AGM Details

The 35th Annual General Meeting is scheduled to be held on Tuesday, 29th September 2026 at 02:30 PM (IST) through Video Conferencing/Other Audio Visual Means (VC/OAVM).

Cut-off Dates and Voting Schedule

  • Cut-off date for determining shareholder eligibility: Tuesday, 22nd September 2026
  • Remote e-voting period: From Saturday, 26th September 2026 at 09:00 AM to Monday, 28th September 2026 at 05:00 PM
  • E-voting during AGM: Tuesday, 29th September 2026

Business to be Transacted

Ordinary Business:

1. To receive, consider and adopt Audited Financial Statements for year ended 31st March 2026 together with Reports of Board of Directors and Auditors

2. To appoint director in place of Mr. Praveen J. Bafna (DIN: 06538685) who retires by rotation

Special Business:

3. Appointment of Mr. Vimal D. Shah (DIN: 01506655) as Managing Director for 3 years from 1st September 2026 to 31st August 2029 with remuneration not exceeding ₹24,00,000 per annum

4. Increase in borrowing limits to ₹50 Crores (exceeding paid-up capital and free reserves)

5. Authorization for sale, lease or disposal of whole/substantially whole of company's undertaking up to ₹50 Crores

6. Enhancement of existing limit under Section 186 of Companies Act, 2013 to ₹50 Crores for loans, investments, guarantees

Financial Performance (FY2025-26 vs FY2024-25)

  • Revenue from Operations: ₹813.20 lakhs (prev. ₹582.02 lakhs) - 39.72% increase
  • Other Income: ₹4.54 lakhs (prev. ₹6.14 lakhs)
  • Total Revenue: ₹817.74 lakhs (prev. ₹588.15 lakhs)
  • Loss before Taxes: ₹(28.06) lakhs (prev. ₹(117.81) lakhs) - 76.18% improvement
  • Loss after Taxes: ₹(28.06) lakhs (prev. ₹(123.75) lakhs)
  • EPS: ₹(0.28) (prev. ₹(1.24))
  • No dividend declared for the year

Key Financial Position (as at 31st March 2026)

  • Paid-up Share Capital: ₹9,92,57,500 (100,00,700 equity shares of ₹10 each)
  • Reserves & Surplus: ₹25,07,39,179
  • Long Term Borrowings: ₹18,51,21,796 (unsecured loans)
  • Short Term Borrowings: ₹3,02,30,995 (secured working capital limits)
  • Trade Payables: ₹2,62,18,584
  • Inventories: ₹3,98,43,158
  • Trade Receivables: ₹1,17,40,441
  • Cash & Cash Equivalents: ₹2,15,866
  • Negative Working Capital: ₹3,71,26,087

Board Composition

  • Mr. Vimal Shah (DIN: 01506655) - Executive Director
  • Mr. A. Vadivel (DIN: 10581538) - Independent Director
  • Mr. Praveen Bafna (DIN: 06538685) - Non-Executive Director
  • Ms. Sathya Venkatachalam (DIN: 06970735) - Independent Director (resigned w.e.f. 12th December 2025)

Key Managerial Personnel

  • Mr. Iqubal Patel - Chief Financial Officer (resigned on 03.02.2026, reappointed on 30.07.2026)
  • CS Priyanka Lohiya (ACS 70191) - Company Secretary

Auditor Qualifications

Statutory Auditors issued qualified opinion due to:

  • Non-provision of gratuity liability as per Ind AS 19 (actuarial valuation not conducted)
  • Non-payment of matured gratuity dues to former employees
  • Going concern uncertainties due to accumulated losses and negative working capital
  • Audit trail feature not maintained in accounting software

Regulatory Compliance Issues

  • BSE imposed penalty of ₹24,780 for delay in submission of Investor Complaints statement for Q2 FY2026
  • Annual Listing Fees for 2026-27 and arrears from previous years pending payment
  • Delay in publication of financial results in newspapers for last three quarters
  • Non-maintenance of audit trail in accounting software

Contingent Liabilities

  • Central Excise matter: ₹24,53,931 in excise duty + ₹25,00,000 penalty pending at Central Excise Tribunal, Ahmedabad for FY2000-01
  • MPID Act matter: ₹1,32,92,359 + 18% interest (Bombay High Court appeal allowed, order set aside)

Other Disclosures

  • Company has WHO GMP approved manufacturing facilities at Ankleshwar, Gujarat
  • Sterile injectable plant renovated to international standards
  • Employee strength reduced to 18 from 33 in previous year
  • No fraud reported by auditors under Section 143(12) of Companies Act, 2013
  • No applications/proceedings under Insolvency and Bankruptcy Code, 2016

Voting Instructions

Detailed instructions provided for remote e-voting through depositories (CDSL/NSDL) and Purva Sharegistry platform for physical shareholders.