GSFC adopts FY25-26 accounts, reappoints J.H. Mehta & Co as auditors
Gujarat State Financial Corporation’s 66th AGM on July 30, 2026, resulted in the adoption of FY25-26 financials and the appointment of J.H. Mehta & Co as statutory auditors. The meeting was chaired by Ms. Leenaben D Katdare in the absence of the Chairperson, with 46 members present ensuring a valid quorum. Voting combined remote e-voting and physical polls under SEBI LODR regulations.
*this image is generated using AI for illustrative purposes only.
Gujarat State Financial Corporation concluded its 66th Annual General Meeting on July 30, 2026, in Gandhinagar, formally adopting its financial results for FY25-26 and securing shareholder approval for the appointment of new statutory auditors. The meeting, held in physical mode at the Corporation’s head office in Udyog Bhavan, saw the presence of 46 members, satisfying the quorum requirement of ten shareholders under Regulation 25 of the GSFC General Regulations. Key attendees included representatives of the Governor of Gujarat, Small Industries Development Bank of India, and Life Insurance Corporation of India.
Ms. Leenaben D Katdare, Director and Chairperson of the Audit Committee, chaired the proceedings after receiving authorization from Ms. Mamta Verma, IAS, Chairperson, who was absent due to prior commitments. Mrs. Mayaben M Dabhi, Director and Chairperson of the Stakeholders Relationship Committee, also represented the Board. The agenda focused on two primary resolutions: the adoption of the audited financial statements for the year ended March 31, 2026, and the appointment of M/s. J.H. Mehta & Co, Chartered Accountants, Ahmedabad, as Statutory Auditors. The auditor’s tenure is set to last from the conclusion of this AGM until the conclusion of the next Annual General Meeting, as recommended by the Reserve Bank of India.
The meeting commenced at 1:00 p.m. and concluded at 2:10 p.m. Secretary (Board) Raveendran Nair welcomed the attendees and confirmed that the requisite quorum was present. He noted that the Corporation had complied with all procedural guidelines, including sending soft copies of the AGM Notice and Annual Report via email and publishing the notice in newspapers and The Gujarat Government Gazette. The documents were also made available on the websites of the Corporation, BSE Ltd, and CDSL.
Voting procedures adhered to Regulation 44 of SEBI (LODR) Regulations, 2015. Shareholders were offered remote e-voting through the Central Depository Services (India) Ltd platform from 9:00 a.m. on July 27, 2026, to 5:00 p.m. on July 29, 2026. Members present at the physical meeting who had not voted electronically were provided the facility to cast votes by poll. M/s. Spanj & Associates, Company Secretaries, Ahmedabad, with CS Jitendra Leeya acting as Scrutinizer, oversaw the voting process to ensure fairness and transparency. The final results were determined by combining e-voting and poll votes.
No queries were raised by members during the discussion on the resolutions. The Chairperson explained the objectives and implications of the proposed business before inviting comments. Upon completion of the voting process, the Secretary (Board) thanked the members, Directors, and Chairperson for their participation. The formal conclusion of the 66th AGM was declared, marking the successful completion of the Corporation’s annual governance cycle for FY25-26.
Historical Stock Returns for Gujarat State Financial Corp
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.47% | +1.23% | -0.56% | -5.75% | -28.26% | +12.68% |
How might the newly adopted FY25-26 financial results influence Gujarat State Financial Corporation's dividend policy or capital allocation strategies for the upcoming fiscal year?
What specific audit focus areas or risk assessments are likely to be prioritized by the newly appointed statutory auditors, M/s. J.H. Mehta & Co, given the current regulatory environment?
Could the absence of shareholder queries during the AGM indicate a lack of engagement or high confidence in management, and how might this impact future stakeholder communication strategies?
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