Company and Meeting Details

Meeting Logistics and Attendance

The 104th AGM was held on Saturday, 29 August 2026 at 2:30 PM through Video Conferencing/Other Audio Visual Means.

Members Attendance:

  • Promoters and Promoter Group: 4 members
  • Public: 42 members

Individuals Present on Dias:

  • Mr. Vemparla Dakshinamurty (Whole Time Directors - Chairman of the meeting)
  • Mr. Mahendra Ujamshi Shah (Independent Director)
  • Mr. Ashok Bhutada (Independent Director)
  • Dr. Lily Bhushan (Independent Director)
  • Mr. Ajay Bhatnagar (Independence Additional Directors in capacity)
  • Mr. Radhakrishnan Nair (Independence Additional Directors in capacity)
  • Mr. Anurag Choudhry (Chief Financial Officer)
  • Mr. Ajit B. Desai (Chief Executive Officer)
  • Ms. Roshni Kapshiwal (Company Secretary)
  • Mr. Sandeep Sheth (Vice President Accounts and Finance)
  • Mr. Jaysingh Ashar (Vice President & head - Legal work Survey & contract)
  • Ms. Neha Sutariya (Statutory Auditor - M/s. NVC & Associates LLP)
  • Mr. Prashant Bhungurde (Representative of Secretarial Auditor M/s. Pramod Shah and Associates)
  • Mr. Tanish Porwal (Representative of Secretarial Auditor M/s. Pramod Shah and Associates)

Proceedings Overview

The meeting was chaired by Mr. Vemparla Dakshinamurty who confirmed requisite quorum was present. The Company Secretary provided instructions regarding participation through video conferencing facility arranged in accordance with MCA and SEBI circulars. Documents referred to in the AGM notice were made available electronically for inspection.

Financial Performance Review (FY 2025-26)

Standalone Performance:

  • Turnover: ₹85.18 crores (compared to ₹21.23 crores in previous FY ended 31 March 2025)
  • Net Loss after Tax: ₹1189.01 crores (compared to Net Loss of ₹1078.14 crores in previous FY)

Consolidated Performance (Gammon Group):

  • Turnover: ₹94.48 crores (compared to ₹67.89 crores in previous FY)
  • Net Loss after Tax: ₹1170.34 crores (compared to Net Loss of ₹1192.34 crores in previous FY)

Key Financial Notes:

  • Interest and finance costs remain high at ₹1123.06 crores for the year
  • Turnover/income is from residual EPC business post carve out of operating business
  • Loss primarily due to provisions made for Company's funded and non-funded exposure of loans and investments

Shareholder Queries and Management Responses

Registered Speakers (17 registered, 8 participated):

  • Mr. Bimal Agrawal: Query about when Company can give dividend
  • Mr. Bharat Shah and Ms. Smita Shah: Appreciated management and gave best wishes
  • Mr. Yusuf Rangwala: Asked about current projects, future projects, and dividend timeline
  • Mr. Anil Mehta: Asked about targeted growth and revenue considering global situation
  • Mr. Jamshed Patel: Expressed concern about share price, asked about future plans of former subsidiary, future revenue/profit, and AI utilization
  • Mr. Toni Bhatia: Asked about Company revival and highlighted previous Company Secretary resignation
  • Ms. Prakashini Shenoy: Confirmed receipt of hard copy Annual Report, appreciated Secretarial Department
  • Mr. Reddeppa Gundluru: Expressed happiness for 104th AGM, confirmed receipt of Annual Report, appreciated management and Secretarial Department, asked about revival plans and debts
  • Ms. Lekha Shah: Confirmed receipt of Annual Report, expressed concern about Company's hard times, asked about growth plans in 2-5 years
  • Mr. Hiranand Kotwani: Expressed views about previous employee allegedly responsible for misuse of past resources
  • Mr. Daljit Singh: Expressed concerns about Company condition, suggested targeting subsidiaries for growth

Management Response (by Mr. Ajit Desai, CEO):

  • Thanked shareholders for support during difficult times
  • Assured that officers are working hard to resolve liquidity issues and settle all debts with lenders
  • Stated no dividend declared due to absence of profit
  • Confirmed recent order from Securities Appellant Tribunal (SAT) for relisting of Equity shares on BSE and NSE
  • Shares will be relisted once procedural compliances are completed

Voting and Resolutions

The Company provided electronic voting facilities pursuant to Section 108 of Companies Act, 2013 and Rule 20 of Companies (Management and Administration) Rules, 2014. Mr. Mitesh J. Shah & Associates was appointed to supervise the e-voting process. Results were to be announced to stock exchanges within 2 working days and uploaded on Company website (www.gammonindia.com).

Agenda Items:

1. Item No. 1: Adoption of Financial Statements (Ordinary Resolution)

2. Item No. 2: Appointment of Mr. Ajay Bhatnagar (DIN: 02922422) as Non-Executive Independent Director (Special Resolution)

3. Item No. 3: Appointment of Mr. Radhakrishnan Nair Bhaskaran Pillai (DIN: 10521532) as Non-Executive Independent Director (Special Resolution)

4. Item No. 4: Approval of payment to Cost Auditor of the Company (Ordinary Resolution)

The voting platform remained available for 15 minutes after meeting conclusion. The meeting concluded at 3:30 PM.