordance with the bank's offer letter.
- A Loan Against Property (LAP) of up to Rs. 8,00,00,000 (Rupees Eight Crore), 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.
Reading the two facilities
An overdraft is a working-capital line that lets a company draw money up to a set limit as needed, typically for day-to-day operations. A Loan Against Property is a loan raised by creating a charge on a property the company owns. The key difference for a reader is that the LAP is secured against a company asset, so that property carries a lender's charge until the loan is repaid. Both facilities create repayment obligations for the company.
Change in key managerial personnel
- Mr. Sachin Devare, Chief Financial Officer, has resigned with effect from 14 November 2026.
- The reason given is personal reasons and pre-occupations of professional commitments.
- He has confirmed there is no other material reason for the resignation.
- The Board has taken note of and accepted the resignation.
- His resignation letter dated 22 October 2026 also requests settlement of pending dues, including salary and leave salary, before his departure.
How this can be read
The announcement combines fresh credit lines with a senior finance leadership exit. On the borrowing side, the company has board approval to draw funds for operations and projects, alongside the obligation to service and repay them and a charge on property for the LAP. On the people side, a CFO resignation is a change in key managerial personnel; the stated reasons are personal and professional, and the letter states no other material reason.
The meeting commenced at 03:45 p.m. and concluded at 04:15 p.m.
Also from Creative Eye
Chief Financial Officer resigns with effect from 14 November 2026
22 Oct 2026
Board approves PNB overdraft and Loan Against Property; CFO resigns with effect from 14 November 2026
22 Oct 2026
More numbers
- Overdraft facility from Punjab National BankRs. 7,98,00,000/-
- Loan Against Property approved (up to)Rs. 8,00,00,000/-
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