Summary Proceeding for the 43th Annual General Meeting for the Financial Year 2023-2024 held on 27th March, 2026 and 44th Aannual General Meeting for the Financial Year 2024-2025 held on 27th March, 2026.
ARSHIYA · price
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Arshiya Limited held its 43rd AGM (for FY 2023-24) at 12:30 PM and 44th AGM (for FY 2024-25) at 3:00 PM on March 27, 2026, both via video conferencing. The company has been under the Corporate Insolvency Resolution Process (CIRP) since April 23, 2024, following an NCLT order, and both meetings were chaired by Resolution Professional Mr. Pankaj Mahajan since the Board of Directors' powers stand suspended under Section 17 of the IBC, 2016. In both AGMs, shareholders were asked to adopt audited standalone financial statements, take note of non-preparation of consolidated financials (because CIRP is also ongoing at some subsidiaries and financial data was not available), and note the non-applicability of director retirement by rotation. The 44th AGM additionally approved the appointment of M/s Loveneet Handa and Associates as Secretarial Auditors for five years from April 1, 2025 to March 31, 2030. Shareholders raised queries about the CIRP timeline, the reduction in the value of freehold land on the balance sheet, the status of subsidiary investments, and the recovery outlook for their investments, all of which were addressed by the Resolution Professional.
These are procedural disclosures confirming that two years of delayed AGMs were completed under insolvency proceedings, keeping the company compliant with listing rules despite the ongoing CIRP. The appointment of a long-term Secretarial Auditor adds some governance continuity, but shareholders should note that no consolidated financials were filed and key questions around asset valuation, subsidiary status, and insolvency timeline remain unanswered, which keeps recovery prospects and stock price sentiment uncertain.