GSFC 66th AGM Notice with FY26 Loss of ₹127.29 Crore

Financial Performance FY 2025-26 vs FY 2024-25:

Interest on Loans and Advances: ₹14.32 lakh (prev. ₹13.81 lakh) - +3.69% YoY
Interest on deposits: ₹1,615.49 lakh (prev. ₹1,512.03 lakh) - +6.40% YoY
Other income (incl. exceptional items): ₹14.36 lakh (prev. ₹198.87 lakh)
Total income: ₹1,644.17 lakh (prev. ₹1,724.71 lakh)
Interest on Borrowings: ₹14,119.81 lakh (prev. ₹13,933.95 lakh) - +1.33% YoY
Employee's cost: ₹98.74 lakh (prev. ₹112.61 lakh)
Other expenses: ₹154.54 lakh (prev. ₹212.15 lakh)
Total Expenditure: ₹14,373.09 lakh (prev. ₹14,258.71 lakh)
Loss for the year: ₹12,728.91 lakh (prev. ₹12,534.00 lakh) - +1.56% YoY
Accumulated loss carried forward: ₹3,55,244.73 lakh (prev. ₹3,42,515.82 lakh)
Earnings Per Share (Basic and Diluted): (₹14.28) (prev. (₹14.07))
Recovery during FY26: ₹83.04 lakh (prev. ₹212.29 lakh)

Balance Sheet Key Figures (as of March 31, 2026):

Total Assets: ₹37,860.55 lakh
Borrowings (from Govt. of Gujarat): ₹66,168.43 lakh (static, no new borrowings)
Cash & Bank Balances: ₹43.54 lakh
Investments (at cost): ₹22,108.36 lakh
Loans & Advances (net of 100% provision): ₹0.00 (Gross NPA: ₹39,741.30 lakh)
Fixed Assets (net): ₹178.68 lakh
Other Assets: ₹1,030.17 lakh

66th AGM Date: Thursday, July 30, 2026, at 1:00 PM
AGM Location: Head Office, Udyog Bhavan, Block No. 10, 1st Floor, Sector-11, Gandhinagar 382 010
Cut-off Date for E-voting & Shareholder Eligibility: Friday, January 30, 2026
Register of Members & Share Transfer Books Closure: July 28, 2026, to July 30, 2026 (both days inclusive)
Remote E-voting Period: Commences Monday, July 27, 2026, at 09:00 Hours; Ends Wednesday, July 29, 2026, at 17:00 Hours.
Board Meeting Dates during FY26: May 27, 2025; August 13, 2025; November 10, 2025; February 13, 2026.

Regulators: SEBI, BSE Ltd, RBI, SIDBI
Outgoing Statutory Auditors: M/s. Pankaj R Shah & Associates, Chartered Accountants (FRN: 107361W)
Incoming Proposed Statutory Auditors: M/s. J.H. Mehta & Co., Chartered Accountants (Firm Reg. No. 106227W), Ahmedabad
Scrutinizer for AGM: M/s. Spanj & Associates, Practicing Company Secretaries, Ahmedabad
Registrars & Transfer Agents: M/s. MCS Share Transfer Agent Ltd., Ahmedabad
E-voting Service Provider: Central Depository Services (India) Ltd. (CDSL)

To conduct the 66th AGM for receiving and adopting the audited financial statements for FY 2025-26.
To appoint new statutory auditors for FY 2026-27 as the current auditors complete their maximum permissible four-year term under RBI guidelines.
To provide shareholders with remote e-voting facilities as mandated by SEBI.

The corporation is not a going concern as its net worth is completely eroded, and it has defaulted on repayment obligations due to liquidity problems. Financial impact is pervasive but not separately quantified in the disclosure.
The corporation has discontinued its main lending activities since FY 2001-02 and is solely focused on recovery operations.
Staff strength reduced to 10 (prev. 12), with only 6 effectively working after accounting for deputations.

No change in issued, subscribed, and paid-up share capital during the year. It stands at ₹89,114.00 lakh, comprising ₹86,614.00 lakh in equity shares and ₹2,500.00 lakh in special capital shares u/s 4A of SFC Act, 1951.
Shareholding pattern remains dominated by Govt. of Gujarat (55.09%) and SIDBI (28.41%).

SEBI LODR Non-Compliance: The corporation received fines totaling ₹43.39 lakh from BSE Ltd across four quarters in FY25 for violations of Regulations 17(1), 18(1), 19(1)/19(2), and 20(2)/(2A), primarily due to the absence of independent directors on its board, a structural issue arising from the SFCs Act, 1951.
Board Composition: The Board comprises 7 directors as of March 31, 2026, with no independent directors, as the SFCs Act, 1951 does not have enabling provisions for them.
Auditor's Report: The Independent Auditor's Report contains two qualified opinions: (a) on the preparation of financial statements on a 'going concern' basis despite eroded net worth, and (b) on dues payable to the Govt. of Gujarat being subject to confirmation and adjustment.

The corporation provides detailed, step-by-step instructions for shareholders to participate in remote e-voting via CDSL/NSDL systems.
The Annual Report includes the Directors' Report, Management Discussion & Analysis, Corporate Governance Report, Auditors' Report, and detailed Financial Statements with notes.
The corporation has not declared any dividend.