41st Annual General Meeting to be held on 27th September 2025.
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Source Industries (India) Limited has filed its 41st AGM notice and Annual Report for FY 2024-25. The AGM will be held on Saturday, 27th September 2025 at 5:30 PM via Video Conferencing. Key items on the agenda include appointment of new Statutory Auditors M/s PRSV & Co. LLP (replacing the resigned M/s M N Rao & Associates) for 5 years, appointment of Mr. Sudhir Reddy Posireddy as Chairman & Managing Director, Mr. Naraharisetty Mohan Krishna and Mrs. Ramreddy Swathi as Whole Time Directors (all for 3 years at Rs. 2 lakh/month each), and two Independent Directors for 5-year terms. The company is also seeking shareholder approval to increase borrowing powers to Rs. 100 crore, create charges on assets, appoint Secretarial Auditors for 5 years, and crucially, alter its Objects Clause to diversify into railway systems, metro rail, defence technology, drones, AI, and cybersecurity. Financial performance showed revenue rising to Rs. 13.72 lakh from Rs. 6.57 lakh in FY24, with a small profit of Rs. 0.78 lakh compared to a loss of Rs. 14.55 lakh in the previous year.
The AGM proposes a major strategic pivot for this small-cap company — expanding from textiles into railways, metro, and defence technology through an Objects Clause alteration, alongside significant board restructuring. The increase in borrowing limit to Rs. 100 crore (massive versus Rs. 13.72 lakh revenue) suggests ambitious expansion plans. Shareholders should review these diversification moves and the new management appointments carefully, as they signal a potentially transformative but high-risk shift in business direction.