Reg. 34 (1) Annual Report.
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Rajasthan Tube Manufacturing Company has filed its Annual Report for FY 2024-25 along with the notice for its 39th AGM, scheduled for July 19, 2025, in Jaipur. A key item is the resignation of statutory auditor M/s Giriraj & Lohiya on June 20, 2025, with M/s UCC & Associates LLP proposed to fill the casual vacancy and be appointed for a 5-year term until FY 2029-30. The company is also seeking shareholder approval to massively increase its authorised share capital from Rs. 8 crore to Rs. 60 crore, along with a proposal to issue up to 55 crore fresh equity shares of Rs. 1 each at par or premium. Additionally, Mr. Pankaj Jain is being appointed as Whole-Time Director, Mr. Mahendra Kumar Modi as Independent Director, and Ms. Chanchal is being re-designated from Independent to Non-Independent Director. Cost auditor M/s M. Goyal & Co. is being ratified for Rs. 18,000 remuneration.
The proposed issue of up to 55 crore equity shares (against existing capital of just Rs. 8 crore) signals massive potential dilution for current shareholders and hints at a large upcoming fund-raise or expansion plan. The mid-year statutory auditor resignation is also worth noting — investors should monitor whether the change is routine or raises governance concerns.