Notice of 42nd Annual General Meeting of the Company.
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Prashant India Limited has issued the notice for its 42nd AGM to be held on Saturday, June 28, 2025, at 12:00 P.M. via video conference. Ordinary business includes adopting the FY2024-25 audited financial statements, reappointing Mr. Prabhudas Gondalia (Managing Director) who retires by rotation, and appointing M/s. Ashish Bhoola & Co. as new statutory auditors for a 5-year term (till FY2030) at a remuneration of Rs. 30,000 plus taxes. Key special business: sale of the company's industrial land and building of its Textile Division at Palsana, Surat, to related party M/s Shantilon Poly Private Limited (a secured creditor) for Rs. 10 Crores, with proceeds earmarked for repaying dues to secured creditors. The meeting also proposes appointment of two new Independent Directors (Mr. Hiren Shah and Mrs. Nishtha Pamnani, each for 5 years) and 89-year-old Mr. Haribhai Malvia as Non-Executive Non-Independent Director effective July 1, 2025. E-voting window is open from June 24 to June 27, 2025, with cut-off date of June 21, 2025.
The most material item is the Rs. 10 Crore related-party asset sale of the Textile Division property, which is a non-core asset disposal aimed at debt reduction—shareholders should focus on the valuation and whether the price received is fair. A change in statutory auditors and reshuffling of the board (two new independent directors, one non-executive director) are also notable corporate governance events. The asset sale being driven by debt repayment needs could indicate ongoing financial stress, so investors should review the FY2024-25 results carefully when announced.