OUTCOME OF 14TH ANNUAL GENERAL MEETING HELD ON AUGUST 18, 2025.
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The company's 14th AGM was held on August 18, 2025 via video conferencing and concluded in about 30 minutes. A total of 12 resolutions were tabled, including standard items such as approval of FY25 audited financials, re-appointment of a director and statutory auditors M/s. Bansilal Shah & Co. Beyond routine matters, the company sought shareholder approval for significant capital actions: hiking authorised share capital from ₹20 crore to ₹25 crore, and enabling fund-raising routes of up to ₹50 crore each via Rights Issue, Private Placement and a Follow-on Public Offer (FPO) — potential dilution risk for existing holders. The board also sought to raise borrowing limits to ₹100 crore under Section 180(1)(c), approve material related party transactions for FY26, and fix managerial remuneration beyond statutory limits. Managing Director Vijaybhai Vagjibhai Bhanshali was proposed for re-appointment for 5 years. E-voting results and the scrutiniser's report are still pending and will be filed separately.
While the meeting was held without disruption, the real outcome hinges on the still-pending e-voting results. If approved, the combination of up to ₹150 crore in equity-raising options (Rights + PP + FPO) plus a doubled debt ceiling could materially expand the company's capital base — but also risk equity dilution and higher leverage for existing shareholders.