Meeting Details

The 32nd Annual General Meeting was held on Wednesday, September 30, 2026, commencing at 11:30 AM IST and concluding at 12:04 Noon. The meeting was conducted entirely via two-way Video Conferencing / Other Audio Visual Means in compliance with multiple MCA circulars and SEBI Listing Regulations. The company is under Corporate Insolvency Resolution Process (CIRP) since July 12, 2024, per NCLT order.

Attendance and Leadership

Mr. Satish Kumar Gupta, the Resolution Professional appointed by NCLT, chaired the meeting virtually from Mumbai. The meeting had requisite quorum with 50 members attending through VC/OAVM. The following directors and officials attended:

  • Dr. GVK Reddy - Chairman (through VC)
  • Mr. G V Sanjay Reddy - Vice-Chairman (through VC)
  • Mr. P V Prasanna Reddy - Whole-time Director (through VC)
  • Mr. T Ravi Prakash - Company Secretary & Compliance Officer (from Hyderabad office)
  • Mr. Seshu Samudrala - Partner, T R Chadha & Co LLP, Statutory Auditors (VC from Hyderabad)
  • Ms. Neha Pamnani - Scrutinizer, Practicing Company Secretary (from her office in Hyderabad)

CIRP Status Update

The Chairman detailed that the company was admitted into insolvency under IBC as a separate entity from its subsidiaries. The first round of CIRP received two resolution plans that were rejected as non-compliant with RFRP and CIRP Regulations. The Committee of Creditors (CoC) then re-initiated CIRP under asset-wise sale approach (Regulation 36A(1A)), issuing Form G for Expression of Interest on June 23, 2025, and July 8, 2025. While IEOIs and resolution plans were received, no compliant Resolution Plan was received within the CoC-approved timeline. The CoC is now deciding whether to re-initiate another CIRP round or proceed with liquidation.

Resolutions Proposed

The following four resolutions were proposed for voting:

1. Ordinary Business: Adoption of Audited Financial Statements (Standalone & Consolidated) for year ended March 31, 2026

2. Ordinary Business: Re-appointment of Dr. GVK Reddy (DIN: 00005212) as director retiring by rotation

3. Ordinary Business: Re-appointment of M/s T R Chadha & Co LLP (Firm Registration No. 006711N/N500028) as Statutory Auditors for five years

4. Special Business: Re-appointment of Mr. P V Prasanna Reddy (DIN: 01259482) as Whole-time Director for three years

Voting Process and Scrutinizer Arrangements

The company provided remote e-voting facility through KFin Technologies Limited (Kfintech) before the meeting. E-voting was also made available during the AGM for members who hadn't voted earlier. Ms. Neha Pamnani, Practicing Company Secretary (Membership No. FCS 44300), was appointed as Scrutinizer to scrutinize votes cast remotely and during the meeting. The e-voting facility remained open for 15 minutes after meeting conclusion for members who hadn't voted in remote e-voting.

Results Declaration and Compliance

Mr. T Ravi Prakash, Company Secretary, was authorized to accept and countersign the Scrutinizer's Report and declare consolidated voting results. The combined results of remote e-voting and voting during AGM were scheduled to be announced within two working days of meeting conclusion. The results and Scrutinizer's Report will be intimated to stock exchanges per Listing Regulations and placed on company and Kfintech websites.

Shareholder Interaction

The Chairman invited members to express views, give suggestions, and make enquiries on company operations and financial performance. Members were given opportunity to speak in registration order, and the Chairman responded to all queries and clarifications sought.