Key Event Details

  • 35th AGM Date: Saturday, 26th September, 2026 at 12:00 noon
  • Meeting Mode: Video Conferencing / Other Audio Visual Means (VC/OAVM)
  • Cut-off date for voting rights: Saturday, 19th September, 2026 (with trading suspended, last record date of 13/06/2025 considered)

Financial Performance (FY 2025-26)

  • Revenue from Operations: ₹0.00 lakhs (previous year: ₹0.00 lakhs)
  • Other Income: ₹0.02 lakhs (previous year: ₹13.55 lakhs)
  • Total Income: ₹0.02 lakhs (previous year: ₹13.55 lakhs)
  • Total Expenses: ₹30.47 lakhs (previous year: ₹1,242.61 lakhs)
  • Net Loss before tax: ₹(30.46) lakhs (previous year: ₹(7,237.38) lakhs)
  • Net Loss after tax: ₹(30.46) lakhs (previous year: ₹(7,237.38) lakhs)
  • Exceptional Items: ₹0.00 lakhs (previous year: ₹6,008.32 lakhs gain on resolution plan implementation)

Capital Structure Changes

Pursuant to NCLT-approved Resolution Plan (Order dated 27th November, 2024):

  • Cancellation of 14,88,927 equity shares of ₹10 each fully paid up capital of erstwhile promoters (BSE notice no. 20250611-61 dated 11th June, 2025)
  • Reduction/Consolidation of public shareholding: Allotment of 6 equity shares for every 100 equity shares held, with fractions cancelled without payment
  • Resulting equity capital: 6,57,429 equity shares of ₹10 each (pre-reduction: 1,24,50,000 shares)
  • Listing approval received: BSE Ltd. approval letter DSC/AMAL/BW/R37-IBC/4071/2025-26 dated 12th February, 2026 for 6,57,429 equity shares
  • Trading status: Shares suspended from trading since 12th November, 2021; trading approval pending for new ISIN

Corporate Insolvency Resolution Process (CIRP) Status

  • CIRP completion: Resolution Plan by Mercury Terra Firma approved by NCLT Ahmedabad Bench on 27th November, 2024
  • New Board constitution: Effective 13th January, 2025
  • Implementation: Capital reduction completed as per resolution plan terms
  • Pending matters: Two appeals before NCLAT - by unsuccessful resolution applicant (Company Appeal (AT) (INS) No. 120 of 2025) and by operational creditor DGVCL

Board and Management Changes

Current Board Composition (as of 31st March, 2026):

  • Mr. Bhavesh Javerbhai Vekaria (Managing Director & Chairman) - appointed 13/01/2025
  • Mr. Piyush Mundra (Non-Executive Non-Independent Director) - appointed 13/01/2025
  • Mr. Pratik Ramjibhai Kakadia (Non-Executive Non-Independent Director) - appointed 26/03/2025
  • Mr. Sunil Kumar Kabra (Independent Director) - appointed 13/01/2025
  • Mr. Ankit Kumar Soni (Independent Director) - appointed 12/08/2025
  • Ms. Swati Kedar Kothari (Woman Independent Director) - appointed 13/01/2025

Key Managerial Personnel:

  • Mr. Himmatbhai Balubhai Sheladia (CFO) - appointed 14/02/2025
  • Mrs. Rima Shirodariya (Company Secretary & Compliance Officer) - appointed 14/02/2025

Resignations:

  • Ms. Avani Ashwinkumar Shah (Woman Independent Director) - resigned 01/08/2025

Auditor Appointments

  • Previous auditors: M/s. K P J & Co., Chartered Accountants (FRN: 132942W) - resigned
  • New auditors: M/s. H.L. Saini & Co., Chartered Accountants (FRN: 136961W) appointed to fill casual vacancy
  • Tenure: To hold office till conclusion of 36th AGM for FY 2026-27
  • Audit fees for FY 2025-26: ₹0.50 lakhs

Asset Position

  • Property, Plant and Equipment: ₹538.71 lakhs (net block)
  • Land holdings: Non-agricultural land at Mulad (44,500 sq mt) and Govali (1,61,908 sq mt), Gujarat
  • Office premises: Unit No. 1002, 10th Floor, Samudra Annexe, Ahmedabad (777 sq ft)
  • Cash and cash equivalents: ₹0.13 lakhs
  • Other bank balances: ₹0.41 lakhs (fixed deposits)

AGM Business Items

Ordinary Business:

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

2. Re-appointment of Mr. Pratik Ramjibhai Kakadia (DIN: 07282179) as director retiring by rotation

3. Appointment of M/s. H.L. Saini & Co. as statutory auditors

Voting Arrangements

  • Remote e-voting period: 23rd September 2026 (9:00 AM) to 25th September 2026 (5:00 PM)
  • Scrutinizer: Ms. Riddhi Shah, Practicing Company Secretary
  • Results declaration: To be placed on company website and MUFG Intime website

Regulatory Compliance Status

  • NCLT extension: Company granted extension until 27th September 2026 to hold AGMs for FY 2024-25 and 2025-26 (Order dated 27th August 2026)
  • Corporate governance: Voluntary compliance as paid-up capital below SEBI LODR threshold
  • Pending compliance: Implementation of SEBI circulars regarding designated depository and foreign investment monitoring

Shareholder Information

  • Registrar & Transfer Agent: MUFG Intime India Private Limited
  • Dematerialization status: 64.93% shares dematerialized (pre-reduction)
  • KYC requirements: Shareholders required to update KYC details and provide demat account information for receipt of reduced shares

Future Outlook

Company is in revival phase post-CIRP with focus on completing statutory formalities, obtaining trading approval, and evaluating operational restart opportunities in the paper industry.