Glaam Up Jwel Limited held its 8th Annual General Meeting on September 29, 2026, via video conferencing. The meeting focused on adopting FY26 financial statements and securing shareholder approval for significant operational and governance changes.

Shareholders approved a proposal to borrow funds up to ₹100 crore under Section 180(1)(c) of the Companies Act, 2013. This resolution grants the Board authority to raise debt capital, signaling potential expansion or working capital needs. Additionally, the company sought approval to create charges on its assets and provide loans or guarantees under Section 186 and Section 185 of the Companies Act.

Governance and Director Appointments

The AGM addressed several governance matters, including the retirement by rotation of Executive Director Jagdip Panachand Vora. He was reappointed following his eligibility to offer himself for reappointment. The meeting also regularized the appointments of key board members:

• Nirav Khatri: Regularized as Managing Director.
• Urvik Dipakbhai Joshi: Regularized as Independent Director.
• Vicky Dipakkumar Shah: Regularized as Director.

These appointments ensure compliance with regulatory norms regarding director tenure and independence.

Financial Adoption and Voting Details

Item No. 1 involved receiving, considering, and adopting the audited financial statements for the financial year ended March 31, 2026. The Board Report and Auditors' Report were also adopted. The meeting commenced at 3:30 pm and concluded at 3:42 pm. A total of 11 members attended the virtual meeting. Remote e-voting results will be submitted separately in due course.

What the Numbers Show

While specific financial performance figures for FY26 were not detailed in the proceedings summary, the approval for a ₹100 crore borrowing limit stands out as a critical metric. This substantial cap suggests the company is positioning itself for significant capital expenditure or liquidity management. The simultaneous approval to create charges on assets indicates that this debt may be secured against company holdings, a standard practice for leveraging balance sheet strength to fund growth.

Glaam Up Jwel Limited reported a net profit of ₹11.87 lakh for FY26. The company has announced the book closure for its eighth annual general meeting from September 23 to September 29, 2026.

The AGM is scheduled for Tuesday, September 29, 2026, at 3:30 pm via video conferencing. Key agenda items include the regularization of new board appointments and the adoption of audited financial statements.

Book Closure and E-Voting Details

The Register of Members and Share Transfer books will remain closed from September 23, 2026 to September 29, 2026 (both days inclusive). This closure is for the purpose of determining eligibility for the AGM.

The cut-off date for members eligible for remote voting is fixed as September 22, 2026. Remote e-voting will commence on Saturday, September 26, 2026, at 9:00 am and end on Monday, September 28, 2026, at 5:00 pm.

Financial Performance

Revenue from operations remained relatively stable at ₹1,239.27 lakh in FY26, compared to ₹1,226.17 lakh in FY25. Profitability improved due to lower expenses and tax adjustments. Profit before tax rose to ₹16.33 lakh from ₹1.89 lakh.

The company did not recommend any dividend for the year. Reserves and surplus stood at a deficit of (₹2.68 lakh) as of March 31, 2026, an improvement from (₹14.55 lakh) in the prior year.

Board Appointments and Changes

The board restructured executive leadership by appointing Mr. Nirav Khatri as Managing Director, effective September 7, 2026. His appointment is subject to shareholder approval at the upcoming AGM. Concurrently, Mr. Amit Gupta stepped down from the Managing Director role to become a Non-Executive Director.

Mr. Vicky Deepakkumar Shah was appointed as Additional Director and Chairman. Mr. Urvik Dipakbhai Joshi joined as an Additional Independent Director. Mr. Jagdip Panachand Vora retires by rotation and seeks reappointment.

Financial Approvals and Risks

Beyond governance changes, the board approved several financial resolutions under the Companies Act, 2013:

• Borrowing funds not exceeding ₹100 crore under Section 180(1)(c).
• Increasing limits for creating charges on company assets under Section 180(1)(a).
• Authorizing loans, guarantees, and investments under Section 186.

The auditors issued a qualified opinion citing two major risks. First, the company defaulted on a credit facility with Axis Bank Limited, with ₹2.06 crore outstanding since December 31, 2019. Proceedings are pending before the Debt Recovery Tribunal. Second, the GST authorities levied a penalty of ₹2,223.54 lakh, alleging fraudulent availment of Input Tax Credit. The management disputes this penalty, treating it as a contingent liability rather than a provision.

Corporate Office Relocation

Glaam Up Jwel shifted its corporate office from Ahmedabad’s Ring Road area to a new location in Bodakdev, Ahmedabad, effective September 7, 2026. The registered office in New Delhi remains unchanged.