We are submitting herewith the proceeding (Outcome) of the 36th Annual General Meeting of the company held on 25-07-2025 through video conferencing.
Awaiting price reaction for this filing.
Gangotri Textiles held its 36th AGM on 25 July 2025 via video conferencing, chaired by Managing Director Manoj Kumar Tibrewal. The Chairman disclosed that the company recorded zero turnover during the year and is no longer a going concern due to a severe financial crisis. The company filed for Corporate Insolvency Resolution Process (CIRP) before NCLT Chennai on 20 November 2024, and lenders have already sold all company assets to recover loans, with a huge balance still outstanding. The MD has not been paid salary since September 2017 and is personally funding day-to-day expenses. Trading in the company's equity shares is suspended due to non-payment of annual listing fees for five financial years (since 2016-17), and a Rs. 7.30 crore income tax penalty for AY 2012-13 was confirmed up to the Supreme Court. A new Statutory Auditor, Sri. M. Gangadaran, was appointed to fill the casual vacancy left by the resignation of Sri. T.M. Mohanraj on health grounds.
This is a deeply negative filing for shareholders — the company is insolvent, has zero revenue, shares are already suspended from trading, and an active CIRP is underway. Existing equity holders face a very high risk of total loss as lenders have priority claims on assets, and the Supreme Court tax penalty adds further liability.