Key Dates and Events

  • AGM Date: Wednesday, September 30, 2026, at 10:00 A.M.
  • AGM Venue: Registered Office of the Company at G.T. Road, Village Pawa, Sahnewal, Ludhiana-141 120, Punjab.
  • Record Date (Cut-off date) for E-voting: September 23, 2026.
  • Remote E-voting Period: Begins on Sunday, September 27, 2026, at 9:00 A.M. and ends on Tuesday, September 29, 2026, at 5:00 P.M.
  • Board Meeting for Director Appointment: Tuesday, August 11, 2026.

Business to be Transacted at AGM

Ordinary Business

1. Adoption of Financial Statements: To receive, consider, and adopt the audited standalone financial statements for FY ended March 31, 2026, together with the Director's Report and Auditor's Report.

Special Business

2. Appointment of Mr. Kapil Kumar Jain as a Director: To consider and pass an Ordinary Resolution for the appointment of Mr. Kapil Kumar Jain (DIN: 00755228) as a Director of the company. He was appointed as an Additional (Non-Executive, Non-Independent) Director by the Board effective August 11, 2026, and holds office up to the AGM date.

3. Appointment of Mr. Kapil Kumar Jain as a Whole-Time Director: To consider and pass a Special Resolution for his appointment as a Whole-Time Director for a fixed term of three years, from September 30, 2026, to September 29, 2029. The resolution specifies that he will not receive any remuneration (salary, allowances, perquisites, commission) and will only be entitled to reimbursement of actual business expenses.

Key Financial Figures (FY 2025-26)

  • Revenue from Operations and Other Income: ₹0.03 lakh (same as previous year: ₹0.03 lakh).
  • Profit/(Loss) before Interest, Depreciation, Finance Cost and Tax: (₹29.67) lakh (previous year: (₹36.60) lakh).
  • Provision for Depreciation: ₹87.32 lakh (previous year: ₹105.90 lakh).
  • Tax Expense:
  • Current Tax: Nil
  • Deferred Tax: ₹0.09 lakh (previous year: (₹1.07) lakh)
  • Profit/(Loss) after Tax: (₹117.08) lakh (improved from (₹141.43) lakh in previous year).
  • Basic and Diluted Earnings Per Share (EPS): (₹2.37) (previous year: (₹2.86)).
  • Paid-up Equity Share Capital: ₹495.00 lakh (4,950,000 equity shares of ₹10 each).
  • Net Worth: Negative (₹2,324.42) lakh (previous year: Negative (₹2,207.34) lakh).
  • Total Borrowings: ₹4,633.00 lakh (Non-current: ₹572.27 lakh; Current: ₹4,060.73 lakh).

Justification for Special Resolution (Age of Appointee)

Mr. Kapil Kumar Jain was born on August 12, 1950, and is 76 years old. The Special Resolution seeks approval for his appointment as a Whole-Time Director notwithstanding that he has attained the age of 70, as required under Section 196(3)(a) of the Companies Act, 2013. The justification provided includes his 40 years of experience in the iron and steel industry, detailed knowledge of the company's affairs, and his agreement to serve without remuneration, thus imposing no financial burden on the company.

Director's Details (Mr. Kapil Kumar Jain)

  • DIN: 00755228
  • Date of Birth: August 12, 1950 (Age: 76)
  • Qualifications: B.Com Graduate
  • Experience: 40 years in the iron and steel industry.
  • Current Shareholding: 232,000 equity shares (4.69% of paid-up capital).
  • Relationship: A member of the promoter group. Not related to any other Director or KMP.
  • Remuneration: Nil (voluntarily agreed).

Subsequent Events

Subsequent to the financial year-end, on August 11, 2026, the Board of Directors appointed Mr. Kapil Kumar Jain as an Additional Director (Non-Executive, Non-Independent).

Capital Structure Impact

No change in share capital during the year under review. The paid-up equity share capital remained at ₹495.00 lakh.

Cash Flow Implications

As disclosed, the company faces a severe shortage of working capital facilities, adversely affecting its bank borrowings and performance. The appointment of the Whole-Time Director is not expected to have any cash outflow as he will serve without remuneration.

Other Material Disclosures

  • Listing: Equity shares are listed on BSE Limited. The company has not paid the listing fee for FY 2025-26.
  • Dividend: No dividend recommended due to losses.
  • Public Deposits: The company has not accepted any public deposits.
  • Corporate Governance: A report on Corporate Governance was not prepared as the company is exempt under Regulation 15(2)(a) of SEBI LODR.
  • Related Party Transactions: No materially significant related party transactions were reported.
  • Default: The company has defaulted in the repayment of loans and interest to banks. Accounts have been classified as NPA/sub-standard.