The National Company Law Tribunal (NCLT) at Allahabad has dismissed an execution petition filed by former director Raj Kumar Gupta against Banaras Beads and its chairman and managing director, Ashok Kumar Gupta. The bench comprising Member (Judicial) Praveen Gupta and Member (Technical) Ashish Verma passed the order on August 6, 2026, after the petitioner sought to withdraw the case.

The proceedings involved Executive Petition No. 424/ALD/2018 and Cont. A. No. 10/2023 in CP No. 14/1999, originally filed under Sections 397 and 398 of the Companies Act, 1956. During the hearing, counsel for the applicant stated that the petitioner wished to withdraw the present execution petition with the liberty to file a fresh one with better particulars. Consequently, the tribunal dismissed EP No. 424/ALD/2018 as withdrawn.

In light of this decision, the petitioner also sought to withdraw Cont. A. No. 10/2023. The tribunal disposed of this continuation application, noting that no further order was required. The order was uploaded to the NCLT portal on August 13, 2026, and the company received the communication on the same date.

Regulatory Disclosure

Banaras Beads Limited disclosed the development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Para A of Schedule III. The intimation was issued to the Bombay Stock Exchange and the National Stock Exchange on August 14, 2026, by Company Secretary Ramesh Kumar Singh.

What the Numbers Show

The source disclosure explicitly states that there is no quantifiable monetary impact on the financial or operational activities of the listed entity. The legal resolution removes the immediate procedural burden of the ongoing litigation, though the liberty granted to file a fresh petition indicates the underlying dispute may not be fully settled substantively.

Banaras Beads Limited shareholders unanimously adopted the audited standalone financial statements for FY26 and reappointed Ashok Kumar Gupta as director at its 46th Annual General Meeting (AGM) held on July 30, 2026. The meeting, conducted in physical mode at Varanasi, saw 87 members participating in voting, representing 4,618,025 shares for the financial adoption resolution. Management provided clarity on future growth prospects, projecting a 15% to 20% increase in future performance, while addressing shareholder queries regarding working capital and operational efficiency.

The AGM proceedings were scrutinized by Ajay Jaiswal & Co., Practicing Company Secretaries. Both ordinary resolutions passed with 100% support. The first resolution concerned the adoption of the financial statements for the year ended March 31, 2026, along with the Board of Directors’ report and Auditors’ report. G.D. Dubey served as the Statutory Auditor, issuing a clean report with no qualifications or adverse observations. The second resolution approved the reappointment of Ashok Kumar Gupta (DIN: 00016661), who retires by rotation under Section 152 of the Companies Act, 2013.

Voting Results and Participation

Voting was conducted via remote e-voting from July 27 to July 29, 2026, and through ballot papers during the meeting. A total of 67 shareholders attended the physical meeting, comprising five promoter group members and 62 public shareholders. No proxies were utilized.

For the reappointment resolution, Siddharth Gupta, CEO and Managing Director, abstained from voting as an interested promoter relative. Excluding his 701,000 shares, the resolution secured 3,030,840 votes in favor, representing 81.22% of the polled votes.

Shareholding Pattern and Distribution

The company filed a detailed distribution schedule reflecting its shareholding pattern as of the AGM date. The total issued capital stands at 6,597,522 equity shares with a face value of ₹10 each. Promoters and directors hold a significant stake, ensuring stable control over the company’s strategic direction.

The largest non-promoter shareholder is Ramgulam Kanhia Lal Charitable Trust, holding 970,910 shares (14.72%), followed by the Investor Education and Protection Fund (IEPF) with 307,039 shares (4.65%).

Management Guidance and Operational Insights

During the Q&A session, management addressed key investor concerns. Ashok Kumar Gupta stated that future growth is expected to be around 15% to 20%. Regarding capacity utilization, the company noted that as a manufacturer of handmade fashionable items, percentage utilization cannot be strictly defined due to varying manpower requirements per item. The company operates on an order-based production model, continuously developing new samples for foreign buyers.

On financial health, management highlighted that current liabilities primarily consist of bank borrowings for working capital, trade payables, and statutory dues such as salary, PF, and ESI. Non-current liabilities include ₹50,93,722 shown as security against rent. The company emphasized its focus on cost-cutting in manufacturing and maintenance while maintaining its dividend policy as per SEBI LODR regulations.