Proceeding of the 31st Annual General Meeting of the Generic Engineering Construction and Projects Ltd
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The 31st AGM was held on September 30, 2025 via video conferencing, running from 11:00 AM to 11:30 AM. Seven resolutions were tabled, including adoption of audited standalone and consolidated financial statements for FY ending March 31, 2025, re-appointment of statutory auditors M/s. Bilimoria Mehta & Co, appointment of Mr. Manish Ravilal Patel as a director (retiring by rotation), ratification of cost auditors' remuneration for FY 2025-26, approval of material related party transactions, and appointment of the secretarial auditor. A special resolution was also put to vote seeking shareholder approval to waive recovery of excess managerial remuneration paid during FY 2024-25. Audit reports were unqualified. A typographical error in the annual report was flagged and corrected, clarifying that Ms. Shital Lokhande's correct designation is Chief Financial Officer (not CEO as printed on pages 51 and 62). Voting results and the scrutinizer's report will be filed separately.
The standout item is the special resolution seeking waiver for recovery of excess managerial remuneration paid in FY 2024-25, which signals a past over-payment beyond approved limits and is a governance red flag for shareholders. The other items are routine. Investors should watch for the voting outcome on the remuneration waiver, as it reflects board discipline and minority shareholder sentiment.