Outcome of AGM held on 28th August, 2025
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Awaiting price reaction for this filing.
The 40th AGM of Pet Plastics Ltd was held on 28th August 2025 in Mumbai. Shareholders approved a major corporate overhaul, including changing the company's name to 'Bharatam Ventures Limited' and completely replacing its main business objects — shifting away from plastics into financial services such as acting as a corporate business correspondent (BC), loan service provider (LSP), and direct selling agent (DSA) for loans, insurance, and mutual funds. Members also approved a material related-party transaction involving the assignment of Rs. 2 crore of outstanding advances to Pet Stock Brokers Limited (a promoter group entity) for a consideration of just Rs. 35 lakh. The appointments of Mr. Abhinath Shinde (Promoter Director) and Mr. Harshad Narsinhbhai Patel (Independent Director for 5 years) were regularized, and R.S. Rajpurohit & Co. was appointed as Secretarial Auditors for FY 2025-26 to FY 2029-30. Shareholders further authorized borrowings up to Rs. 200 crore under Section 180(1)(c) and loans/investments up to Rs. 200 crore under Sections 185 and 186.
This filing signals a fundamental business pivot from plastics into financial services under a new identity ('Bharatam Ventures Limited'), combined with a related-party divestment at a steep discount (Rs. 2 crore face value sold for Rs. 35 lakh). Retail shareholders should monitor the new business direction, the rationale for the discount on the divested advances, and the implications of the large Rs. 200 crore borrowing and investment authorizations.