Key Dates

  • AGM Date: Friday, 30th October, 2026 at 03:30 PM IST
  • Cut-off Date for Eligibility: Friday, 23rd October, 2026
  • Remote e-voting Period: Tuesday, 27th October, 2026 (9:00 AM) to Thursday, 29th October, 2026 (5:00 PM)
  • Financial Year Ended: 31st March, 2026
  • Board Report Date: 12th August, 2026

AGM Business Items

Ordinary Business:

1. Adoption of Audited Financial Statements for FY ended 31st March, 2026

2. Re-appointment of Mr. Sanjay Damji Shah (DIN: 00292226) who retires by rotation

3. Re-appointment of M/s. Mittal & Associates, Chartered Accountants (Firm Registration No. 106456W) as Statutory Auditors for second term of 5 years until 2031 AGM

4. Adoption of Audited Financial Statements for FY ended 31st March, 2025 (previously not approved)

Special Business:

5. Re-appointment of Mr. Hitesh Popatlal Sangoi (DIN: 00507189) as Non-Executive Independent Director for second term of 5 years until 2031 AGM

Financial Performance (₹ in Lakhs)

| Particulars | 2025-26 | 2024-25 |

| Revenue from Operations | 524.39 | 371.30 |

| Other Income | 247.35 | 242.57 |

| Total Income | 771.73 | 613.87 |

| Total Expenses | 953.42 | 880.01 |

| Loss Before Tax | (181.68) | (266.14) |

| Loss for the Year | (175.36) | (269.07) |

| Total Comprehensive Income | (177.63) | (268.27) |

| EPS - Basic & Diluted (₹) | (110.16) | (166.37) |

Financial Position (as at 31st March, 2026)

  • Total Assets: ₹8,394.14 lakhs
  • Property, Plant and Equipment: ₹5,530.87 lakhs (primarily land at ₹5,468.80 lakhs)
  • Inventories: ₹2,035.94 lakhs (construction work-in-progress)
  • Cash and Cash Equivalents: ₹248.11 lakhs
  • Negative Net Worth: ₹(9,568.44) lakhs
  • Total Borrowings: ₹11,700.01 lakhs (Current: ₹6,880.01 lakhs, Non-current: ₹4,820.00 lakhs)
  • Preference Share Capital: ₹4,820.00 lakhs (0.1% Cumulative Redeemable, redemption extended to 14th May 2031)

Material Developments and Issues

Tax Demand from Collector
  • Collector, Mumbai raised demand notice dated 22nd September, 2022 for transfer of user from industrial to commercial/residential purpose
  • Total payable: ₹44,59,26,500/-
  • Already paid: ₹9,40,29,060/-
  • Outstanding: ₹35,18,97,440/- plus interest
  • Recovery action initiated including attachment of company properties and bank account
Litigation Regarding Development Agreement
  • Commercial Suit No. 12 of 2026 filed before Bombay High Court by shareholders against company, directors, and Sheth Homes Private Limited
  • Seeks to set aside Development Management Agreement dated 30th September, 2025
  • Temporary stay on implementation granted on 14th October, 2025
  • Jurisdiction challenges pending hearing on 10th August, 2026
Secretarial Audit Non-Compliances

1. Non-compliance with Regulation 31(2) of SEBI LODR for dematerialization of promoter shareholding

2. Fined for non-submission of shareholder complaints statement for September 2025 quarter

3. Fined for delay in furnishing prior intimation about board meeting held on 13th August 2025

4. Non-compliance with Section 203 of Companies Act, 2013 for failing to appoint Managing Director/CEO/Whole-time Director

Corporate Governance

  • Board Composition: 6 directors (4 non-executive, 2 independent)
  • Board Meetings: 4 meetings held during FY25-26
  • Key Managerial Personnel: Ms. Apeksha Jenil Shah (Company Secretary), Mr. Mahendra Khodabhai Savaliya (CFO)
  • No dividend recommended due to losses
  • CSR provisions not applicable as company doesn't meet prescribed thresholds

Overseas Assets Situation

  • Other Non-Current Assets include ₹1,066.07 lakhs considered doubtful (provided for)
  • Relates to various deposits, retention money, receivables, inventories and bank balances stuck overseas (Iraq) for over 35 years
  • Claim applied for recovery under Indo-Iraq Govt. Deferred Payment Arrangements
  • Government bonds issuance pending due to disputes

Other Significant Disclosures

  • RTA: Purva Sharegistry (India) Private Limited
  • Bankers: Bank of India
  • Employee Strength: 18 employees
  • No instances of fraud reported by statutory auditors
  • No cases under Sexual Harassment of Women at Workplace Act
  • Market Capitalization: ₹97.94 lakhs (shares not ordinarily traded on BSE)

Capital Structure Impact

  • No change in equity share capital: ₹161.25 lakhs (161,250 shares of ₹100 each)
  • Preference share redemption extended by 6 years to 14th May 2031
  • No dilution or holding change reported

Cash Flow Implications

  • Net cash outflow from operating activities: ₹(272.38) lakhs
  • Net cash outflow from investing activities: ₹(8.30) lakhs
  • Net cash inflow from financing activities: ₹506.87 lakhs
  • Net increase in cash: ₹226.19 lakhs

Forward-looking Statements

Management believes company can continue as going concern based on:

  • Value of immovable properties significantly higher than negative net worth
  • Ability to realise/monetise assets to meet financial obligations
  • Asset backing sufficient to meet obligations