Gujarat Cotex Limited shareholders approved the re-appointment of Vidya Pramod Patil and the appointment of Parul Rajesh Manubarwala as independent directors for a term of five years at its Annual General Meeting held on September 28, 2026. The resolutions received over 99% support, reflecting strong shareholder confidence in the proposed board composition.

The meeting, held at Hotel Soubhagya Inn in Silvassa, commenced at 9:30 am and concluded at 11:30 am. Kunjal Dalal of K. Dalal & Co. served as the scrutinizer for both the poll process and remote e-voting. The company adopted the audited financial statements for FY26 and approved key board appointments alongside the directorial changes.

Director appointments and profiles

The AGM regularized the status of both directors under the Independent Category. Ms. Vidya Pramod Patil, who has around 25 years of experience in business strategy, was re-appointed for another five-year term effective September 28, 2026. Her previous term was set to expire at the ensuing AGM.

Ms. Parul Rajesh Manubarwala, with approximately 25 years of experience in finance and taxation, was appointed as an independent director for five years. She had initially been appointed as an additional director by the board on September 1, 2026, and her appointment was subsequently regularized by the shareholders.

Both directors disclosed no relationship with the company or its promoters. The voting results indicated near-unanimous approval for these governance measures.

Secretarial auditor appointment details

The shareholders also approved the appointment of M/s. K. Dalal & Co., Practising Company Secretaries, as the secretarial auditor for a period of five years. The term commences from FY27 and extends through FY31.

Mr. Kunjal Dalal, the proprietor of M/s K. Dalal & Co. based in Surat, is the existing secretarial auditor. He holds FCS No. 3530 and CP No. 3863, with a Peer Review Certificate no. 8134/2026. His profile notes vast knowledge and experience of more than three decades in Company Law, LLP Act, Securities Laws, Legal Due Diligence, Mergers and Acquisitions, Listings, and Capital Market Regulations. The disclosure of relationship was marked as Not Applicable.

Voting outcomes and participation

Shareholders considered several ordinary and special business items. The adoption of financial statements received 99.53% votes in favor. The re-appointment of Managing Director Shaileshkumar Jayantkumar Parekh also secured 99.53% support.

Independent director appointments saw high approval rates:

• Re-appointment of Vidya Pramod Patil: 99.53% in favor.
• Appointment of Parul Rajesh Manubarwala: 99.53% in favor.
• Appointment of K. Dalal & Co. as Secretarial Auditors: 99.53% in favor.

The company provided remote e-voting facilities pursuant to SEBI Listing Regulations. Members who did not vote electronically cast votes via ballot paper sent with the annual report. A total of 36,642 shareholders were on record as of September 21, 2026.

The results of the e-voting have been disseminated to stock exchanges and uploaded to the company website upon receipt of the scrutinizer's report.

Gujarat Cotex reported a 41% year-on-year rise in revenue from operations to ₹3,843.24 lakh for the financial year ended March 31, 2026. Despite the top-line growth, net profit after tax declined by 54% to ₹10.22 lakh, compared to ₹22.13 lakh in the previous year.

The company’s standalone annual report highlights a significant shift in its revenue mix. While textile fabric sales dipped to ₹2,268.21 lakh from ₹2,706.78 lakh in FY25, the business recorded ₹1,522.81 lakh in sales of agriculture items, a segment that contributed zero revenue in the prior year.

Financial Performance

The divergence between revenue growth and profit contraction was driven by rising operational costs and specific non-recurring charges. Other expenses surged to ₹101.86 lakh from ₹28.01 lakh in FY25, primarily due to a ₹79.64 lakh provision for bad debts. Additionally, the company wrote off ₹24.72 lakh of preliminary expenses against retained earnings, correcting a prior-period accounting error identified by auditors.

Balance Sheet and Auditor Qualifications

Total assets decreased by 41% to ₹1,832.22 lakh, reflecting a substantial reduction in other current assets, which fell from ₹1,653.05 lakh to ₹212.25 lakh. This decline was largely due to the settlement of advances given for plots of land and loans. Long-term borrowings also dropped significantly to ₹37.29 lakh from ₹329.74 lakh.

Independent auditors Pawan Siddharth & Co issued a qualified opinion on the financial statements. The qualification stems from the company’s failure to retrospectively restate comparative figures for a prior-period error related to ROC fees capitalized as preliminary expenses. Furthermore, auditors flagged investments totaling ₹74.75 lakh in two entities—Sonpal Cement and Gujarat Cotex Finlease—as potentially non-operational, recommending either write-off or provision.

Corporate Governance Updates

The Board proposed the re-appointment of Shailesh J. Parekh as a director retiring by rotation. It also recommended appointing Ms. Parul Rajesh Manubarwala as an independent director and re-appointing Ms. Vidya Pramod Patil for a five-year term. The company appointed M/s. K. Dalal & Co. as secretarial auditors for five years, following a rights issue that increased its paid-up capital beyond the regulatory threshold.