Meeting Details

The 54th Annual General Meeting was held on Saturday, 22nd August 2026 at 03:00 PM at the Registered Office of the Company at 4th Floor, Sambava Chambers, Sir. P. M. Road, Fort, Mumbai - 400001. The meeting commenced at 03:00 PM and concluded at 03:35 PM.

Attendance

  • Number of shareholders as on record date (14th August 2026): 55
  • Shareholder representation: 2,18,340 shares aggregating to 89.12% of total share capital
  • 12 members attended in person, including bodies corporate through representatives
  • All Directors attended including Chairpersons of Audit Committee, Nomination & Remuneration Committee, and Stakeholders Relationship Committee
  • Statutory Auditors (M/s. Kanu Doshi Associates LLP) and Secretarial Auditors (M/s. Ragini Chokshi & Co) representatives were present

Voting Mechanism

  • Mode of voting: Remote e-voting and physical ballot
  • Remote e-voting period: 19th August 2026 (09:00 AM) to 21st August 2026 (05:00 PM)
  • Service provider: Central Depository Services (India) Limited (CDSL)
  • Scrutinizer: Mrs. Ragini Chokshi of M/s. Ragini Chokshi & Co, Company Secretaries, Mumbai
  • No shareholders opted for physical ballot voting

Financial Performance Highlights (FY 2025-26)

  • Revenue from operations: ₹Nil
  • Loss before exceptional items and tax: ₹64.85 lakhs (compared to loss of ₹24.62 lakhs in previous year)
  • No dividend recommended due to loss before exceptional items and tax

Asset Sale Transaction

  • Board approved sale of immovable properties, plant & machinery, and investment properties in Maharashtra on 24th October 2025
  • Constituted Material Related Party Transaction under Section 188 of Companies Act 2013 and Regulation 23 of SEBI LODR
  • Shareholder approval obtained via Postal Ballot on 13th December 2025
  • Sale completed in multiple tranches:
  • Land and one investment property: 19th January 2026
  • Another investment property: 30th January 2026
  • Remaining investment properties: 5th February 2026
  • Aggregate Written Down Value (WDV) of assets sold: ₹56.92 lakhs
  • Fair market value certified by Independent Registered Valuer:
  • Property, plant & machinery: Approximately ₹672.05 lakhs
  • Investment properties: ₹501.15 lakhs (net of transfer expenses of ₹8.85 lakhs)
  • Resultant exceptional gain recognized: ₹1,116.65 lakhs
  • Sale consideration received entirely in cash
  • Proceeds proposed for funding new business ventures and strategic initiatives

Business Outlook

  • Company focused on trading activities expected to stabilize by end of FY2026-27
  • Proceeds from asset sales to be utilized for new business ventures and strategic initiatives
  • Directors confident about improved performance in current year

Resolutions Passed

Ordinary Business

1. Adoption of Financial Statements: Ordinary resolution to receive, consider and adopt Audited Financial Statements for year ended 31st March 2026 with Reports of Board of Directors and Auditors

2. Director Reappointment: Ordinary resolution to reappoint Mr. Shyam Sundar Sharma (DIN: 01457322) who retires by rotation

Special Business

3. Continuation of Directorship: Special resolution to approve continuation of Mr. Shyam Sundar Sharma, aged 79 years, as Non-Executive, Non-Independent Director (required under SEBI LODR Regulation 17(1A) for directors above 75 years)

Director Profile (Mr. Shyam Sundar Sharma)

  • Director Identification Number: 01457322
  • Designation: Non-Executive Director
  • Age: 79 years
  • Qualification: B.Com. (Hons.), L.L.B., F.C.A.
  • Expertise: Business strategy and development, leadership in industrial development & management, strategy leadership in finance and investment
  • Date of first appointment: 28th May 1985
  • Shareholding: Nil as on 31st March 2026
  • Directorships in other companies: Nil (excluding private companies)
  • Board meetings attended: 5 out of 5 during FY2025-26
  • No relationships with other Directors or Key Managerial Personnel
  • No proposed remuneration