Annual Report - 2024-2025
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Prag Bosimi Synthetics Ltd submitted its Annual Report for FY 2024-25 and called its 33rd AGM on September 25, 2025, to be held via video conferencing. Agenda items include adoption of audited financial statements, re-appointment of Mr. Devang Vyas (Non-Executive Director), and re-appointment of Mr. Raktim Kumar Das as Whole Time Director for another 5-year term (June 2026 to June 2031) at a reduced salary. The notice flags that the company has 'negative capital at present,' with director remuneration set below Schedule V ceilings accordingly. Shareholder approval is sought for related party transactions, including unsecured loans from private promoters totaling Rs 34.21 crores at 4% interest, though no interest was charged or paid till FY 2024-25. The board is also seeking authorization to lend/invest up to Rs 25 crores in subsidiaries and associates.
The explicit mention of 'negative capital' is a serious red flag, indicating the company is technically insolvent on a net-worth basis and may face going-concern issues. Heavy dependence on promoter loans (with unpaid interest) suggests the business is reliant on promoter support to stay afloat, which existing shareholders should weigh against the continued losses likely reflected in the financial statements.