Gangotri Textiles Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on July 25, 2025. Further, the company has submitted the Exchange a copy of Srutinizers report.
Awaiting price reaction for this filing.
Gangotri Textiles Limited held its 36th AGM on July 25, 2025 via video conferencing and submitted the proceedings along with the scrutinizer's report. The Managing Director disclosed that the company recorded zero turnover during the year and is no longer a going concern, facing severe financial crisis with day-to-day expenses funded by borrowing from the MD (whose salary remains unpaid since September 2017). The company filed for Corporate Insolvency Resolution Process (CIRP) before NCLT Chennai on November 20, 2024, after lenders sold all company assets. Trading in the equity shares remains suspended due to non-payment of annual listing fees for five financial years since 2016-17. Both ordinary resolutions — adoption of financial statements for FY ended March 31, 2025 and appointment of new statutory auditor M/s. M Gangadharan and Co — were passed with 99.61% votes in favour (6,35,171 shares).
This is a deeply distressed company under insolvency proceedings with suspended trading, zero revenue, and unresolved tax liabilities of Rs. 7.30 crore. Shareholders should be aware that their shares are illiquid and the company faces an uncertain future under CIRP, with little near-term prospect of value recovery.