Harig Crankshafts has dispatched the notice for its third annual general meeting (post-CIRP) to shareholders via electronic media on September 5, 2026. The meeting is scheduled for Tuesday, September 29, 2026, to approve key board resolutions including a material related-party transaction and auditor reappointment.

The board, in its meeting on September 1, 2026, recommended the reappointment of Manoj Agarwal as managing director and M.B. Gupta & Co. as statutory auditors for FY2030-31. Shareholders will also vote on an unsecured loan facility of up to ₹6 crore from Chemester Food Industry Private Limited for FY26-27.

Financial Performance Turnaround

The company reported a significant turnaround in FY26, logging a net profit of ₹10.33 crore (₹10,32,847.17 hundred), compared to a net loss of ₹54.33 crore (₹54,33,408.95 hundred) in FY25. This shift was driven by revenue from operations of ₹20.86 crore (₹20,85,880.39 hundred) in FY26, whereas the previous year recorded nil operational revenue. Total income stood at ₹20.86 crore in FY26 against ₹11.39 lakh in FY25.

Profit before depreciation, finance charges, and tax rose to ₹16.01 crore (₹16,00,661.82 hundred) from a negative figure of ₹19.77 lakh (₹1,97,748.42 hundred) in the prior year. Finance costs decreased to ₹5.62 crore (₹5,61,862.59 hundred) from ₹7.03 crore (₹7,02,711.47 hundred). Depreciation and amortization expense fell sharply to ₹59.52 thousand (₹5,952.06 hundred) from ₹2.66 lakh (₹26,579.69 hundred).

Key Board Decisions

The board approved several critical matters during its session at the registered office in Greater Noida:

• Reappointment of Manoj Agarwal (DIN: 00093633) as managing director following his retirement by rotation.
• Approval of the board report for FY25.
• Reappointment of M.B. Gupta & Co. (FRN: 006928N) as statutory auditors for a second term of five consecutive years, from the conclusion of the 3rd AGM (post-CIRP) until the conclusion of the 8th AGM (post-CIRP) for FY2030-31.
• Approval of a material related-party transaction with Chemester Food Industry Private Limited for FY26-27.

Related-Party Transaction Details

The company seeks shareholder approval to avail inter-corporate deposits or unsecured loans from Chemester Food Industry Private Limited, a related party where a director’s relative is a member. The proposed transaction is structured as follows:

The transaction value represents 28.76% of Harig Crankshafts’ annual consolidated turnover for FY25-26. The debt-to-equity ratio is expected to move from -1.28 to -1.38 post-transaction, while the debt service coverage ratio will adjust from 0.91 to 0.88. Directors Manoj Agarwal, Pragya Agarwal, and CFO Payas Agarwal have disclosed interest in this transaction and will abstain from voting.

Annual General Meeting Logistics

The AGM will be conducted through Video Conferencing or Other Audio Visual Means (VC/OAVM) starting at 12:00 pm on September 29, 2026. The register of members and share transfer books will remain closed from September 23 to September 29, 2026.

Shareholders holding shares as on the cut-off date of Tuesday, September 22, 2026, are eligible to vote. Remote e-voting via National Securities Depository Limited (NSDL) will be available from Saturday, September 26, 2026, at 9:00 am to Monday, September 28, 2026, at 5:00 pm. CS Debabrata Deb Nath has been appointed as the scrutinizer for the voting process.