Annual Report for the F.Y. 2024-25
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Oceanic Foods Limited has filed its 32nd Annual Report for FY 2024-25 along with the notice for its 32nd AGM, scheduled for Monday, 29th September 2025 at 11:30 AM via video conferencing. Key agenda items include adoption of audited FY25 financial statements, re-appointment of Managing Director Mr. Ajesh Vinodrai Patel (who holds 74.07% stake), and appointment of Mr. Nayan Prafulbhai Pitroda as Secretarial Auditor for 5 years at a fee of Rs. 2.70 lakh. Shareholders will also vote on a material related party transaction with Julyys Foods (proprietorship firm of the MD's wife) for the slump sale acquisition of a cold storage unit valued at approximately Rs. 12 crore, which represents 11.43% of the company's annual turnover. Additional items include revision in remuneration of the MD and approval of salary packages for promoter family members holding office in the company (wife as CEO at Rs. 10 lakh/month and daughter as Business Development Manager at Rs. 3 lakh/month), all effective 1 October 2025.
The proposed cold storage acquisition from a related party for Rs. 12 crore (~11.43% of turnover) is a significant capital deployment that could enhance operational control over raw material storage but warrants close scrutiny given the related-party nature. Multiple resolutions seek approval for enhanced remuneration to the MD, CEO (wife), and Business Development Manager (daughter), which could affect future expense ratios. Promoter Mr. Ajesh Patel controls 74.07% of the company, meaning related parties cannot vote on the RPT resolution, giving minority shareholders decisive influence on the cold storage deal.