Flexituff Ventures International Limited has scheduled its 33rd annual general meeting for September 30, 2026. The meeting will be held via video conferencing or other audio-visual means at 2:30 pm IST.

Shareholders will vote on two key proposals: the change of company name to Kaashipur Ventures International Limited and the appointment of S.N. Gadiya & Co. as statutory auditor for FY27. The central registration authority has already approved the name change.

AGM Schedule and Voting Details

The company has dispatched the notice for the meeting. Remote e-voting will commence on September 27, 2026, at 9:00 am and conclude on September 29, 2026, at 5:00 pm. Only shareholders registered as of the cut-off date, September 23, 2026, are eligible to vote.

Key Board Resolutions

During its board meeting on September 8, 2026, the directors approved several items:

• Appointment of S.N. Gadiya & Co. as statutory auditor
• Approval of the revised draft directors' report for FY26
• Dispatch of notice for the 33rd annual general meeting
• Proposal to shareholders for the change of company name

Auditor Details

S.N. Gadiya & Co. is a chartered accountancy firm established in 1983. It holds ICAI Firm Registration No. 002052C and Membership No. 071229. The firm currently audits four listed entities and offers services in statutory audit, assurance, taxation, corporate compliance, and financial advisory.

The board confirmed there is no relationship between the appointed auditors and the company's directors. The firm's expertise spans financial reporting, statutory audit, and corporate governance.

Flexituff Ventures reported a standalone net loss of ₹1,568.38 lakh for the quarter ended June 30, 2026, driven by zero operating revenue and mounting finance costs. The company’s auditors issued a disclaimer of opinion, citing an inability to verify financial statements due to severe operational deadlock and management disputes.

The technical textile manufacturer recorded no revenue from operations in Q1FY27, a sharp decline from ₹1,111.20 lakh in the same period last year. Total expenses stood at ₹1,596.95 lakh, dominated by finance costs of ₹759.45 lakh and depreciation of ₹600.50 lakh. Other income contributed ₹28.57 lakh, insufficient to offset the heavy fixed costs incurred during the period of halted production.

Governance and Audit Concerns

Mahesh C. Solanki & Co., the statutory auditors, resigned effective June 19, 2026, citing prolonged non-payment of audit fees. In their limited review report dated August 21, 2026, the firm stated it could not confirm the accuracy or completeness of the financial information. The report highlighted that the company has reached a deadlock position regarding management and business operations, significantly restricting review procedures.

Furthermore, the company remains non-compliant with statutory requirements under the Companies Act, 2013. It has not appointed an Internal Auditor as mandated by Section 138, nor has it filled the vacant position of Whole-Time Company Secretary required under Section 203 and SEBI LODR regulations.

Liquidity Crisis and Legal Actions

The financial strain is evident in the company’s balance sheet signals. As of June 30, 2026, Flexituff Ventures held a net current liability position of ₹32,545.84 lakh. The company has been unable to renegotiate its Cash Credit facilities or Working Capital Term Loans. Consequently, total dues including accrued interest reached ₹30,935.76 lakh, prompting lending banks to issue notices under the SARFAESI Act.

Operations at the Kashipur plant in Uttarakhand remain disrupted due to labor strikes arising from unpaid wages and a shortage of critical raw materials. These conditions cast significant doubt on the company’s ability to continue as a going concern, although the financial statements have been prepared on a going concern basis based on management’s assessment.

What the Numbers Show

The divergence between zero operating revenue and persistent high fixed costs underscores the severity of the operational halt. Finance costs (₹759.45 lakh) and depreciation (₹600.50 lakh) together accounted for approximately 85% of total expenses, indicating that the company is burning cash primarily to service debt and maintain asset values rather than fund productive activities. Additionally, the forfeiture of ₹516.78 lakh from convertible warrants issued in September 2024 highlights failed capital raising efforts during this distress period.

Corporate Actions

During the adjourned board meeting held on August 21, 2026, directors approved the unaudited standalone and consolidated results for Q1FY27. The board also scheduled the 33rd Annual General Meeting for September 30, 2026, to be conducted via video conferencing. Notably, the board filed an application with the Registrar of Companies to change the company name to “Kaashipur Ventures International Limited,” subject to approval.