Company Disclosure Summary

Key Quantitative Figures

  • FY26 Revenue from Operations: ₹0.00 lakhs (Previous FY: ₹462.21 lakhs)
  • FY26 Other Income: ₹8.03 lakhs (Previous FY: ₹331.49 lakhs)
  • FY26 Net Loss: ₹135.54 lakhs (Previous FY: ₹2,528.52 lakhs)
  • Paid-up Equity Share Capital: ₹336.96 lakhs (33,69,574 equity shares of ₹10 each)
  • Statutory Audit Fee: ₹1,10,000 plus taxes
  • Current Ratio: 0.16 (Previous: 0.31)
  • Employee Strength: 2 employees (1 female, 1 male)

Dates of Action

  • AGM Date: 30 September 2026 at 11:00 AM through VC/OAVM
  • Remote e-Voting Period: 27 September 2026 (9:00 AM) to 29 September 2026 (5:00 PM)
  • Cut-off Date for Voting: 23 September 2026
  • CFO Change: Mr. Shrenik D. Choudhari resigned on 18 April 2025; Mr. Sachin S. Diwan appointed on 16 July 2025

Parties Involved

  • Statutory Auditors: M/S ARNA & Associates, Chartered Accountants (Registration No.122293W)
  • Secretarial Auditors: M/S Shrenik Nagaonkar & Associates
  • Internal Auditor: Mr. Nilesh R. Kothari, Chartered Accountant
  • RTA: MUFG Intime India Private Limited
  • Bankers: HDFC Bank Limited, Bank of Baroda
  • Scrutinizer: Mr. Shrenik Nagaonkar of M/s. Shrenik Nagaonkar & Associates

Board Composition

  • Mr. Deepak C. Choudhari (Chairman & Managing Director)
  • Mrs. Madhubala D. Choudhari (Non-Executive Director)
  • Mr. Dhruv N. Jain (Independent Director)
  • Mr. Veerendra M. Mane (Independent Director)
  • Mr. Mandar D. Jadhav (Independent Director)
  • Mr. Tausif G. Solapure (Independent Director)

AGM Agenda Items

Ordinary Business

1. Adoption of audited financial statements for FY 2025-26

2. Re-appointment of Mrs. Madhubala Deepak Choudhari (DIN: 08180531) as director retiring by rotation

3. Re-appointment of M/S ARNA & Associates as statutory auditors for second term of 5 years at remuneration of ₹1,10,000 plus taxes

Special Business

4. Appointment of Mr. Prathamesh Mukund Gaikwad (DIN: 09750896) as Non-Executive Independent Director for 5 years from 14 August 2026

5. Re-appointment of Mr. Deepak Chaganlal Choudhari (DIN: 03175105) as Managing Director for 3 years from 15 March 2027 with no fixed remuneration

6. Approval of material related party transactions with Mahaalaxmi Textile for FY 2027-28 to 2029-30:

  • Purchase/sale of goods, services and other assets: Up to ₹10 crores per year
  • Borrowing of unsecured loans and interest payment: Up to ₹10 crores per year

Financial Performance Analysis

  • Total Income: ₹8.03 lakhs (Previous: ₹793.70 lakhs)
  • Loss before depreciation, finance costs, exceptional items and tax: ₹(84.31) lakhs (Previous: ₹(276.67) lakhs)
  • Depreciation: ₹51.23 lakhs (Previous: ₹243.69 lakhs)
  • Exceptional Items: Nil (Previous: ₹2,008.16 lakhs)
  • Closing Surplus/(Deficit): ₹(8,438.13) lakhs (Previous: ₹(8,302.59) lakhs)

Insolvency Proceedings Update

The Company completed liquidation proceedings under IBC 2016. The Hon'ble NCLT, Mumbai Bench formally closed liquidation proceedings vide order dated 4 February 2025. The Company was sold as a going concern to Mahaalaxmi Textile (Successful Bidder). Corporate actions including cancellation of erstwhile promoter shares, reduction of public shareholding, and allotment to new promoters are still in process at depositories and stock exchanges.

Capital Structure Changes

Pursuant to NCLT-approved acquisition plan:

  • Cancellation of 92,25,495 promoter shares (₹922.55 lakhs)
  • Reduction of public share capital from ₹10 to ₹0.25 per share (reduction of ₹661.34 lakhs)
  • Consolidation of reduced shares and allotment of 32,00,000 shares to new promoters
  • Resulting paid-up capital: 33,69,574 shares of ₹10 each (₹336.96 lakhs)

Related Party Transactions

With Mahaalaxmi Textile:

  • FY24: Loan taken ₹33.79 crores, Share subscription ₹3.20 crores
  • FY25: Loan taken ₹4.05 crores, Repayment ₹30.82 crores
  • FY26: Repayment ₹0.73 crores
  • Outstanding loan as at 31 March 2026: ₹6.72 crores (unsecured, interest-free, repayable on demand)

Regulatory Non-Compliances

  • Annual listing fees for FY 2025-26 not paid to stock exchanges
  • Pending approvals from stock exchanges for corporate actions pursuant to NCLT order
  • Pending filing of Form PAS-3 for allotment to new promoters
  • Change of name compliance pending with stock exchanges (changed from Abhishek Corporation Limited to Mahaalaxmi Texpro Limited effective 26 November 2024)

Shareholding Pattern

Promoters & Promoter Group (94.97%):

  • Mahaalaxmi Textile: 16,80,000 shares (49.86%)
  • Mr. Deepak Choudhari: 13,50,000 shares (40.06%)
  • Mrs. Madhubala Choudhari: 1,70,035 shares (5.05%)

Public Holding (5.03%): 1,69,539 shares

Asset Position

  • Property, Plant and Equipment: ₹260.27 lakhs (Net Block)
  • Capital Work-in-Progress: ₹212.97 lakhs (aged more than 3 years)
  • Investments: ₹3.76 lakhs
  • Cash and Cash Equivalents: ₹48.47 lakhs
  • Total Assets: ₹600.01 lakhs

Liability Position

  • Unsecured Loans from Related Parties: ₹672.84 lakhs
  • Trade Payables: ₹62.45 lakhs
  • Other Current Liabilities: ₹33.09 lakhs
  • Provisions: ₹4.04 lakhs
  • Negative Net Worth: ₹(509.37) lakhs

Going Concern Assessment

The financial statements have been prepared on a going concern basis despite negative net worth and accumulated losses. Management believes revival measures and support from new promoters will enable the Company to continue operations.

Dividend Declaration

No dividend declared for FY 2025-26. The Company has not declared dividends for many years.