Notice of Extra-Ordinary General Meeting
Awaiting price reaction for this filing.
Vijay Textiles has called an Extra-Ordinary General Meeting (EGM) on June 20, 2025, at 11:00 AM via video conferencing to seek shareholder approval on three special resolutions. These include the appointment of Shri. Chandan Gupta and Smt. Raveena Agrawal as Independent Directors for a five-year term (March 22, 2025 to March 21, 2030), and the re-appointment of Shri. Vijay Kumar Gupta as Chairman and Managing Director for three years (April 1, 2025 to March 31, 2028) at nil remuneration. Shareholders of record as on June 13, 2025 are eligible to vote, with remote e-voting open from June 17 to June 19, 2025. The company's financial performance shows a sharp decline, with turnover falling from Rs. 2,573.02 lakhs in FY23 to Rs. 1,342.07 lakhs in FY24, and net loss widening to Rs. 2,352.25 lakhs. Promoter Vijay Kumar Gupta personally holds 78,63,016 equity shares in the company.
This is a routine governance EGM focused on board appointments and re-appointment of the promoter MD at zero salary, which may be seen positively given the company's loss-making status. The widening losses and falling turnover in FY24 remain a concern for shareholders, though the company states it is in an expansion phase expected to yield returns over the next 2-3 years.