Company Overview

Bhagawati Gas Limited (CIN: U24111RJ1974PLC005789, ISIN: INE099C01010) operates in industrial/medical gases production, wastewater treatment using micro-algae bioremediation technology (SIVA O2 brand), renewable energy projects, and FRP composite pipes manufacturing.

Financial Performance & Corrections

The company reported FY 2025-26 revenue of ₹279.29 lakhs (down from ₹435.62 lakhs previous year) and net profit of ₹99.08 lakhs (up from ₹14.24 lakhs). A corrigendum was submitted to correct UDIN references and rounding errors in financial statements, though the company stated these corrections had no material impact on the reported numbers.

Regulatory Status & Relisting

The company's equity shares were delisted from BSE Limited in May 2018 but were relisted and resumed trading effective February 26, 2026, following Supreme Court orders and completion of compliance requirements. Shares remain delisted from CSE Limited.

52nd Annual General Meeting

Scheduled for September 30, 2026, the AGM will consider:

  • Adoption of FY26 financial statements with directors' and auditors' reports
  • Re-appointment of Mr. Rakesh Samrat Bhardwaj as director retiring by rotation
  • Appointment of M/s YG & Associates as statutory auditors for a 5-year term (₹1.60 lakh annual remuneration)
  • Alteration of Memorandum of Association to add new object clauses for diversification into renewable energy, environmental protection, AI/digital technologies, and commodity trading
  • Appointment of Mr. Mazhar Hasan as Non-Executive Independent Director for 5 years

Corporate Governance & Auditor Qualifications

Statutory auditors issued qualified opinions highlighting doubtful advances of ₹366.47 lakhs with no Expected Credit Loss provision, non-renewal of ₹400 lakhs bank guarantee required by Supreme Court order, and uncertainties regarding outstanding borrowings. Secretarial audit identified multiple compliance issues including board composition non-compliance, delayed regulatory filings, and dematerialization requirements.

Board Composition & Changes

The board currently consists of Mr. Rakesh Samrat Bhardwaj (Chairman & MD), Mrs. Shachi Bhardwaj (Whole-Time Executive Director), Mr. Vijay Gupta, Mr. Nawal Kishore Joshi, and Mr. Sumeet Kumar. Mr. Narendra Kumar Agarwal resigned as Non-Executive Independent Director effective July 25, 2026.

Future Outlook

The company plans diversification into green/renewable energy projects, environmental protection, artificial intelligence/digital technologies, and general commodity trading as part of its growth strategy.