Annual General Meeting Details

  • Date: Tuesday, September 29, 2026
  • Time: 12:00 Noon (IST)
  • Mode: Video Conferencing/Other Audio Visual Means facility
  • Book Closure: September 23, 2026 to September 29, 2026 (both days inclusive)
  • E-voting Period: September 26, 2026 (9:00 AM) to September 28, 2026 (5:00 PM)

Agenda Items

Ordinary Business

1. Adoption of Audited Financial Statements for FY2025-2026 and Reports of Auditors and Board of Directors

2. Re-appointment of Mr. Sandeep Deshmukh (DIN: 06775847) who retires by rotation

Special Business

3. Appointment of M/s. V A Dudhedia & Co, Pune (FRN: 112450W) as Statutory Auditors to fill casual vacancy

  • Caused by resignation of M/s G.D. Apte & Co effective August 13, 2026
  • To hold office from August 31, 2026 till conclusion of 41st AGM
  • Ordinary Resolution required

4. Appointment of M/s. V A Dudhedia & Co for 5-year term

  • From conclusion of 41st AGM till conclusion of 46th AGM in 2031
  • Remuneration: ₹11,00,000 plus applicable taxes and out-of-pocket expenses
  • Ordinary Resolution required

5. Shifting of Registered Office

  • From 'Gat No. 686/4, Koregaon Bhima, Taluka Shirur, District Pune – 412216' to '7th Floor, Cello Platina, Fergusson College Road, Near Shivajinagar Police Station, Pune – 411005'
  • Special Resolution required

6. Approval of Material Related Party Transactions with Smart Services Private Limited

  • Estimated annual value: ₹900 Crore (excluding taxes)
  • Period: From 41st AGM till 42nd AGM in 2027
  • Transactions include sale/purchase of goods, rendering/availing services, leasing/renting property
  • Smart Services holds 75% paid-up share capital (promoter and holding company)
  • Ordinary Resolution required

Board Composition Changes

Directors as of June 5, 2026

  • Mr. Anant Raghute [Managing Director]
  • Mr. Salil Halve [Non-Executive Director]
  • Mr. Sandeep Deshmukh [Non-Executive Director]
  • Mr. Yashavant Avatade [Independent Director]
  • Mr. Sanjeev Mahajan [Independent Director]
  • Ms. Bhakti Hosalkar [Independent Director]

Directors until June 5, 2026

  • Mr. Makarand Date (Managing Director) - resigned
  • Mr. Abhijeet Bhagwat (Independent Director) - resigned
  • Mr. Nachiket Deo (Independent Director) - resigned
  • Mrs. Archana Lakhe (Independent Director) - resigned
  • Mr. Naoki Hatayama (Non-executive Director) - resigned
  • Mr. Shoki Tano (Non-Executive Director) - resigned

Key Financial Information (FY2025-2026)

  • Gross Revenue: Nil (no production since April 2015)
  • Net Loss: ₹2,419.89 lakh (Previous Year: ₹1,928.71 lakh)
  • Accumulated Losses: ₹19,077.65 lakh (Previous Year: ₹16,657.76 lakh)
  • Total Expenses: ₹2,206.83 lakh (Employee benefits: ₹539.46 lakh, Finance costs: ₹1,394.65 lakh)
  • Negative Net Worth: ₹14,128.48 lakh (Previous Year: ₹11,790.57 lakh)
  • Borrowings: ₹14,125.64 lakh (all from related parties)
  • Cash and Cash Equivalents: ₹97.78 lakh

Significant Events

1. Change in Ownership: Sharp Corporation Japan entered Share Purchase Agreement with Smart Services Private Limited on April 14, 2026 for acquisition of 1,94,58,000 equity shares (75% stake)

2. Company Name Change: From 'Sharp India Limited' to 'Smaart Tech Services Limited' effective August 18, 2026

3. Object Clause Alteration: Memorandum of Association altered to diversify business operations

4. Accounting Policy Change: Financial statements prepared on 'not going concern basis' from September 30, 2025 onwards due to no production activity and eroded net worth

5. Borrowings Reinstatement: Additional charge of ₹216.87 lakh recognized for reinstating borrowings at settlement values

Auditor Information

  • Previous Auditor: M/s. G.D. Apte & Co (resigned August 13, 2026)
  • New Auditor: M/s. V A Dudhedia & Co (appointed from August 31, 2026)
  • Audit Fee: ₹11,00,000 for FY2026-2027
  • Auditor's Report: Unmodified opinion with emphasis of matter on non-going concern basis

Related Party Transactions

  • Smart Services Private Limited: Proposed transactions up to ₹900 crore annually
  • Sharp Corporation Japan: Loan of ₹1,584.11 lakh at 6.90% interest, extended to December 31, 2026
  • Fellow Subsidiaries: Loans totaling ₹12,450.00 lakh with interest rates between 9.45%-10.00%

Corporate Governance

  • Board Meetings: 5 meetings held during FY2025-2026
  • Committees: Audit Committee, Nomination & Remuneration Committee, Stakeholders' Relationship Committee
  • Whistle Blower Policy: Implemented, no complaints received during the year
  • CSR Policy: Not applicable to the Company

Shareholding Pattern (as of March 31, 2026)

  • Promoters (Sharp Corporation Japan): 75.00% (1,94,58,000 shares)
  • Public Shareholding: 25.00%
  • Dematerialized Shares: 97.18% of total equity shares

Future Outlook

The Company has altered its object clause to diversify into Facility Management, Manpower solutions, Security Services, Healthcare Services, Managed Meal Services and IT & Business Support Services. The management acknowledges these services are highly competitive with many new entrants.

#Tags: #SmaartTechServices #AGM2026 #AuditorChange #RelatedPartyTransactions #SEBIDisclosure #RegulatoryCompliance #FinancialUpdate #Negative