Notice of 78th Annual General Meeting
Awaiting price reaction for this filing.
Ballarpur Industries Ltd (BILT) has sent out the notice for its 78th Annual General Meeting, scheduled for Monday, November 03, 2025 at 4:00 PM via video conferencing. Along with the AGM notice, the company is submitting its delayed Annual Report for FY 2022-23, which covers the period before the new board took over in June 2023. The company went through Corporate Insolvency Resolution Process (CIRP) from January 17, 2020 after Finquest Financial Solutions Pvt Ltd (FFSPL) filed for insolvency. NCLT approved FFSPL's resolution plan on March 31, 2023, giving FFSPL majority shareholding. The new board, led by Whole-Time Director & CFO Hardik B. Patel, has prepared the financial statements with several limitations and qualifications due to incomplete records. Consolidated financials for FY23 show zero revenue from operations but a net profit of Rs 4,604 crore (vs Rs 478 crore in FY22), driven mainly by exceptional items of Rs 4,982 crore. The company has multiple subsidiaries under Bilt Paper B.V. including plants in Maharashtra and Odisha, and Sabah Forest Industries in Malaysia which is now facing liquidation.
This is mainly a procedural compliance filing after BILT's exit from insolvency, but it highlights that the company still has limited operational activity (zero revenue in FY23) and significant unresolved issues including unaudited subsidiaries, unreconciled bank accounts, and liquidation proceedings in Malaysia. Shareholders should note that financials come with multiple qualifications and the AGM is the first key opportunity to engage with the new management on the turnaround path.