Company Overview
Bhagawati Gas Limited (CIN: U24111RJ1974PLC005789, Scrip Code: 500051) convened its 52nd Annual General Meeting on September 30, 2026, at its registered office in Rajasthan. The meeting addressed critical governance, financial, and strategic matters following the company's relisting on BSE in February 2026 after Supreme Court-directed reversal of a 2018 delistment.
Financial Performance (FY 2025-26)
The company reported FY26 revenue of ₹279.29 lakhs (down from ₹435.62 lakhs previous year) and profit after tax of ₹99.08 lakhs (versus ₹14.24 lakhs previous year). Total expenses decreased to ₹204.56 lakhs from ₹347.54 lakhs. No dividend was recommended for the fiscal year. Statutory auditors issued qualified opinions regarding doubtful advances totaling ₹366.47 lakhs, unrenewed ₹400 lakhs bank guarantee, and unconfirmed borrowings of ₹38.86 lakhs.
AGM Resolutions and Governance Changes
Ordinary Business: Adoption of financial statements, reappointment of Chairman & Managing Director Rakesh Samrat Bhardwaj, and appointment of YG & Associates as statutory auditors at ₹1.60 lakh annual remuneration following the resignation of previous auditors in August 2026.
Special Business: Alteration of Memorandum of Association to enable diversification into renewable energy (solar, biogas, green hydrogen), environmental protection, AI/IT technologies, and general commodity trading. Appointment of Mazhar Hasan as Non-Executive Independent Director for a 5-year term effective October 2026.
Corporate Governance and Compliance
Secretarial audit revealed multiple non-compliances including improper board composition, delayed financial submissions, undematerialized promoter holdings, and delayed regulatory filings. The company maintained 12 employees and reported advances of ₹74.35 lakhs to related parties. E-voting was available through NSDL from September 27-29, 2026, with physical voting at the AGM venue.
Capital Structure and Shareholding
Authorized share capital remained at ₹25 crore divided into 2.5 crore equity shares of ₹10 each. Paid-up capital stood at ₹16.74 crore (1.67 crore shares). Promoters held 34.23% while public shareholders held 65.77%, with 51.92% in dematerialized form and 48.08% in physical certificates.
Strategic Initiatives and Outlook
The company operates in industrial gases, wastewater treatment, and renewable energy projects, with initiatives in healthcare oxygen solutions and green hydrogen opportunities. The AGM approvals enable strategic diversification while addressing governance improvements following regulatory challenges and trading resumption.