Amarnath Securities Limited concluded its 32nd Annual General Meeting (AGM) on September 30, 2026, with all proposed resolutions passed by the requisite majority. The meeting was conducted via Video Conferencing and Other Audio-Visual Means, with voting facilitated through remote e-voting and live e-voting during the session.

The scrutinizer, Shravan A. Gupta & Associates, confirmed that the audited financial statements for FY26 were adopted unanimously. However, significant dissent was recorded against several key governance and operational resolutions, including the reappointment of Whole-Time Director Chetan Balubhai Patel and approvals for borrowing powers and related party transactions.

Voting Results Summary

The following table details the voting outcomes for the ordinary and special resolutions put to vote. While the adoption of financial statements saw near-total support, other items faced opposition from holders of approximately 45% of the valid votes cast.

Note: The 0.01% against figure for Item 1 appears to be a data entry anomaly in the source report, as the total votes against were listed as 0.00 in the detailed breakdown.

Key Governance Changes

Shareholders approved the reappointment of Chetan Balubhai Patel (DIN: 03556088) as a director retiring by rotation. Additionally, the board expanded its executive leadership by approving the change in designation of Mrs. Kinnari Chetan Patel (DIN: 03566246) from Additional Director to Executive Whole-Time Director.

The company also secured approval for:

• Appointing Mr. Anirudh Tanvar as secretarial auditor for a five-year term.
• Enhancing secured and unsecured borrowing powers.
• Approving material related party transactions.

What the Numbers Show

A distinct divergence exists between the acceptance of historical performance and future governance mandates. While the adoption of the FY26 financial statements received 100% support from remote voters, every subsequent resolution regarding director appointments, remuneration, and borrowing powers faced identical opposition levels, with 45.17% of votes cast against them. This pattern suggests a cohesive block of minority shareholders consistently dissenting on management-related matters while accepting the reported financial outcomes.

Amarnath Securities Limited reported a net loss of ₹520.91 lakhs for the year ended March 31, 2026, reversing a profit of ₹19.27 lakhs in FY25, primarily driven by bad debt write-offs of ₹539.52 lakhs on loans and advances.

Financial performance overview

The company's total income rose to ₹81.01 lakhs in FY26 from ₹38.93 lakhs in FY25, supported by other income of ₹80.68 lakhs comprising loans written back. However, total expenses surged to ₹601.92 lakhs from ₹11.69 lakhs in FY25, with bad debts on loans and advances accounting for ₹539.52 lakhs. Employee benefit expenses also rose sharply to ₹41.07 lakhs from ₹2.70 lakhs in FY25.

The following table summarises the key financial results for FY26 and FY25 (all amounts in ₹ lakhs):

Balance sheet position

Total assets contracted sharply to ₹6.49 lakhs as at March 31, 2026 from ₹541.70 lakhs as at March 31, 2025, reflecting the significant reduction in the loans portfolio from ₹540.32 lakhs to ₹2.50 lakhs. Cash and cash equivalents improved to ₹3.48 lakhs from ₹0.34 lakhs. The company's other equity turned negative at ₹(373.06) lakhs from a positive ₹147.85 lakhs, resulting in full erosion of net worth as noted by the statutory auditors. Paid-up equity share capital remained unchanged at ₹300.02 lakhs, comprising 30,00,200 equity shares of ₹10 each.

Auditor's qualified opinion

Statutory auditors M/s H K Shah & Co., Chartered Accountants (FRN: 109583W), issued a qualified opinion on the financial statements for the year ended March 31, 2026. The basis for qualification included:

• Non-receipt of documents regarding RBI compliance from the company until the date of the audit report
• Absence of a whole-time Company Secretary during the year under audit, with consequential secretarial non-compliances not determinable
• Inability to obtain sufficient appropriate audit evidence regarding opening balances as at April 1, 2025

The auditors also flagged, as a key audit matter, deficiencies in documentation and supporting records relating to loans and advances, resulting in significant write-offs during FY26. The company's entire net worth has been eroded as at the reporting date.

AGM and corporate developments

Amarnath Securities has convened its 32nd Annual General Meeting on September 30, 2026 at 12:00 noon via Video Conferencing/Other Audio Visual Means. The cut-off date for e-voting purposes is September 23, 2026, and the Register of Members will remain closed from September 23, 2026 to September 29, 2026 (both days inclusive).

Key resolutions proposed at the AGM include:

• Re-appointment of Chetan Balubhai Patel (DIN: 03556088) as director retiring by rotation
• Appointment of Mr. Anirudh Tanvar (ACS No. A23145; COP No. 19757) as secretarial auditor for one term of 5 consecutive years from FY2026-27 to FY2030-31
• Approval of total managerial remuneration including commission up to ₹5 crore per annum
• Approval of secured/unsecured borrowing powers under Section 180(1)(c) of the Companies Act, 2013
• Approval of material related party transactions
• Change in designation of Mrs. Kinnari Chetan Patel (DIN: 03566246) from Additional Director to Executive Whole-Time Director with effect from April 10, 2026, for a period of 5 years

Management changes

Several board-level changes took place during the financial year. The following table captures key appointments and cessations:

Mr. Atul Kumar was appointed as Company Secretary and Compliance Officer with effect from August 1, 2026. The board held 7 meetings during FY26, with full attendance recorded at the last three meetings.

Dividend and other disclosures

The Board has not recommended any dividend for FY26. No amount has been transferred to reserves during the year. The company incurred a cash loss of ₹59.57 lakhs in FY26, compared to no cash loss in the preceding financial year. Undisputed income tax demands outstanding as at March 31, 2026 stood at ₹2,83,59,987 (previous year ₹2,76,44,617). The company has not accepted any public deposits during the year and has no subsidiaries, joint ventures, or associates.