JBF Industries Limited has scheduled an Extra-Ordinary General Meeting (EGM) on June 23, 2026, to seek shareholder approval for the appointment of a Secretarial Auditor for a five-year term. The Resolution Professional, Mr. Mukesh Verma, has recommended the appointment of M/s. Elias L. Rodrigues & Co., Company Secretaries in Practice, to ensure compliance with regulatory requirements including Section 204 of the Companies Act, 2013 and Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company disclosed that the extract of the notice for this meeting was published in the Financial Express (English and Gujarati editions) on May 30, 2026.

The proposed appointment is for a duration of five consecutive years, commencing from the financial year 2025-26 and concluding with the financial year 2029-2030. The remuneration for the audit services is fixed at ₹ 50,000 per annum plus applicable taxes for the financial year 2025-26. For subsequent years, the fees will be determined mutually between the Resolution Professional and the Secretarial Auditor.

EGM and Voting Details

The EGM will be held through Video Conferencing (VC) and Other Audio Visual Means (OAVM) on June 23, 2026, at 11:30 a.m. IST. Shareholders eligible to vote are those whose names appear in the Register of Members or as Beneficial Owners as on the record date of June 16, 2026. The facility for remote e-voting will be available from June 19, 2026, at 09:00 a.m. until June 22, 2026, at 05:00 p.m.

Business to be Transacted

The sole special business on the agenda is the approval of the Secretarial Auditor's appointment as an Ordinary Resolution. M/s. Elias L. Rodrigues & Co., a firm established in 2018 and holding a valid Peer Review Certificate, has consented to the appointment and confirmed its eligibility under the relevant laws. The firm is engaged in secretarial audit, corporate advisory, and compliance management.

The Explanatory Statement confirms that none of the Resolution Professional, Directors, or Key Managerial Personnel of the Company have any financial interest in the resolution. The meeting proceedings will be deemed to be conducted at the company's Registered Office in Silvassa. National Securities and Depository Limited (NSDL) will facilitate the remote e-voting and virtual meeting participation.

JBF Industries Limited has announced its audited financial results for the quarter and year ended March 31, 2026, approved by the Resolution Professional. The company, currently under the Corporate Insolvency Resolution Process (CIRP), reported a net loss of ₹541 lakh for the financial year 2025-26, compared to a net loss of ₹527 lakh in the previous year. For the quarter ended March 31, 2026, the net loss stood at ₹260 lakh.

Financial Performance

The company's revenue from operations was nil for both the quarter and the year ended March 31, 2026. Total income for the year was ₹15 lakh, derived entirely from other income. Total expenses for the year amounted to ₹442 lakh, up from ₹274 lakh in the previous year. The company reported an exceptional item of ₹113 lakh for the year, representing provisions for doubtful debts and losses due to the repossession of secured assets.

Key Financial Metrics

The following table outlines the key financial figures for JBF Industries Limited for the year ended March 31, 2026:

Audit Qualifications and Going Concern

The statutory auditors, S. C. Ajmera & Co., issued a qualified opinion on the standalone financial results. The qualification primarily stems from the company's decision to provide interest at nil percent per annum on term loans, cash credit limits, and cumulative redeemable preference shares aggregating ₹2,47,379 lakh. This resulted in a lower provision of finance costs by ₹45,283 lakh for the year. Had the interest been provided at the documented rate, the net loss for the year would have been significantly higher at ₹45,824 lakh.

The auditors also emphasized significant material uncertainty regarding the company's "going concern" status. The report notes that the company's ability to sustain itself and generate revenues has been critically dented, leading to the conclusion that the company ceases to continue as a going concern. Additionally, the auditors highlighted the non-preparation of consolidated financial statements due to the non-receipt of subsidiary financial statements and the vacancy of key managerial positions including CEO, CFO, and Company Secretary.