MPS Pharmaa Limited has confirmed the book closure period for its upcoming Annual General Meeting. The register of members will remain closed from September 23 to September 29, 2026.

The company issued a disclosure to stock exchanges on September 7, 2026, pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This notice aligns with the earlier announcement regarding the 32nd AGM scheduled for September 29, 2026.

Key Corporate Actions

The Board of Directors held its meeting on September 2, 2026, at the corporate office in New Delhi. Shareholders will vote on proposals during the AGM, with e-voting enabled from September 26 to September 28, 2026.

• AGM Schedule: The meeting is fixed for September 29, 2026, at 9:30 am at the registered office in Sohna, Haryana.
• Book Closure: Dates are set from September 23 to September 29, 2026. The cut-off date for e-voting entitlement is September 22, 2026.
• E-Voting: National Securities Depository Limited (NSDL) will handle the process. Voting window: September 26 (9:00 am) to September 28 (5:00 pm).
• Scrutinizer: M/s. Kundan Agrawal & Associates appointed to oversee the voting process.

Director and Auditor Appointments

The board recommended the appointment of Ms. Anchal Goyal (DIN 10751205) as an Independent Director for five consecutive years. Her term will run from the conclusion of the 32nd AGM until the 37th AGM. Ms. Goyal holds a Master of Computer Applications degree and has over 12 years of experience in IT management, marketing budget analysis, and general administration.

Additionally, the board proposed the re-appointment of M/s. Nemani Garg Agarwal & Co. (FRN 010192N) as Statutory Auditors for a second term of five consecutive years. The firm will hold office until the conclusion of the 37th AGM in 2031. The board approved a remuneration of ₹85,000 per annum for conducting the audit.

Related Party Transactions

A significant portion of the special business involves approving related-party transactions under Section 188 of the Companies Act, 2013. The company seeks omnibus approval for transactions up to an aggregate amount of ₹1,080 lakh until the next AGM in 2027.

The proposed transactions include:

Mr. Peeyush Kumar Aggarwal, the Managing Director, holds a 10.24% stake in MPS Pharmaa. He is also a director and promoter of Omkam Global Capital Private Limited (82.32% stake) and Omkam Developers Limited (97.93% stake). The existing outstanding loan balance from Omkam Global Capital stands at ₹6.64 crore.

Section 185 Approval

The company is also seeking a Special Resolution to approve transactions under Section 185 of the Companies Act, 2013. This includes authorizing the board to advance loans or provide guarantees to entities in which directors are interested, up to an aggregate sum of ₹25 crore. These funds must be utilized by borrowing entities for their principal business activities only.

Regulatory Compliance

The disclosures were made pursuant to Regulation 30 read with Schedule III of the SEBI (LODR) Regulations, 2015. Details regarding the director appointment and auditor re-appointment were provided in accordance with SEBI Circular CIR/CFD/CMD/4/2015 dated September 9, 2015.

MPS Pharmaa Limited (formerly Advik Laboratories Limited) reported a standalone net loss of ₹23.80 lakh for the quarter ended June 30, 2026, widening from a loss of ₹22.01 lakh in the corresponding period of FY25. The pharmaceutical formulations company recorded zero revenue from operations during the quarter, continuing its operational hiatus while awaiting regulatory approvals.

The Board of Directors approved the unaudited financial results on August 13, 2026. The company’s total expenses for the quarter stood at ₹23.80 lakh, driven primarily by employee benefit expenses of ₹14.36 lakh and other expenses of ₹5.88 lakh. Depreciation and amortisation accounted for ₹3.51 lakh, while finance costs remained negligible at ₹0.06 lakh.

Operational Status and Regulatory Hurdles

The absence of revenue stems from the pending renewal of the company’s Drug Manufacturing Licences with the Food & Drugs Administration (FDA), Panchkula. The management stated that the applications are under consideration and expressed confidence in restarting business operations soon, citing ongoing discussions with prospective buyers. However, the auditor’s report included an emphasis of matter regarding the lack of revenue from operations during the quarter.

Additionally, the company faces listing fee arrears with the Bombay Stock Exchange (BSE). MPS Pharmaa has not paid its Annual Listing Fees since FY22, leading to trading restrictions. BSE has permitted trading only on a Trade-for-Trade basis, limited to the first trading day of every week, until outstanding dues are cleared. Management indicated it is arranging funds to settle these payments.

Auditor’s Qualified Conclusion

Nemani Garg Agarwal & Co., the independent auditors, issued a qualified conclusion on the quarterly results due to two key observations:

• Unverified Investments: The company recorded an investment of ₹53.80 lakh in unquoted equity shares at acquisition cost but failed to determine fair value as required by Ind AS. Physical verification was not possible as share certificates were misplaced during record shifting, and requests for duplicates from investee companies have gone unanswered.
• Stalled Capital Work-in-Progress: Capital work-in-progress valued at ₹2.12 crore remains stalled. While management views the suspension as temporary and believes no impairment provision is needed, auditors noted that technical evaluation is required to assess potential write-offs.

What the Numbers Show

The financial data reveals a significant divergence between revenue generation and cost structure. With zero operating income, the entire expense burden of ₹23.80 lakh flowed directly to the bottom line, resulting in a pre-tax loss of identical magnitude. Notably, employee benefits constitute approximately 60% of total quarterly expenses (₹14.36 lakh out of ₹23.80 lakh), indicating that fixed personnel costs remain a primary drain on resources despite the lack of commercial activity. This highlights the challenge of maintaining operational readiness without corresponding cash inflows from sales.