Corporate Insolvency Resolution Process Commencement

The Hon'ble National Company Law Tribunal (NCLT), Chennai Division Bench-Court II in CP(IB)/310(CHE)2025 passed an order on 7 August 2026 for commencement of Corporate Insolvency Resolution Process (CIRP) against Gangotri Textiles Ltd under the Insolvency and Bankruptcy Code, 2016 (IBC).

The order was uploaded to the website on 17 August 2026 and received by the Interim Resolution Professional on 19 August 2026.

Interim Resolution Professional Appointment

Pursuant to Section 16 of the IBC, CA G. Gunasekaran (IBBI Regn. No. IBBI/IPA-001/IP-P00681/2017-2018/11178) has been appointed as the Interim Resolution Professional for the Corporate Debtor.

As per IBC provisions, the Board of Directors of the company stands suspended, and the Interim Resolution Professional has taken control and custody of the corporate debtor to manage its affairs.

Annual General Meeting Details

The 37th Annual General Meeting was conducted on 21 August 2026 at 10:30 AM through Video Conferencing/Other Audio Visual Means (OAVM).

The meeting was conducted in accordance with the Companies Act 2013, MCA circulars, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Meeting Attendance

  • Sri G. Gunasekaran, Interim Resolution Professional (Chairman)
  • Sri Manoj Kumar Tibrewal, Managing Director
  • Sri Srinivasan M, CDSL E-voting Agent
  • Sri B. Krishnamoorthy, Scrutinizer
  • Sri Jayakumar, MUFG Link Intime India Ltd - Registrar & Share Transfer Agents
  • 34 shareholders attended the meeting

Financial Statements Approval

The Audited Financial Statements for FY 2025-26 (Balance Sheet as at 31 March 2026, Profit & Loss Account for year ended 31 March 2026) along with Directors' Report and Auditors' Report were presented.

The financial statements had been approved by the Board of Directors in their meeting held on 14 May 2026, and the statutory audit report was obtained.

No queries were received from shareholders regarding the financial accounts. The shareholders approved and adopted the financial statements.

Voting Process

The company provided e-voting facilities to shareholders, with details sent along with the Annual Report.

Mr. B. Krishnamoorthi was appointed as Scrutinizer to process the voting and declare results. The Scrutinizer's Report was made available on stock exchange websites (NSE, BSE) and the company's website (www.gangotirtextiles.co.in).

Delay in Submission Explanation

The AGM was conducted as scheduled on 21 August 2026, and minutes were finalized in time. However, due to technical network connection issues and power failure at the company's registered office, the instruction from the Interim Resolution Professional to upload the proceedings could not be executed, resulting in delayed submission to BSE.

The registered office address is: 25, 25-A, Venkatachalam Co-Operative Colony, R.S Puram, Coimbatore, Tamil Nadu-641002.

Meeting Conclusion

The meeting concluded at 10:55 AM on 21 August 2026.