Approval of Resolutions at the 32nd AGM held on 20th August, 2025.
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Shareholders approved eight key resolutions at the 32nd AGM, including the appointment of M/s SPP & Associates as Secretarial Auditors for five years and the appointment of Shri Subbaraj Gowra (son of MD Shri Gowra Srinivas) as a Director. The authorised share capital was increased from Rs. 6 crore to Rs. 10 crore. The Board was authorised to borrow up to Rs. 25 crore from related companies and Rs. 10 crore from directors at interest not exceeding 12% per annum. Shri Dayanand Soma and Shri Gowra Lakshminarayana were allowed to continue as Directors past age 75, and Shri Gowra Srinivas was re-appointed as Managing Director for five years from June 30, 2026. A preferential issue of up to 24,97,500 equity shares at Rs. 120 per share (total Rs. 29.97 crore) to 72 allottees, mostly promoter family members and promoter group entities, was also approved.
The preferential issue at a significant premium (Rs. 110 per share over face value) is dilutive but signals promoter confidence and brings in nearly Rs. 30 crore. Entry of a promoter family member on the board and large related-party borrowing limits are key governance points shareholders should note, though the related-party transactions are subject to shareholder approval and capped at reasonable interest rates.