AGM Details

  • Date: Thursday, July 2, 2026
  • Time: 10:30 AM IST
  • Venue: Video Conference/Other Audio Visual Means (VC/OAVM)
  • Cut-off date: Thursday, June 25, 2026
  • Remote e-voting period: June 28, 2026 (9:00 AM) to July 1, 2026 (5:00 PM)
  • E-voting during AGM: Available for members attending virtually who haven't voted remotely
  • Scrutinizer: Rajesh Parekh/Aishwarya Parekh, Practicing Company Secretaries

Business to be Transacted

Ordinary Business

1. Adoption of Financial Statements: Ordinary resolution to adopt audited financial statements for FY ended March 31, 2026, along with Auditor's Report and Board's Report

2. Re-appointment of Leena Katdare: Ordinary resolution for reappointment of director retiring by rotation (DIN: 08914188)

Special Business

3. Re-appointment of Animesh Mehta as Independent Director: Special resolution for second and final term of 5 years from March 31, 2027 to March 30, 2032 (DIN: 09122533)

4. Re-appointment of Narayan Meghani as Independent Director: Special resolution for second and final term of 5 years from March 31, 2027 to March 30, 2032 (DIN: 09551334)

Financial Highlights (FY 2025-26)

  • Total Income: ₹42.53 lakh (Previous year: ₹42.32 lakh)
  • Interest income: ₹42.21 lakh on FDs
  • Interest on tax refund: ₹0.24 lakh
  • Dividend income: ₹0.08 lakh
  • Total Expenses: ₹37.67 lakh (Previous year: ₹36.33 lakh)
  • Employee benefits: ₹12.39 lakh
  • Professional fees: ₹3.21 lakh
  • Administrative & other expenses: ₹22.07 lakh
  • Depreciation: ₹0.15 lakh
  • Profit before tax: ₹4.71 lakh (Previous year: ₹5.86 lakh)
  • Other Comprehensive Income: Loss of ₹2.03 lakh (due to decrease in investment value)
  • Total Comprehensive Income: ₹2.68 lakh (Previous year: ₹5.86 lakh)
  • EPS: ₹0.02 (same as previous year)
  • No tax provision due to losses under Income Tax Act
  • Negative net worth: ₹403.46 lakh (Previous year: ₹406.14 lakh)
  • Accumulated losses: ₹15,751.10 lakh carried to balance sheet
  • No dividend recommended due to accumulated losses

Balance Sheet Position (as at March 31, 2026)

  • Unsecured loan from Torrent Investments Limited: ₹1,000.00 lakh (unchanged from previous year)
  • Fixed deposits: ₹9.00 lakh (Non-current), ₹565.00 lakh (Current - within 3 months), ₹5.00 lakh (Other bank balances - 3-12 months)
  • Cash and cash equivalents: ₹597.60 lakh
  • Current tax assets: ₹17.93 lakh
  • Investments (FVTOCI): ₹9.13 lakh (quoted equity instruments)

Corporate Governance

Board Composition

  • Total Directors: 6 (all Non-Executive)
  • Independent Directors: 3 (50% of board)
  • Women Directors: 2

Key Managerial Personnel

  • CEO: Anil Jhaveri
  • CFO: Janak Mehta
  • Company Secretary: Meera Gudka

Committee Composition

  • Audit Committee: Animesh Mehta (Chairperson), Narayan Meghani, Raghuveer Parakh, Leena Katdare
  • Stakeholders Relationship Committee: Raghuveer Parakh (Chairperson from March 25, 2026), Luna Pal (member from March 25, 2026), Leena Katdare
  • Nomination and Remuneration Committee: Narayan Meghani (Chairperson), Animesh Mehta, Raghuveer Parakh, Leena Katdare

Board Meetings

  • 4 meetings held during FY 2025-26 (May 6, July 25, October 17, 2025 and January 19, 2026)
  • All directors attended all meetings

Director Details

Leena Katdare (Proposed for reappointment)

  • Age: 52 years
  • Qualifications: Chartered Accountant, Bachelor of Commerce
  • Experience: 27 years with Gujarat Industrial Investment Corporation Limited
  • First appointment: January 27, 2021
  • Shareholding: Nil
  • Committee memberships: Audit Committee, Stakeholders Relationship Committee, Nomination & Remuneration Committee

Animesh Mehta (Proposed for reappointment as Independent Director)

  • Age: 76 years
  • Qualifications: Bachelor of Engineer (Mechanical)
  • Experience: 40+ years in power plant operations and maintenance
  • First appointment: March 31, 2022
  • Current directorships: 8 other companies (including Torrent Power Grid Limited, Torrent Pipavav Generation Limited)
  • Shareholding: Nil

Narayan Meghani (Proposed for reappointment as Independent Director)

  • Age: 68 years
  • Qualifications: Chemical Engineer, MBA
  • Experience: 36+ years in corporate social responsibility, production planning, supply chain management
  • First appointment: March 31, 2022
  • Current directorships: 8 other companies (including Torrent Pipavav Generation Limited, Torrent Saurya Urja 5 Private Limited)
  • Shareholding: Nil

Shareholding Pattern (as at March 31, 2026)

  • Total shares: 2,71,25,767 equity shares of ₹10 each
  • Promoter holding: 45.67%
  • Public holding: 54.33%
  • Dematerialized shares: 90.28% (2,44,88,929 shares)
  • Physical shares: 9.72% (26,36,838 shares)

Major Shareholders

  • Torrent Investments Limited: 80,15,525 shares (29.55%)
  • Gujarat Industrial Investment Corporation Limited: 17,93,572 shares (6.61%)
  • Gujarat State Investments Limited: 13,28,125 shares (4.90%)
  • Gujarat Maritime Board: 6,25,000 shares (2.30%)
  • Gujarat Industrial Development Corporation: 6,25,000 shares (2.30%)

Other Material Information

  • Company status: Business operations discontinued since FY 1999-2000
  • NBFC registration: Voluntarily surrendered COR with effect from March 8, 2017
  • Scheme of arrangement: Hon'ble High Court sanctioned scheme of compromise with 16 banks during FY 2004-05
  • Going concern: Financial statements prepared on non-going concern basis due to adverse financial ratios and accumulated losses exceeding paid-up capital and reserves
  • Related party transactions: No material transactions except ₹1,000 lakh borrowing from Torrent Investments Limited
  • Employee strength: 3 employees as at March 31, 2026
  • Unclaimed shares: 1,661 shares in unclaimed suspense account affecting 11 shareholders