Key Quantitative Figures

  • Net Turnover and Other Income: ₹484.02 lakhs (FY26) vs ₹241.16 lakhs (FY25)
  • Net Loss for FY26: ₹651.63 lakhs (Profit of ₹818.65 lakhs in FY25)
  • Loss from Continuing Operations: ₹688.58 lakhs
  • Profit from Discontinued Operations: ₹36.95 lakhs
  • Total Comprehensive Income: ₹(651.36) lakhs
  • Equity Share Capital: ₹32.22 crore
  • Preference Share Capital: ₹110 crore
  • Negative Net Worth: ₹(17,544.16) lakhs
  • Plant Machinery Sale Consideration: ₹13.62 crore (MOU signed with Symcom Exim Pvt Ltd)
  • Advance Received against Sale: ₹2.72 crore (20% of total consideration)

Dates of Action

  • AGM Date: September 18, 2026 at 3:00 PM through VC/OAVM
  • Record Date for AGM: September 11, 2026
  • Remote e-Voting Period: September 15-17, 2026
  • Manufacturing Discontinuation: November 13, 2024
  • MOU for Machinery Sale: March 9, 2026
  • Advance Received: March 12, 2026

Parties Involved

  • Stock Exchanges: BSE Limited, National Stock Exchange of India Limited
  • Registrar & Transfer Agent: Purva Sharegistry (India) Private Limited
  • Statutory Auditors: M/s. D S M R & Co. (Chartered Accountants)
  • Secretarial Auditors: GMJ & Associates (Company Secretaries)
  • Buyer for Machinery: Symcom Exim Pvt Ltd
  • Bankers: Union Bank of India, Standard Chartered Bank

Financial and Operational Impact

  • Manufacturing operations of 'Paper and Paper Board' at Ambivali factory discontinued since November 2024
  • Company now engaged in trading activities in plastic and packaging materials
  • Board approved commencement of real estate development business as authorized under Memorandum of Association
  • Scheme of Reduction of Share Capital approved by Board (subject to member and NCLT approval)

Capital Structure Impact

  • No change in share capital during FY26
  • Authorized Capital: ₹168 crore (Equity: ₹58 crore, Preference: ₹110 crore)
  • Issued, Subscribed and Paid-up: Equity ₹32.22 crore, Preference ₹110 crore
  • 99.60% of equity shares held in dematerialized form

Director Reappointments Proposed

1. Shri Anuraag Poddar as Chairman & Managing Director for 3 years (Feb 11, 2027 to Feb 10, 2030)

  • Monthly remuneration: ₹3,45,000 (Basic: ₹1,75,000, HRA: ₹1,00,000, Special Allowance: ₹70,000)
  • Plus perquisites and commission

2. Shri Manish Malpani as Whole Time Director & CFO for 3 years (Dec 9, 2026 to Dec 8, 2029)

  • Monthly remuneration: ₹2,53,244 (Basic: ₹1,42,110, HRA: ₹71,055, Special Allowance: ₹40,079)
  • Plus perquisites but no commission

3. Prof. (Dr.) Mangesh D. Teli as Independent Director for 5 years (Dec 9, 2026 to Dec 8, 2031)

  • Will continue beyond age 75 with special resolution approval
  • Entitled to sitting fees only

Cash Flow Implications

  • Net cash used in operating activities: ₹(428.96) lakhs
  • Net cash from investing activities: ₹277.72 lakhs (mainly from sale of assets and investments)
  • Net cash from financing activities: ₹88.40 lakhs (proceeds from long-term borrowings offset by repayments)

Contingent Liabilities

  • Disputed claims for excise, sales tax and GST: ₹231.76 lakhs
  • Other claims: ₹891.42 lakhs
  • Bank guarantees: ₹15.00 lakhs

Corporate Governance

  • Compliance certificate from auditors obtained
  • All applicable policies (Whistle Blower, Insider Trading, etc.) in place
  • No material related party transactions except inter-corporate deposits

Auditor Qualifications

Qualified opinion due to negative net worth and discontinued manufacturing operations, indicating material uncertainty about going concern. However, management believes company can continue based on trading operations and real estate business plans.