31st Annual Report of the Company
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Galaxy Agrico Exports has filed its 31st AGM notice and annual report for FY 2024-25, with the AGM scheduled for September 29, 2025. The most significant agenda item is a proposal to sell the company's entire business — manufacturing and trading of Agricultural Equipments and Bearings (Forged Rings), which contributes 100% of revenue — to Forgex Rings Private Limited (FRPL) on a slump sale basis for INR 9.25 Crores, a premium of INR 30 lakhs over the independent valuation of INR 8.95 Crores. The company says the existing business is unprofitable and the proceeds will be redeployed into a new chemicals business (organic/inorganic chemicals, acids, petrochemicals, etc.), a sector already approved via an earlier object clause change. Other items include re-appointment of statutory auditors M/s H.B. Kalaria & Associates for two years, appointment of new secretarial auditor M/s Ramesh Chandra Bagdi & Associates for five years, and shareholder approval to raise investment and borrowing limits up to INR 150 Crores each. E-voting runs from September 26-28, 2025, with the cut-off date set as September 22, 2025.
This is a transformational decision for shareholders: the company is exiting its entire existing business to pivot into chemicals, meaning the current revenue stream will disappear post-sale and future performance will depend entirely on the management's ability to execute the new business plan. The slump sale price of INR 9.25 Crores is modest for a listed company, and shareholders should weigh the strategic rationale carefully when voting. The slump sale resolution specifically requires a majority of public shareholders to vote in favour, making retail votes especially important.