81st AGM and Annual Report for the Financial Year 2015-16
Awaiting price reaction for this filing.
Mysore Paper Mills Limited, a Government of Karnataka undertaking, has filed its 81st AGM notice and Annual Report for FY 2015-16, with the AGM scheduled for November 29, 2025 via video conferencing. The financials are deeply negative: total income collapsed from Rs. 379.60 crore in FY15 to Rs. 206.34 crore in FY16 (a 46.44% fall), and the company posted a loss of Rs. 275.05 crore after exceptional items, swelling accumulated losses to Rs. 794.55 crore and pushing net worth to negative Rs. 675.03 crore — officially making it a Sick Company under SICA, 1985. Paper mill operations were suspended in November 2015 and sugar mill operations in March 2016 due to pollution control issues and unviable operations. The Government of Karnataka has decided to lease out operations to a private entity, and the company has implemented VRS/VSS for nearly all its workforce. Statutory auditors issued a disclaimer of opinion on going concern grounds, no dividend has been recommended, and BSE trading in the equity shares has been suspended since November 2016 due to long delays in regulatory filings. Books of accounts and audit remain in arrears from FY 2016-17 to FY 2024-25.
Existing shareholders are staring at a near-worthless stock — the company is a sick, non-operating entity with negative net worth, suspended BSE trading, multi-year audit delays, and an unresolved Rs. 259.25 crore MESCOM dues liability. The only near-term hope lies in the Government's plan to lease out operations to a private bidder, but with past RFP attempts drawing little response, recovery prospects remain highly uncertain.