Meeting Details

The 33rd Annual General Meeting was held on Wednesday, September 30, 2026 at 11:00 a.m. through Video Conferencing/Other Audio-Visual Means (VC/OAVM). The meeting was conducted remotely without physical attendance.

Proposed Resolutions and Implications

The AGM considered six resolutions:

Ordinary Business:

1. Resolution No. 1: To receive, consider and adopt the Audited Financial Statements for the financial year ended March 31, 2026 along with Reports of Directors and Auditors

2. Resolution No. 2: To appoint Mrs. Madhubala Deepak Choudhari (DIN 08180531) as director who retires by rotation

3. Resolution No. 3: Reappointment of M/s. ARNA & Associates, Chartered Accountants, Kolhapur (Registration No. 122293W) as Statutory Auditor

Special Business:

4. Resolution No. 4: Appointment of Mr. Prathamesh Mukund Gaikwad (DIN: 09750896) as Non-Executive Independent Director

5. Resolution No. 5: Re-appointment of Mr. Deepak Chaganlal Choudhari (DIN: 03175105) as Managing Director

6. Resolution No. 6: Approval of Material Related Party Transaction with Mahaalaxmi Textile

Voting Process and Methods

The company appointed National Securities Depository Limited (NSDL) as service provider for remote e-voting and e-voting at AGM. Remote e-voting was open for 3 days from Sunday, September 27, 2026 at 9:00 am to Tuesday, September 29, 2026 at 5:00 pm. Members attending the AGM through video conference who hadn't voted remotely could vote through e-voting at the AGM.

Key Voting Outcomes

Resolution No. 1: Adoption of Financial Statements

  • Total votes cast: 55,167
  • Votes in favor: 55,166 (99.999%)
  • Votes against: 1 (0.001%)
  • Total invalid votes: 2,152,052 from 32 members

Resolution No. 2: Director Re-appointment

  • Total votes cast: 55,167
  • Votes in favor: 55,166 (99.999%)
  • Votes against: 1 (0.001%)
  • Total invalid votes: 2,152,052 from 32 members

Resolution No. 3: Auditor Reappointment

  • Total votes cast: 55,167
  • Votes in favor: 55,166 (99.999%)
  • Votes against: 1 (0.001%)
  • Total invalid votes: 2,152,052 from 32 members

Resolution No. 4: Independent Director Appointment

  • Total votes cast: 55,167
  • Votes in favor: 55,166 (99.999%)
  • Votes against: 1 (0.001%)
  • Total invalid votes: 2,152,052 from 32 members

Resolution No. 5: Managing Director Re-appointment

  • Total votes cast: 55,167
  • Votes in favor: 55,166 (99.999%)
  • Votes against: 1 (0.001%)
  • Total invalid votes: 2,152,052 from 32 members

Resolution No. 6: Related Party Transaction

  • Total votes cast: 55,167
  • Votes in favor: 55,166 (99.999%)
  • Votes against: 1 (0.001%)
  • Total invalid votes: 2,152,052 from 32 members

Participation Breakdown

  • Total shareholders on record date (September 23, 2026): 3,780
  • Shareholders present through video conferencing: 27 (2 Promoters/Promoter Group, 25 Public)
  • No shareholders attended in person or through proxy
  • Mode of voting: Remote E-voting & E-voting at AGM

Shareholding Context and Validation Approach

The company was under liquidation pursuant to NCLT order dated March 11, 2019. The Liquidator sold the company to Mahaalaxmi Textile as a going concern via sale certificate dated March 11, 2024. Several corporate actions including cancellation of previous promoters' shares, reduction of public shares, consolidation of shares, and allotment to new promoters are in process at ROC, stock exchanges, and depositories.

The scrutinizer considered only members appearing in the register submitted by RTA to stock exchanges, excluding 2,207,219 shares whose reduction was done but not yet reflected in depository/stock exchange records. Only 35,167 shares were considered as valid votes for calculation purposes.

Old vs New Shareholding Pattern:

  • Old Promoter: 9,225,495 → New Promoter: 3,200,035
  • Old Public: 6,782,967 → New Public: 169,539
  • Total: 16,008,462 → 3,369,574

Scrutinizer's Role and Findings

Shrenik Nagaonkar, Practicing Company Secretary (Proprietor of Shrenik Nagaonkar & Associates), Kolhapur, was appointed as Scrutinizer to ensure fair and transparent voting process. The scrutinizer verified that all resolutions passed with the requisite majority and deemed them approved as of the AGM date.

Compliance Confirmation

The voting process complied with Sections 108 & 109 of the Companies Act 2013, Rule 20 & 21 of the Companies (Management & Administration) Rules 2014, and SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015. All relevant records will remain in the scrutinizer's safe custody until minutes are approved and signed by the chairman.

Additional Information

  • Date of Notice of AGM: September 1, 2026
  • Record Date/Cut-off Date: September 23, 2026
  • New ISIN: INE004101025 (issued by CDSL and NSDL)
  • Board Meeting date approving corporate actions: May 25, 2024
  • The company has filed applications with NSE (Application No. 53) and BSE (Application No. 211801) regarding the corporate actions