Mangalam Drugs and Organics Limited appointed S. N. Nanda & Co., Chartered Accountants, as its statutory auditors for a period of five consecutive years. The decision was taken during the company's 53rd Annual General Meeting held on September 23, 2026, via video conferencing.

The meeting also saw the re-appointment of Govardhan Murlidhar Dhoot as Executive Director, who retired by rotation and offered himself for re-election. Members approved the adoption of standalone and consolidated audited financial statements for the financial year ended March 31, 2026.

Key resolutions passed

The shareholders ratified several key governance and operational matters during the virtual meeting:

• Auditor Appointment: Appointment of S. N. Nanda & Co. as statutory auditors for five consecutive years, with remuneration to be fixed by the Board.
• Director Re-appointment: Re-appointment of Govardhan Murlidhar Dhoot (DIN: 01240086) as Executive Director.
• Cost Auditor Ratification: Ratification of remuneration payable to Rampurawala Mohammed A & Co. (Cost Accountants) for FY27.
• Related Party Transactions: Approval of materiality of related party transactions.
• Secretarial Auditor: Appointment of L. N. Joshi & Co. as secretarial auditors from the conclusion of this AGM until the conclusion of the 58th AGM.

Meeting details and attendance

The AGM commenced at 3:00 pm and concluded at 4:00 pm Indian Standard Time. The meeting was attended virtually by 49 members. The requisite quorum was present in compliance with Section 103 of the Companies Act, 2013.

Voting and scrutiny

Mr. B.M. Maheshwari, Proprietor of BMM & Associates, Advocate, was appointed as the scrutinizer to scrutinize votes cast during the remote e-voting and the e-voting at the AGM. The voting remained open for 30 minutes after the conclusion of the meeting. The consolidated scrutinizer's report will be submitted to stock exchanges within prescribed timelines under Regulation 44 of SEBI (LODR) Regulations, 2015.

The retiring statutory auditors, V.S. Somani & Co., were thanked by the Board and Management for their professional guidance and services. The Chairman, Govardhan M. Dhoot, concluded the meeting with a vote of thanks to all stakeholders.

Mangalam Drugs & Organics has defaulted on loans totalling ₹15.57 crore owed to Bank of Maharashtra and Bank of Baroda, with the dues remaining overdue for more than 30 days.

Loan default details

The company's outstanding obligations span two lenders, reflecting a failure to service debt within the stipulated repayment period. The defaults have crossed the 30-day overdue threshold, a key marker under standard banking and regulatory reporting norms.

The following table summarises the default as disclosed:

What the numbers show

A default exceeding 30 days across two public sector lenders signals a deterioration in the company's debt servicing capacity. The combined exposure of ₹15.57 crore to Bank of Maharashtra and Bank of Baroda underscores the breadth of the repayment stress faced by Mangalam Drugs & Organics at this time.