Gangotri Textiles Limited (under CIRP) has informed the Bombay Stock Exchange of a delay in uploading the proceedings of its 37th Annual General Meeting held on August 21, 2026. The Interim Resolution Professional attributed the lapse to technical faults, including network connection issues and a power failure at the company’s registered office.

The IRP, CA G Gunasekaran, submitted an intimation to the Listing Compliance Monitoring Team at BSE Limited, requesting that the exchange condone the delay. The meeting itself was conducted successfully via Video Conferencing/other Audio Visual Means (OAVM), with shareholders adopting the financial statements for FY26.

Technical Glitch Causes Filing Delay

According to the intimation letter dated August 25, 2026, the minutes of the AGM were finalized in time. However, instructions from the IRP to upload the proceedings could not be executed by the company’s personnel due to the cited technical failures. The IRP emphasized that the delay was involuntary and sought regulatory leniency.

This filing follows the earlier adoption of accounts during the AGM, which was chaired by CA G Gunasekaran in his capacity as IRP. The NCLT Chennai Bench had admitted the Corporate Insolvency Resolution Process (CIRP) application on August 7, 2026, suspending the Board of Directors under Section 17 of the Insolvency and Bankruptcy Code, 2016.

AGM Proceedings Recap

The AGM commenced at 10:30 am and concluded at 10:55 am on August 21, 2026. Thirty-four shareholders attended the session. Key attendees included Managing Director Manoj Kumar Tibrewal, CDSL representative Srinivasan M, Scrutinizer B Krishnamoorthy, and Registrar Jayakumar from MUFG Link Intime India Ltd.

CA G Gunasekaran confirmed the presence of quorum before proceeding. He reiterated that the Board’s powers remain suspended and all corporate affairs are managed by the IRP. The Audited Financial Statements for FY26 were approved by the Board prior to the suspension on May 14, 2026.

Adoption of Financial Statements

Shareholders adopted the Balance Sheet as at March 31, 2026, and the Profit & Loss Account for the year ended March 31, 2026. The Managing Director stated that no queries were received regarding the financial accounts. Voting was conducted via e-voting, with Mr B Krishnamoorthy appointed as Scrutinizer. The scrutinizer’s report has been uploaded to stock exchange platforms and the company website.

Governance Implications

The successful adoption of accounts under IRP supervision marks a procedural milestone for the corporate debtor. While ordinary business approvals are complete, all future strategic decisions remain subject to the insolvency resolution framework. The IRP retains full control over assets and operations during the CIRP period.

Gangotri Textiles Limited reported a standalone loss of ₹2.39 lakh for the quarter ended June 30, 2026 (Q1FY26), reflecting its continued operational hiatus. The textile manufacturer recorded zero revenue from operations and zero other income, with the entire loss stemming from other expenses of ₹2.39 lakh. This financial outcome underscores the company’s lack of commercial activity, as all assets were taken over and sold by lenders in September 2015, halting interest payments and business operations. The slight widening from the ₹2.37 lakh loss in Q1FY25 indicates minimal administrative overhead rather than operational deterioration.

The Board of Directors approved the unaudited financial results during a meeting held on July 24, 2026, via Zoom, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by the Audit Committee prior to board approval and subjected to a limited review by M. Gangadaran & Co, Chartered Accountants, who issued their report on July 17, 2026. The filing confirms that the financial statements have been prepared in accordance with Ind AS and Schedule III of the Companies Act, 2013.

Financial Performance Overview

The company’s profit and loss statement highlights a complete absence of operational revenue. Total expenses for the quarter stood at ₹2.39 lakh, comprising solely of other expenses, while cost of materials, employee benefits, and finance costs remained at nil. Depreciation and amortization expenses were also zero for the quarter, although ₹0.03 lakh was recorded for the full year ended March 31, 2026.

Basic and diluted earnings per share (EPS) for the discontinued operation stood at ₹(0.0073) for Q1FY26, matching the EPS for Q1FY25. For the full year FY26, basic and diluted EPS were ₹(0.0206). The company operates within a single segment: textiles.

Shareholding Pattern

The promoter and promoter group shareholding remained unchanged at 24.48% of the total share capital. Of this, 75% of the promoter shares (18.36% of total capital) are pledged or encumbered, while 25% (6.12% of total capital) remain non-encumbered. Public shareholding stood at 75.52%, representing 2,46,31,177 shares. There were no changes in the number of shares held by promoters or the public during the quarter.

Analytical Observation

The persistence of minimal other expenses (₹2.39 lakh) against zero revenue underscores the company’s maintenance-only status under lender control. The absence of finance costs, despite historical debt, aligns with the note that interest payments ceased after September 2015 due to asset takeover. The slight increase in quarterly loss from ₹2.37 lakh to ₹2.39 lakh is negligible and likely reflects routine administrative overheads rather than operational deterioration, given the lack of business activity.