Proceedings of AGM is attached.
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HOCL held its 64th AGM on 26th September 2025 via video conferencing, attended by 43 members with the Government of India (holding 58.78% stake) and five directors present. The Chairman, Shri Yogendra Prasad Shukla, highlighted a major turnaround with a net profit of Rs. 391.54 crore in FY 2024-25 compared to a loss of Rs. 55.32 crore in FY 2023-24, driven by improved capacity utilisation (Phenol plant at 87%, Hydrogen Peroxide plant at 97%) and operational upgrades like switching from furnace oil to LNG. Key resolutions included adoption of audited financial statements, re-appointment of Shri Manoj Sethi, appointment of two new Independent Directors (Shri Subodh Kumar and Shri Vinay Kumar Sharma) and one Government Nominee Director (Ms Vandana), ratification of Cost Auditor remuneration, appointment of a new Secretarial Auditor for five years, and a Special Resolution to reduce paid-up capital by cancelling 27 crore preference shares previously waived off by the Government of India. The auditor's report carried no qualifications and the CAG gave a Nil comment report.
The AGM outcome is positive for shareholders as it confirms a return to profitability and signals operational improvement at the Kochi unit. The capital reduction through cancellation of waived preference shares simplifies the equity structure but reduces the paid-up share count from 33.72 crore to 6.72 crore equity shares, which could impact per-share metrics and require NCLT approval.