Board of Directors

  • Mr. Alok Jain Tijaria (Managing Director, DIN: 00114937)
  • Mr. Vikas Jain Tijaria (Whole Time Director - Marketing)
  • Mr. Praveen Jain Tijaria (Whole Time Director - Production, DIN: 00115002)
  • Mr. Vineet Jain Tijaria (Whole Time Director - Finance & CFO, DIN: 00115029)
  • Mr. Avinash Saini (Non-Executive Independent Director, appointed June 18, 2025)
  • Mr. Bhairu Singh (Non-Executive Independent Director, appointed June 18, 2025)
  • Mr. Bharat Sharma (Non-Executive Independent Director, appointed June 18, 2025)
  • Mrs. Sonu Surana (Non-Executive Independent Director - Women Director, appointed June 18, 2025)

Key Managerial Personnel

  • Company Secretary & Compliance Officer: Ms. Madhuri Sain (From March 26, 2025)
  • Chief Financial Officer: Mr. Vineet Jain Tijaria

Auditors

  • Statutory Auditors: M/s. Amit Ramakant & Co., Chartered Accountants, Jaipur (Tenure up to June 20, 2026)
  • Incoming Statutory Auditors: M/s. Pramod & Associates, Chartered Accountants, Jaipur (w.e.f. July 9, 2026, subject to shareholder approval)
  • Secretarial Auditors: M/s. Naredi Vinod & Associates, Company Secretaries
  • Internal Auditors: M/s. Piyush Aggarwal & Associates, Chartered Accountants

Registrar and Share Transfer Agent

MUFG Intime India Private Limited (formerly Link Intime India Pvt. Ltd)

C-101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai - 400 083

Annual General Meeting Details

20th Annual General Meeting: Friday, August 7, 2026 at 11:30 AM at Registered Office

Book Closure: July 31, 2026 to August 7, 2026 (both days inclusive)

Record Date: July 31, 2026

Remote e-Voting Period: August 4, 2026 (10:00 AM) to August 6, 2026 (5:00 PM) through NSDL

Ordinary Business Items

1. Adoption of Financial Statements for FY ended March 31, 2026 with Board of Directors and Auditors reports

2. Re-appointment of Mr. Praveen Jain Tijaria (DIN: 00115002) as Director retiring by rotation

3. Appointment of M/s Pramod & Associates, Chartered Accountants (FRN: 001557C) as Statutory Auditors to fill casual vacancy due to resignation of M/s Amit Ramakant & Co., to hold office till conclusion of ensuing AGM at mutually agreed remuneration

Special Business Items

4. Appointment of Ms. Vishakha Saini (DIN: 11800700) as Non-Executive Independent Director for 5 consecutive years from August 7, 2026 to August 6, 2031

Financial Performance (Amount in ₹ Lakhs)

| Particulars | 2025-26 | 2024-25 |

| Total Income | 22.29 | 29.78 |

| Profit/(Loss) before exceptional items, Depreciation and Tax | (52.40) | 0.20 |

| Depreciation | 76.31 | 230.67 |

| Profit/(Loss) before exceptional items and tax | (128.71) | (230.47) |

| Exceptional & Extraordinary Items | - | 312.55 |

| Profit/(Loss) before Tax | (128.71) | (543.01) |

| Current Tax | - | - |

| Deferred Tax | - | - |

| Profit/(Loss) after Tax | (128.71) | (543.01) |

| Comprehensive Income | 0 | 0 |

Key Financial Position (As at March 31, 2026)

  • Equity Share Capital: ₹2,86,265.79 (2,86,26,579 shares of ₹10 each)
  • Other Equity: Negative ₹6,24,162.66 (including Retained Earnings deficit of ₹12,12,040.75)
  • Non-Current Borrowings: ₹5,35,613.17
  • Current Borrowings: ₹1,92,650.89
  • Trade Payables: ₹74,300.40
  • Total Assets: ₹4,87,711.68

Significant Developments and Issues

Banking and NPA Status

  • Bank of India declared company's accounts as Non-Performing Assets (NPA) on June 30, 2022 (w.e.f. November 27, 2020)
  • Outstanding loan amount: ₹7,250.19 lakhs + Bank Guarantee ₹57 lakhs = Total ₹7,307.19 lakhs as on declaration date
  • Bank of India forfeited equity shares of promoters/directors totaling ₹474.06 lakhs under SARFAESI Act
  • Bank filed insolvency petition under Section 7 of IBC, 2016 at NCLT Jaipur (CP No. (IB) – 54/7/JPR/2023) for debt of ₹79.97 crore
  • Next hearing scheduled for March 9, 2026
  • Company has not provided interest on NPA account since July 1, 2022

Operational Status

  • Textile division closed due to heavy financial burden on fixed assets
  • Pipe division non-operational due to lack of orders
  • No production activities during the financial year
  • Bank accounts remain inoperative due to NPA status
  • Directors making payments/receipts from personal accounts on company's behalf

Legal and Regulatory Matters

  • Stock exchanges imposed fine of ₹1,82,900 each on BSE and NSE for non-submission of Standalone Statement of Impact of Audit (Regulation 33 of SEBI LODR)
  • Case before Additional Chief Judicial Magistrate under Sections 63, 68 and 628 of Companies Act, 1956 against certain directors - initial conviction on March 17, 2026 was set aside on appeal
  • Writ petition challenging rejection of OTS proposal dismissed by Rajasthan High Court
  • Company evaluating further legal remedies

Asset Status

  • Land and building of ₹29.82 lakhs at Daulatpura, Jaipur held for sale since 2018-19
  • Plant and Machinery impairment recognized in previous year: Original cost ₹66.28 crores, WDV ₹6.44 crores, impaired to ₹3.31 crores (impairment loss ₹3.12 crores)
  • Gross Tax Asset of ₹26.09 lakhs pertaining to various years, status unclear

Related Party Transactions

  • Outstanding receivables and advances to suppliers: ₹2,514 lakhs
  • Loans from directors: ₹44 lakhs pending from previous years, treated as current borrowing without interest provision
  • Additional loan of ₹7.00 crores taken from M/s Nakshetra Asset Venture @8% p.a. for OTS with Bank of India

Corporate Governance and Compliance

  • Board met 6 times during the year
  • Audit Committee met 4 times
  • Nomination and Remuneration Committee met 2 times
  • Stakeholders Relationship Committee met 1 time
  • No dividend recommended for the year
  • No amount transferred to reserves
  • No fraud reported by auditors
  • No CSR expenditure due to continued losses
  • Vigil Mechanism/Whistle Blower Policy in place, no complaints during the year

Auditor Qualifications and Disclaimer

Statutory auditors issued disclaimer of opinion citing multiple issues:

1. Inability to determine impact of NPA classification and share forfeiture by Bank of India

2. Lack of interest provision on NPA account since July 2022

3. Outstanding receivables of ₹2,517 lakhs without independent confirmation

4. No physical verification report of fixed assets provided

5. Uncertainty about company's ability to resume operations

6. Directors making transactions from personal accounts due to bank account seizure

7. Tax assets of ₹26.09 lakhs without assessment status

8. No valuation of Plant & Machinery during current year

Future Outlook

The company aims to first come out from losses through various initiatives. The promoters want to settle NPA loans to resume day-to-day operations. Production will start when the NPA settlement materializes. The company is not in a position to resume yarn division business due to paucity of funds but will reconsider when conditions become favorable.