42nd Annual Report of Prashant India Limited for the F.Y. 2024-25.
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Prashant India Limited has submitted its 42nd Annual Report for FY 2024-25 to BSE along with the notice for its 42nd AGM scheduled for June 28, 2025 via video conference. Key AGM items include adoption of FY25 financials, reappointment of Managing Director Prabhudas Gondalia (who retires by rotation), and appointment of new statutory auditors M/s Ashish Bhoola & Co. for a five-year term (FY 2025-26 to 2029-30) in place of the outgoing M/s Soni Jhawar & Co., with audit fee fixed at Rs. 30,000 plus taxes for FY26. The most significant agenda item is a related party transaction: the proposed sale of the company's non-agricultural industrial land and building of its Textile Division at Palsana, Surat, to M/s Shantilon Poly Private Limited (a related party and secured creditor) for Rs. 10 crore, with the proceeds earmarked to settle dues to secured creditors Shantilon Private Limited and Shantilon Poly Private Limited. The board has also proposed appointing two new Independent Directors — Mr. Hiren Hasmukh Shah and Mrs. Nishtha Harivanshi Pamnani — for five-year terms, and shifting Mr. Haribhai Malvia (age 89) from Independent Director to Non-Executive Non-Independent Director effective July 1, 2025.
Shareholders should pay close attention to Item 4 (the Rs. 10 crore related party sale of textile division assets), which signals a strategic move to exit non-core textile operations and deleverage by repaying secured debt — but the buyer being a related party connected to the promoter family means minority shareholders will need to evaluate whether the Rs. 10 crore price is fair, even though the company states it exceeded other bids and valuer estimates. The auditor change and Independent Director additions are routine governance matters.