Right, Preferences and Restrictions attached to Shares Equity Shares
The company has only one class of equity having a par value I 10.00 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the board of directors is subject to the approval of the shareholders in ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.
Preferential allotment of shares during the year
During the year under audit, the company has issued 3,71,000 equity shares against warrants of the same number issued during the previous financial year to Mr. Aalap Prajapati. The warrants were redeemed on 16 December 2025 at '37.70 per equity share.
Terms of repayment of loans:
1. Vehicle Loan from HDFC Bank (8347) is repayable in 60 monthly equal instalments of ' 71,695 each, starting from December 2021. The total outstanding as on 31st March 2026 is ' 5,58,582.77.
2. Vehicle Loan from HDFC Bank (8131) is repayable in 60 monthly equal instalments of ' 31,186 each, starting from May 2021. The total outstanding as on 31st March 2026 is ' 30,961.68.
3. Loans from Bank of Baroda (2820) and (3018) have been fully repaid during the current financial year.
4. Unsecured loans of ' 3,00,000.00 had been received from Abundant Tradelink Private Limited. No terms of repayment have been specified for the same.
Note No. 37: Discontinued Operations
On 1st January 2018, the board of directors of the company decided to discontinue the operations of the Metal Division, which had been suspended by the management since last few years. As on 31st March 2018, the Metal Division was classified as Discontinued Operations. The Metal Division which was earlier shown as an operating segment is no longer presented in the segment report. For the financial year ended on 31st March 2026, no financial transactions have occurred relating to the Metal Division and there are no results to be declared for the same.
At the time of classification of the Metal Division as a discontinued operation, the recoverable value of items of property, plant and equipment was estimated based on the report of a registered valuer. As per the report of the registered valuer dated 20th May 2026, no impairment losses were identified in the value of property, plant and equipment.
Note No. 38: Provision for tax of earlier years under Direct Tax Vivaad se Vishwas Scheme
The Income Tax Department had made additions to the income of the company on various grounds for the financial years 2010-11, 2011-12, 2012-13 and 2013-14, against which the company had filed appeals at various forums and eventually, the matters are now pending before the Hon. Gujarat High Court.
However, during the previous financial year, the Income Tax Department had launched a dispute resolution scheme, viz. the Direct Tax Vivaad se Vishwas scheme. The company had opted for settlement of pending disputes under this scheme and hence, filed an application in Form 1 as per the scheme. The company is awaiting the certificate in Form 2 from the Income Tax Department. As per the declaration in the said Form 1, the company had provided ' 341.71 lakh as tax item during the previous financial year. Signature to notes 1 to 38.
In terms of our separate audit report of even date attached.
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