Notice of the 40th Annual General Meeting of the company
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Grand Oak Canyons Distillery Ltd (formerly Pacheli Industrial Finance Ltd, BSE Scrip: 523862) has called its 40th AGM for Tuesday, 2nd September 2025 at 1:00 PM, to be held via video conferencing. Key items include adoption of audited financial statements for FY ending 31st March 2025, appointment of Mr. Harsh as Non-Executive Director, and appointment of M/s VRSK & Associates as statutory auditor for a 5-year term (till 45th AGM). A notable special resolution seeks shareholder approval to convert unsecured loans from six non-promoter lenders (Abhijit Trading, Calyx Securities, Hibiscus Holdings, Avail Financial Services, Edoptica Retail India, Sulphur Securities) into equity shares, citing the company's inability to repay due to financial crunch and cash flow mismatch. The meeting also covers regularisation of Mr. Prabhakar Kumar as Managing Director for 5 years and appointment of two new independent directors (Mr. Ravindra Davrung and Ms. Rekhaben Bhanushali) for 5-year terms.
The loan-to-equity conversion will dilute existing shareholders and signals the company is under financial stress. Shareholders should watch the size of the equity issuance, which depends on outstanding loan amounts not specified in the notice. The auditor and director changes are largely routine governance items, though the overall restructuring suggests the company is reshaping its board and capital structure ahead of its new identity as a distillery business.