34th Annual General Meeting Details

  • AGM Date: Wednesday, September 30, 2026, at 4:00 PM
  • Venue: Registered Office at B-3, Trishul Apartment, Village Mudre Khurd, Taluka Karjat, Raigad, Maharashtra 410201
  • Business to be Transacted:
  • Ordinary Business:

1. Adoption of audited financial statements for FY ended March 31, 2026, and reports of Board of Directors and Auditors

2. Re-appointment of Mr. Jigar Desai (DIN: 00110653) as Director retiring by rotation

  • Special Business:

3. Approval for fixing overall borrowing limits of the Company up to ₹5,00,00,000 (₹5 Crores) via special resolution under Section 180(1)(c) of Companies Act, 2013

E-Voting and Record Date

  • Remote E-Voting Period: Saturday, September 26, 2026 (9:00 AM) to Tuesday, September 29, 2026 (5:00 PM)
  • Cut-off Date: Friday, September 18, 2026 (for determining member eligibility to vote)
  • Register of Members Closure: Tuesday, September 22, 2026, to Tuesday, September 29, 2026 (both days inclusive)
  • Scrutinizer: Mr. Umashankar Hegde, Practicing Company Secretary (COP No: 11161)
  • E-Voting Service Provider: Bigshare Services Private Limited

Financial Performance (FY 2025-26)

  • Revenue from Operations: ₹14.00 Lakhs (Previous Year: Nil)
  • Other Income: Nil (Previous Year: ₹1.43 Lakhs)
  • Total Expenses: ₹37.92 Lakhs (Previous Year: ₹18.58 Lakhs)
  • Loss Before Tax: ₹23.92 Lakhs (Previous Year: Loss ₹17.15 Lakhs)
  • Tax Expense: ₹12.51 Lakhs (Current tax; Previous Year: Nil)
  • Net Loss After Tax: ₹36.43 Lakhs (Previous Year: Loss ₹17.15 Lakhs)
  • Accumulated Losses: ₹657.33 Lakhs (Previous Year: ₹620.89 Lakhs)

Capital Reduction Scheme

  • Scheme Approved: Reduction of equity share capital under Section 66 of Companies Act, 2013
  • Approval: Shareholders approved via special resolution at EGM on August 8, 2025; NCLT Mumbai Bench sanctioned on June 18, 2026; registered with ROC on July 2, 2026
  • Details:
  • Reduction of 90% of paid-up equity share capital
  • Cancellation of 4,01,24,700 equity shares of ₹1 each (aggregate ₹401.25 Lakhs)
  • Adjusted against accumulated losses
  • Post-reduction capital: 44,58,300 equity shares of ₹1 each (₹44.58 Lakhs)
  • Record Date for reduction: July 22, 2026
  • No change in percentage shareholding of any shareholder

Related Party Transactions

  • Transaction: Sale of property/unit at Trishul Apartments to Mr. Jigar Desai (Non-Executive Director)
  • Consideration: ₹14.00 Lakhs (received in full during FY26; no outstanding as of March 31, 2026)
  • Approval: Approved by Audit Committee and Board; considered arm's length and in ordinary course of business
  • Disclosure: Reported in Form AOC-2 annexed to Director's Report

Board and Management Changes

  • Appointments:
  • Mr. Rishabh Gupta regularized as Managing Director (from Additional Director) at 33rd AGM (September 30, 2025)
  • Cessations:
  • Mr. Prashant Zade ceased as Executive Director and CEO on November 29, 2025 (expiry of term)
  • Ms. Sonali Dighe ceased as Non-Executive Independent Director on June 16, 2026 (post FY-end)

Auditor Reports

  • Statutory Auditors (BKG & Associates):
  • Unmodified opinion but highlighted material uncertainty regarding going concern due to accumulated losses and net worth erosion
  • Management believes going concern is appropriate due to capital reduction scheme and plans for new business lines
  • Secretarial Auditors (U. Hegde & Associates):
  • Reported non-compliances including non-disclosure of director cessation to stock exchange, non-appointment of PIT compliance officer, and non-filing of various forms (MGT-14, DIR-12, MGT-15)

Other Key Disclosures

  • Internal Financial Controls: Auditors reported adequate controls and operating effectiveness
  • Corporate Governance: Voluntary compliance with SEBI LODR regulations; applicable provisions complied with except reported non-compliances
  • Shareholding Pattern (as of March 31, 2026):
  • Promoters: 0.27% (121,000 shares)
  • Public: 99.73%
  • Demat Holdings: 60.44% (2,69,47,000 shares)
  • Physical Holdings: 39.56% (1,76,36,000 shares)
  • Borrowings: ₹51.44 Lakhs (Current; Previous Year: ₹29.88 Lakhs)
  • Contingent Liabilities: Nil
  • Going Concern: Management asserts basis is appropriate despite losses; cites current assets exceeding liabilities and capital reduction scheme