Key Quantitative Figures

  • FY 2025-26 Total Income: ₹4,451.26 lakhs (Previous year: ₹7,822.42 lakhs)
  • FY 2025-26 Net Loss: ₹(112.63) lakhs (Previous year: Profit of ₹17.35 lakhs)
  • Revenue from Operations: ₹4,439.52 lakhs (Previous year: ₹7,808.52 lakhs)
  • Preferential Allotment (13-Dec-2025): 24,84,444 equity shares issued at ₹45 per share (including premium of ₹35), aggregating ₹11,17,99,980
  • Utilisation of Preferential Issue Proceeds (as of 31-Mar-2026): ₹9,37,24,715 utilised; ₹1,80,75,265 unutilised
  • Paid-up Equity Share Capital: Increased from ₹8,51,66,800 (85,16,680 shares) to ₹11,00,11,240 (1,10,01,124 shares)
  • GST Show Cause Notice (19-Jan-2026): Alleged wrongful ITC availment of ₹31.57 crores for FY 2021-22 to 2024-25, plus interest & penalties
  • Legal Proceeding (Negotiable Instruments Act): Nine post-dated cheques aggregating ₹18.00 crores issued as security, matter pending in court
  • Managing Director Remuneration (Proposed for 1-Oct-2026): Salary of ₹8,50,000 per month
  • Non-Executive Director Remuneration (Proposed for Mr. Bodhanwala): ₹12,00,000 per annum

Dates of Action

  • Revised AR Filing Date: 25-Aug-2026
  • AGM Date: 11-Sep-2026 at 11:30 AM through VC/OAVM
  • Book Closure: 05-Sep-2026 to 11-Sep-2026
  • E-Voting Period: 08-Sep-2026 (9:00 AM) to 10-Sep-2026 (5:00 PM)
  • Preferential Allotment Date: 13-Dec-2025
  • GST Notice Receipt Date: 03-Feb-2026 (issued 19-Jan-2026)

Parties Involved

  • Stock Exchange: BSE Limited
  • Registrar & Share Transfer Agent: MUFG Intime India Private Limited
  • Statutory Auditors: Mukund & Rohit, Chartered Accountants
  • Internal Auditors: M/s Chirag Bhatt & Associates, Chartered Accountants
  • Secretarial Auditors: M/s. Devesh Pathak & Associates, Practising Company Secretaries
  • Scrutinizer for E-Voting: Mr. Devesh Pathak
  • E-Voting Agency: National Securities Depository Limited (NSDL)
  • Bankers: Bank of Baroda, HDFC Bank

AGM Business Items

Ordinary Business

1. Adoption of audited financial statements for FY ended 31-Mar-2026.

2. Re-appointment of Mr. Gaurav Thanky (DIN: 02565340) as a Director retiring by rotation.

Special Business

3. Appointment of Mr. Yogesh Keshariya (DIN: 07063024) as Non-Executive Independent Director for a term of three years from 12-Jun-2026.

4. Re-appointment of Mr. Gaurav Thanky as Managing Director for five years from 1-Oct-2026 to 30-Sep-2031.

5. Approval of remuneration for Mr. Gaurav Thanky as Managing Director for three years from 1-Oct-2026: Salary of ₹8,50,000 per month plus perquisites.

6. Continuation of Mr. Aarasp Bejan Bodhanwala (DIN: 00421362) as Non-Executive Non-Independent Director from 1-Oct-2026.

7. Approval of remuneration for Mr. Aarasp Bejan Bodhanwala: ₹12,00,000 per annum for three years from 1-Oct-2026.

Financial and Operational Impact

  • The revision to the Annual Report is solely to correct a typographical error on Page 27 of the Board's Report; no financial impact.
  • The GST show cause notice and legal proceeding under the Negotiable Instruments Act represent contingent liabilities; financial impact is not quantified in the disclosure but could be material if crystallized.
  • The company attributes the FY26 loss to reduced margins, stiff competition, recession, economic slowdown, and volatile raw material prices.

Capital Structure Impact

  • Preferential allotment increased paid-up capital, resulting in dilution. Promoter holding decreased from 61.16% to 46.65%.

Cash Flow Implications

  • Not explicitly quantified for contingent liabilities. Preferential issue proceeds were utilised for working capital (₹6,70,79,988) and capital expenditure (₹42,84,731 out of allocated ₹2,23,59,996).

Forward-Looking Guidance

  • Management remains optimistic about the company's going concern status despite the material uncertainty highlighted by auditors, citing a strong case on merits against the GST notice.
  • The company is focusing on internal factors for improvement: better product mix, cost control, credit cycle reduction, and efficiency improvements.

Material Changes

  • Increase in paid-up equity share capital beyond ₹10 crore threshold makes SEBI LODR corporate governance provisions applicable from FY 2026-27.

Additional Information

  • The company has no subsidiaries, joint ventures, or associate companies.
  • No dividend recommended for FY 2025-26.
  • No funds were transferred to the Investor Education and Protection Fund.
  • The company has adequate internal financial controls per the auditor's report.