Proceeding of 78th Annual General Meeing
Awaiting price reaction for this filing.
Ballarpur Industries held its 78th AGM on November 3, 2025 via video conferencing, lasting only about 28 minutes. Chairman Hardik Bharat Patel presided, and the meeting addressed the unusually delayed audited financial statements for the financial year ended March 31, 2023 — roughly two-and-a-half years late, owing to the company's Corporate Insolvency Resolution Process (CIRP). He noted that NCLT Mumbai approved the resolution plan submitted by Finquest Financial Solutions Private Limited on March 31, 2023, after which a new Board was appointed. Two ordinary resolutions were passed: adoption of the FY2023 audited (including consolidated) financial statements with Board and auditor reports, and rectification of Cost Auditors' remuneration. Both resolutions were approved with the requisite majority. The auditors' report and secretarial audit report contained certain qualifications and observations, which were explained in the Annual Report. Voting results will be filed with the stock exchanges within statutory deadlines.
Shareholders finally approved the FY2023 accounts, marking a key post-CIRP milestone, but the lengthy delay in financial reporting and auditor qualifications highlight ongoing governance and operational concerns. Investors should await the scrutiniser's detailed voting results and watch for progress on pending financial statements and revival plans under the new management.