Annual Report for the FY 2024-25
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Maxgrow India Ltd has submitted its annual report for FY 2024-25. The company underwent Corporate Insolvency Resolution Process (CIRP) under IBC 2016 from June 2021 to December 2023 when NCLT approved the resolution plan by PP Metallix Limited. An Implementation and Monitoring Agency (IMA) managed the company until September 2024 when the Board was reconstituted and the IMA dissolved in December 2024. Due to the CIRP, the company was unable to hold AGMs for five financial years (FY 2020-21 to 2024-25). A consolidated AGM is scheduled for June 1, 2026 to adopt financial statements for all five years. The new reconstituted board includes Managing Director Shivkumar Ramsagar Pasi and three Independent Directors (Laxman Medudula, Pooja Keer, and Amarjit Kumar Shrivastav). Statutory auditors R B Jain & Associates and secretarial auditors BYG & Associates are being appointed for 5-year terms.
The company is emerging from insolvency with a new board and management team, representing a fresh start after years of regulatory dormancy. Shareholders should note this is a turnaround situation with improved governance but operating history disruptions.