34th Annual Report
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The company filed its 34th Annual Report along with the AGM notice for September 30, 2025, to be held via video conferencing. The Chairman's letter highlights signs of recovery after a very difficult period, including market diversification away from the US due to tariff barriers and re-entry into the Indian market. A new French Fry line with 54,000 MT annual capacity is expected to be ready before the March 2026 potato season. A recently completed Rights Issue helped fund 50% of a One Time Settlement (OTS) with banks, with the balance due this fiscal year; the company is exploring a second Rights Issue or Preferential Issue to become debt-free. AGM resolutions seek approval for auditor change (Sharma Kumar & Associates to Garg Bros & Associates), sale of non-core land assets, increase in authorized share capital from Rs. 90 crore to Rs. 125 crore, a fresh equity issuance up to Rs. 40 crore, promoter/promoter-group loan of up to Rs. 20 crore with an option to convert into equity shares, and an increase in the Managing Director's remuneration.
Shareholders will vote on several potentially dilutive actions — a Rs. 40 crore equity issue and promoter loans convertible into shares — but these are aimed at deleveraging the balance sheet and funding capacity expansion, which could support recovery if execution succeeds. The French fry capacity addition and market diversification are positive medium-term signals, though contingent liabilities from the Simplot dispute remain an overhang.