MPL Plastics Limited concluded its 34th Annual General Meeting on September 28, 2026, with shareholders adopting the audited standalone financial statements for the fiscal year ended March 31, 2026.

The meeting, held at the company's registered office in Mira Road, Maharashtra, was chaired by Devendra Negi. A total of 35 members attended the proceedings. The Chairman provided an overview of the company's financial performance for FY26 and outlined its future outlook, though specific financial figures were not disclosed in the meeting summary.

Resolutions passed

All three ordinary business resolutions proposed by the Board were passed with requisite majority following remote e-voting and physical ballot casting. The resolutions covered:

1. Adoption of audited standalone financial statements for FY26 along with Board and Statutory Auditor reports.
2. Re-appointment of Radhika Sameer Rane as Director, retiring by rotation.
3. Re-appointment of Jain Vinay & Associates as Statutory Auditors.

Voting and scrutiny details

The company utilized remote e-voting facilities provided by National Securities Depository Limited (NSDL) from September 25 to September 27, 2026. Vikas R. Chomal, Company Secretary in Practice, served as the scrutinizer. The final voting results were declared within two working days of the meeting's conclusion and submitted to BSE Limited.

Detailed voting results

The scrutinizer report confirms that all three resolutions received overwhelming support, with dissenting votes accounting for less than 0.01% of the total valid votes cast. The table below details the vote distribution for each resolution:

Note: Invalid/abstained votes totaled 5 across all resolutions. Total members present were 35, including 3 members who voted remotely and 1 body corporate representative.

MPL Plastics Limited reported a significantly narrower net loss of ₹16.99 lakh for the financial year ended March 31, 2026, compared to a loss of ₹47.64 lakh in the previous fiscal year.

The company continues to face material uncertainty regarding its ability to operate as a going concern, having ceased manufacturing operations at its Pune and Silvassa plants during FY24.

Financial Performance

The company recorded zero revenue from operations for the second consecutive year. Total income stood at ₹39.49 lakh, driven entirely by other income, which included interest received and write-backs of debit/credit balances. This was a sharp increase from the ₹7.05 lakh in other income recorded in FY25.

Total expenses rose slightly to ₹56.48 lakh from ₹54.69 lakh in the prior year. Employee benefit expenses accounted for ₹19.09 lakh, while other expenses totaled ₹37.34 lakh. Finance costs remained negligible at ₹0.02 lakh.

What the Numbers Show

Despite the narrowing loss, the company’s balance sheet reflects deep structural distress. Shareholders' equity stands at a negative ₹369.53 lakh, worsening from negative ₹353.11 lakh in the previous year. Current liabilities surged to ₹522.89 lakh, up from ₹508.82 lakh, while current assets remained flat at ₹90.00 lakh. The current ratio deteriorated marginally to 0.17 from 0.18, highlighting severe liquidity constraints.

Strategic Outlook and Governance

Management disclosed that it is evaluating options including the winding up of the company. The Board had previously approved a special resolution in April 2022 to initiate a corporate insolvency resolution process under the Insolvency and Bankruptcy Code.

During the financial year, Mr. Milan B. Bhaya resigned as Chief Financial Officer on May 20, 2025, and was succeeded by Mr. Pankaj B. Bhaya, appointed on May 28, 2025. No dividend was recommended for the year.

The 34th Annual General Meeting is scheduled for September 28, 2026, where shareholders will consider the reappointment of Mrs. Radhika Sameer Rane as a director and the reappointment of M/s. Jain Vinay & Associates as statutory auditors.