Key Event Details

  • 34th Annual General Meeting scheduled for July 7, 2026, at 9:00 AM IST through physical mode at registered office
  • Meeting being held to regularize pending statutory compliances backlogged during CIRP period
  • E-voting period: July 4, 2026 (9:00 AM) to July 6, 2026 (5:00 PM)
  • Record date for determining members entitled to vote: June 29, 2026
  • Scrutinizer appointed: CS Ronak Jhuthawat, Practising Company Secretaries

Corporate Insolvency Resolution Process (CIRP) Background

  • Company admitted into CIRP via NCLT order dated August 18, 2025
  • Resolution Plan submitted by Mr. Prashant Ghanshyambhai Ukani approved by NCLT on August 18, 2025
  • Powers of erstwhile Board of Directors suspended during CIRP period
  • New Board of Directors reconstituted post-CIRP
  • Financial statements for FY 2023-24 could not be adopted timely due to operational disruptions during CIRP

Financial Performance Highlights (Amount in ₹ Lakhs)

| Particulars | FY 2023-24 | FY 2022-23 |

| Total Income | 16.55 | 351.69 |

| Total Expenditure | 65.17 | 5,252.39 |

| Profit/(Loss) before Tax | (48.62) | (4,900.69) |

| Profit/(Loss) after Tax | (48.62) | (4,900.69) |

| Earnings Per Share (Basic & Diluted) | (0.07) | (7.01) |

Capital Structure

  • Paid-up equity capital: ₹69,95,13,250 (69,951,325 equity shares of ₹10 each)
  • No change in paid-up capital during the year
  • No public issue, right issue, bonus issue, or preferential issue during the year

Board of Directors (Post-CIRP)

1. Kevin Chhaganbhai Aghara - Non-Executive Independent Director

2. Manish Mahendrabhai Raval - Non-Executive Independent Director

3. Purvi Ramkumar Ukani - Non-Executive Independent Director

4. Ravi Dhirajlal Vagadiya - Managing Director (Promoter)

5. Prashant Ghanshyambhai Ukani - CFO & Executive Director (Promoter)

6. Kuldeep Bharatbhai Khachar - Executive Director (Promoter)

7. Avani Vishnubhai Patel* - Non-Executive Independent Director

8. Kajal Ankitbhai Pambhar* - Non-Executive Independent Director

*New directors appointed as on date of report

Key Appointments

  • Statutory Auditors: M/s. S Parth & Co, Chartered Accountants (appointed post-CIRP)
  • Secretarial Auditors: M/s. Mehul Raval & Associates, Practicing Company Secretary
  • Banker: IDFC Bank
  • RTA: Skyline Financial Services Private Limited

Regulatory and Compliance Matters

  • SEBI penalty of ₹20 lakh on company and ₹17 lakh on directors imposed on February 24, 2023 (Ref: WTM/AB/CFID/CFID-SEC1/24081/2022-23)
  • Trading suspension on BSE due to penal reasons and non-payment of annual listing fees
  • Non-compliance with various SEBI LODR regulations, including Regulation 47 (publication of financial results)
  • Delay in submission of quarterly financial results under Regulation 33
  • Secretarial audit report highlights multiple non-compliances with Companies Act, 2013

Business Transition

  • Company originally operated as Non-Banking Financial Company (NBFC)
  • Post-CIRP, business objects transitioned to manufacturing of metal products
  • NBFC registration surrendered
  • No commercial or manufacturing operations commenced during FY 2023-24 or up to report date
  • New management evaluating market entry strategies for manufacturing sector

Internal Controls and Systems

  • Internal control systems restricted to basic administrative functions during CIRP
  • New management designing comprehensive Internal Financial Control framework for manufacturing operations
  • Statutory auditor's report indicates material weaknesses in internal financial controls

Legal Proceedings

  • No pending litigations impacting financial position disclosed
  • All contingent liabilities and claims extinguished as per approved Resolution Plan

Other Significant Disclosures

  • No dividends declared for FY 2023-24
  • No funds transferred to Investor Education and Protection Fund
  • No deposits accepted within meaning of Section 73 of Companies Act, 2013
  • No subsidiary/joint venture/associate companies
  • No related party transactions during FY 2023-24
  • No employees on rolls during CIRP period
  • No corporate social responsibility initiatives applicable

Auditor's Qualifications

1. No provision made for gratuity as per Accounting Standard 15

2. Implementation of Resolution Plan actions pending, including completion of procedural formalities and regulatory approvals

3. Financial statements prepared under Accounting Standards instead of applicable Indian Accounting Standards (Ind AS)

4. Incomplete access to historical books and records affecting verification of assets and liabilities

5. Unable to quantify financial effects of these matters on financial statements

Forward-Looking Statements

  • Outlook dependent on successful deployment of new manufacturing plant and infrastructure
  • Primary risks include timely acquisition of industrial land/machinery, obtaining fresh clearances, and managing initial capex
  • Legacy legal or tax liabilities bounded by clean-slate principles of NCLT-approved Resolution Plan
  • Fresh recruitment drives planned for skilled technical, managerial, and operational personnel

Voting Instructions

  • Remote e-voting facility provided through CDSL/NSDL systems
  • Physical shareholders and non-individual shareholders can vote through CDSL e-voting system
  • Detailed voting instructions and helpdesk contacts provided in the notice

Green Initiative

  • Annual report sent electronically to members with registered email addresses
  • Physical copies available for members who haven't registered email addresses
  • Members can request soft copies instead of hard copies

#Tags: #ShivomInvestment #AGMNotice #CIRP #SEBIDisclosure #RegulatoryCompliance #FinancialResults #NBFC #ManufacturingTransition