AGM Details
- Meeting Date: Wednesday, September 30, 2026 at 11:00 AM (IST)
- Mode: Video Conference (no physical attendance)
- Record Date: September 25, 2026
- Register of Members Closure: September 24, 2026 to September 30, 2026 (both days inclusive)
- Remote e-voting Period: September 27, 2026 (9:00 AM) to September 29, 2026 (5:00 PM)
- Service Provider: Bigshare Services Private Limited
Business to be Transacted at AGM
Ordinary Business
1. Adoption of Financial Statements: To consider and adopt audited standalone financial statements for FY ended March 31, 2026, together with Directors' and Auditors' Reports thereon.
2. Re-appointment of Director: To re-appoint Mrs. Jalpa Sapariya (DIN: 07918214) as Non-Executive Director who retires by rotation. She holds 1,601 shares and draws no remuneration.
3. Appointment of Statutory Auditors: To appoint M/s. Sunit M. Chhatbar & Co., Chartered Accountants (FRN: 141068W) as statutory auditors for a term of 5 years until the conclusion of the 23rd AGM of 2031.
Special Business
4. Increase in Authorized Share Capital: Special Resolution to increase authorized share capital from ₹5,00,00,000 (50 lakh equity shares of ₹10 each) to ₹100,00,00,000 (10 crore equity shares of ₹10 each).
5. Borrowing Limits: Special Resolution to authorize borrowing up to ₹100,00,00,000 (excluding temporary loans from bankers).
6. Investments/Loans/Guarantees: Special Resolution to authorize making investments, giving loans, providing guarantees and securities up to ₹100,00,00,000 aggregate limit.
7. Casual Vacancy Auditor Appointment: Ordinary Resolution to appoint M/s. Sunit M. Chhatbar & Co. as statutory auditors to fill casual vacancy caused by resignation of M/s. Bhairavi Gala & Associates (FRN: 0125026W) effective April 17, 2026.
Financial Performance (Standalone)
FY 2025-2026 Results:
- Total Revenue: ₹0.17 lakhs (compared to negative ₹49.50 lakhs in FY25)
- Profit before depreciation and tax: ₹18.66 lakhs (₹3.32 lakhs in FY25)
- Depreciation: ₹0.01 lakhs (₹0.16 lakhs in FY25)
- Profit before tax: ₹18.65 lakhs (₹3.16 lakhs in FY25)
- Current tax: ₹4.85 lakhs (₹0.82 lakhs in FY25)
- Net profit for the year: ₹13.80 lakhs (₹2.34 lakhs in FY25)
- Earnings per share (Basic): ₹0.33 (₹0.06 in FY25)
Balance Sheet Position as at March 31, 2026:
- Total Assets: ₹488.733 lakhs (₹473.857 lakhs in FY25)
- Non-current assets: ₹392.467 lakhs (including Inventory ₹2815.00 lakhs, Property Plant & Equipment ₹319.30 lakhs)
- Current assets: ₹96.266 lakhs (including Cash & Cash equivalents ₹74.66 lakhs)
- Equity: ₹409.25 lakhs (₹395.45 lakhs in FY25)
- Non-current liabilities: ₹1164.65 lakhs (Borrowings) (₹1084.97 lakhs in FY25)
- Current liabilities: ₹3313.44 lakhs (including Trade payables ₹3138.57 lakhs) (₹3258.15 lakhs in FY25)
Cash Flow Statement
- Net cash flow from operating activities: Negative ₹66.95 lakhs (Positive ₹93.53 lakhs in FY25)
- Net cash flow from investing activities: Negative ₹10.49 lakhs (Negative ₹117.90 lakhs in FY25)
- Net cash flow from financing activities: Positive ₹79.68 lakhs (Positive ₹26.82 lakhs in FY25)
- Net increase in cash: ₹2.25 lakhs (₹2.45 lakhs in FY25)
- Cash and cash equivalents at end: ₹74.66 lakhs (₹72.42 lakhs in FY25)
Key Corporate Information
- Paid-up equity share capital: ₹415.20 lakhs (41,52,000 equity shares of ₹10 each)
- Listing: BSE Limited
- Registrar & Share Transfer Agent: Bigshare Services Private Limited
- Company Secretary: CS Barsha (appointed March 21, 2026)
- Board Composition: 6 Directors (3 Executive, 1 Non-Executive Women Director, 2 Non-Executive Independent Directors)
- Board Meetings held in FY26: 10 meetings
- Audit Committee Meetings: 6 meetings
Compliance and Regulatory Matters
- Secretarial Audit Report by CS Khushal Bherulal Bajaj identified three compliance issues:
1. Vacancy in Company Secretary position from December 31, 2023 to March 20, 2026
2. Non-appointment of Internal Auditor under Section 138 of Companies Act, 2013
3. Non-maintenance of Structured Digital Database under SEBI (PIT) Regulations
- Management Response: Cited financial constraints and medical circumstances of Promoter/Director for compliance delays, with steps being taken to regularize
- Statutory Auditors: M/s. Bhairavi & Associates resigned effective April 17, 2026; M/s. Sunit M. Chhatbar & Co. appointed to fill casual vacancy
- Unmodified audit opinion issued on standalone financial results for quarter and year ended March 31, 2026
Business Operations and Future Prospects
- Continuation of old projects with additional ongoing projects during FY26
- Company is a partner (72% share) in M/s. Shreeji Life Space partnership executing residential redevelopment project on 10th Road, Khar West, Mumbai
- No dividend declared for FY26
- Entire profit transferred to Reserve and Surplus
- No material changes affecting financial position between year-end and report date
Other Disclosures
- No deposits accepted under Companies Act, 2013
- No subsidiary, joint venture or associate companies
- No significant material orders passed by regulators/courts impacting going concern status
- No frauds reported by statutory auditors
- No complaints under Sexual Harassment at Workplace Act
- Corporate governance provisions under SEBI LODR not applicable due to company size
Annexures
- Annexure I: Details of Director Mrs. Jalpa Sapariya seeking re-appointment
- Annexure II: Details of proposed Statutory Auditor M/s. Sunit M. Chhatbar & Co.
#Tags: #MaheshDevelopers #AGM2026 #FY26Results #CapitalIncrease #SEBIDisclosure #RegulatoryCompliance #FinancialUpdate #Neutral