Annual General Meeting Details

  • Date: Saturday, August 29, 2026 at 11:00 am
  • Mode: Video Conference (VC) or Other Audio Visual Means (OAVM)
  • Record Date: Friday, August 21, 2026
  • Remote e-Voting Period: Wednesday, August 26, 2026 (9:00 AM) to Friday, August 28, 2026 (5:00 PM)
  • NSDL appointed as e-Voting agency

Business to be Transacted

Ordinary Business

1. Adoption of audited standalone financial statements for FY ended March 31, 2019, including balance sheet, statement of profit and loss, cash flow statement with reports of directors and statutory auditors

Special Business

2. Appointment of Mr. Kiran Vitthal Bhogate (DIN: 07844152) as Executive Director liable to retire by rotation

3. Appointment of Ms. Prajakta Ashok Patil (DIN: 07805324) as Non-Executive Woman Director not liable to retire by rotation

4. Appointment of Mr. Sidhu Mahadev Jambhale (DIN: 08549263) as Independent Director for 5 years from August 8, 2019 to August 7, 2024

Financial Performance FY 2018-19

Income Statement

  • Revenue from operations: ₹Nil (FY 2017-18: ₹78,88,770)
  • Other income: ₹1,24,76,230.19 (FY 2017-18: ₹55,36,625.77)
  • Net gain on sale of investments: ₹90,46,165.00
  • Interest income: ₹35,49,324.00
  • Dividend income: ₹28,876.00
  • Total expenses: ₹32,02,285.95 (FY 2017-18: ₹1,29,91,765.05)
  • Profit before tax: ₹92,73,944.24 (FY 2017-18: ₹4,33,630.72)
  • Tax expense: ₹Nil (FY 2017-18: ₹1,11,634)
  • Profit after tax: ₹92,73,944.24 (FY 2017-18: ₹3,21,996.72)
  • Basic and diluted EPS: ₹0.91 (FY 2017-18: ₹0.03)

Balance Sheet Position as at March 31, 2019

  • Share capital: ₹10,16,13,000 (101,613,000 equity shares of ₹10 each)
  • Reserves and surplus: ₹1,86,39,973.68
  • Long-term borrowings: ₹1,39,61,297.32
  • Trade payables: ₹81,60,803.50
  • Current investments: ₹1,53,88,463.84
  • Trade receivables: ₹1,36,45,415.80
  • Cash and cash equivalents: ₹48,462.86
  • Short-term loans and advances: ₹11,30,90,768.00

Key Financial Ratios

  • Current ratio: 14.49 (FY 2017-18: 4.97)
  • Debt-equity ratio: 0.116 (FY 2017-18: 0)
  • Return on net worth: 7.71% (FY 2017-18: 0.29%)

Director Appointments Background

The three directors (Bhogate, Patil, Jambhale) were initially appointed by members through Postal Ballot on August 8, 2019, valid until the ensuing AGM. The company could not convene AGMs due to absence of duly constituted Board on MCA portal, jurisdictional changes of Regional Director, differing regulatory interpretations, and COVID-19 impact. The company is now regularizing Board composition.

Compliance Status

  • Statutory Auditors: Mulraj D Gala & Co, Chartered Accountants (Firm Regn No. 0145406W), appointed for first term of 5 years from FY 2015-16 to FY 2020-21
  • Secretarial Auditor: Neha Anup Poddar (COP No. 26322) conducted secretarial audit
  • Significant non-compliances noted in secretarial audit report regarding maintenance of statutory records, delayed filings, and Board composition deficiencies
  • Trading suspension: Shares suspended on BSE since December 24, 2015 due to surveillance measures
  • Annual listing fees pending to both BSE and MSEI
  • MCA portal technical issues caused administrative freeze preventing corporate filings and banking transactions

Corporate Governance

  • Board composition during FY 2018-19:
  • Mr. Laxmanbhai Panchal (DIN: 07567197) - Non-executive Independent Director
  • Mrs. Bhavanaben Mahendrabhai Panchal (DIN: 07138168) - Non-executive Independent Director
  • Mr. Satish Vadilal Raval (DIN: 02420923) - Executive Independent Director
  • Board meetings: 5 meetings held during FY 2018-19 with 100% attendance
  • Committees: Audit Committee (4 meetings), Nomination & Remuneration Committee (1 meeting), Stakeholders Relationship Committee (1 meeting)
  • All three directors resigned due to compliance-related challenges

Other Material Information

  • No dividend recommended for FY 2018-19
  • No material related party transactions
  • No deposits accepted during the year
  • No subsidiary companies
  • No pending litigation impacting financial position
  • Registrar and Share Transfer Agent: Skyline Financial Services Private Limited, New Delhi

Voting Instructions

  • Remote e-voting through NSDL platform from August 26-28, 2026
  • Physical shareholders must submit documents for e-voting access
  • AGM attendance through VC/OAVM with first-come-first-served basis for 1000 members
  • Large shareholders, promoters, institutional investors, directors, KMPs allowed without restriction