Date: Document dated for AGM on September 26, 2026

KMP / Board / Auditor Changes

Statutory Auditors:

  • M/s B K Shroff & Co., Chartered Accountants resigned effective June 18, 2026
  • M/s Vyas & Vyas, Chartered Accountants appointed effective July 07, 2026 (subject to shareholder approval)
  • Proposed appointment of M/s Vyas & Vyas for 5-year term until 85th AGM

Key Managerial Personnel:

  • Mr. Sunil Kumar - Chief Financial Officer (until June 30, 2026)
  • Mr. Ayush Goel - Chief Financial Officer (effective July 01, 2026)
  • Mr. Nitin Dubey - Company Secretary

Board of Directors:

  • Mr. Ajay Bikram Singh - Non-Executive Non-Independent Director, Chairman
  • Mr. Sunil Kumar - Executive Director & CFO
  • Mr. Ramesh Chandragiri Reddappa - Executive Director (retiring by rotation, seeking re-appointment)
  • Mr. Deepak Kumar Gupta - Non-Executive Independent Director
  • Mr. Praveen Kumar Agarwal - Non-Executive Independent Director
  • Ms. Jyothi Thomas - Non-Executive Independent Director

Internal Auditors: Mr. Dilip Shah, Chartered Accountant

Secretarial Auditors: M/s H Nitin & Associates, Practicing Company Secretary

Dividend Declaration or Non-Declaration

No dividend recommended for FY 2025-26 as earnings retained for future projects.

Board Meeting Outcomes

The Board approved various matters including:

  • Financial results for FY 2025-26
  • Appointment of new statutory auditors
  • Multiple related party transactions
  • Fundraising proposals
  • Implementation of Resolution Plan approved by NCLT

Financial Results (Standalone)

FY 2025-26 Performance:

  • Total Income: ₹2,581.10 lakhs
  • Profit before Tax: ₹(709.60) lakhs (loss)
  • Profit after Tax: ₹(1,360.24) lakhs (loss)
  • EPS: ₹(27.20)
  • Reserves and Surplus: ₹3,482.50 lakhs

Comparative FY 2024-25 Performance:

  • Total Income: ₹2,549.70 lakhs
  • Profit before Tax: ₹52.70 lakhs
  • Profit after Tax: ₹396.42 lakhs
  • EPS: ₹0.50
  • Reserves and Surplus: ₹4,648.05 lakhs

Share Capital:

  • Authorized Capital: ₹30.00 crore (15 crore equity shares of ₹2 each)
  • Paid-up Capital: ₹1.00 crore (50 lakh equity shares of ₹2 each) after implementation of Resolution Plan
  • Previous Paid-up Capital: ₹15.79 crore (7.89 crore equity shares)

Shareholding Pattern (as on March 31, 2026):

  • Promoter Shareholding: 92.23%
  • Public Shareholding: 7.77%
  • All shares held in dematerialized form

Key Financial Positions:

  • Property, Plant and Equipment: ₹331.03 lakhs (net)
  • Inventories: ₹3,902.20 lakhs
  • Trade Receivables: ₹296.54 lakhs
  • Cash and Cash Equivalents: ₹335.08 lakhs
  • Borrowings: ₹7,637.30 lakhs (non-current)

Disinvestment / Strategic Actions

Resolution Plan Implementation:

  • NCLT approved Resolution Plan submitted by Baumann Dekor Private Limited (SRA)
  • Existing equity share capital of 7.89 crore shares extinguished
  • Issued 50 lakh new equity shares to Successful Resolution Applicant
  • Achieved Minimum Public Shareholding requirement through OFS

Related Party Transactions Approved:

  • Corporate guarantee of ₹35 crore for Baumann Dekor Private Limited
  • Multiple material RPTs with promoter group entities totaling ₹265 crore over FY2026-29
  • Unsecured loan of ₹50 crore from promoter Mr. Ajay Bikram Singh with equity conversion option

Other Operational / Legal / Strategic Disclosures

AGM Details:

  • 80th Annual General Meeting on September 26, 2026, through VC/OAVM
  • 16 items of business including ordinary and special business

Key Resolutions for Approval:

1. Adoption of financial statements

2. Re-appointment of director retiring by rotation

3. Appointment of statutory auditors

4. Material related party transactions with 8 entities

5. Increase in NRI/OCI investment limit from 10% to 24%

6. Enhancement in investment/loan/guarantee limits to ₹2,000 crore

7. Conversion of SRA loan to equity

8. Unsecured loan from promoter with equity conversion option

Corporate Governance:

  • Compliance with SEBI LODR regulations
  • All mandatory committees constituted
  • Whistleblower mechanism in place
  • No sexual harassment complaints received

Business Operations:

  • Manufacturing and selling of textiles under "Eastern" brand
  • Four manufacturing units in Bangalore, Nanjangud, and West Bengal
  • Export operations with foreign exchange earnings of ₹1,811.24 lakhs
  • ISO 9001:2015, ISO 45001:2018, and ISO 14001:2015 certifications

No material disclosures under the following sections:

  • Media Release / Investor Communication
  • Dividend consistency analysis (no dividend declared)