Novyra Pharmachem Limited reported a net loss of ₹537.38 lakh for the financial year ended March 31, 2026, compared to a net loss of ₹6.36 lakh in the previous year. Revenue from operations stood at ₹10.44 lakh, while other income was ₹6.31 lakh. Total expenses for the year surged to ₹554.13 lakh, primarily driven by other expenses of ₹536.17 lakh. The company’s accumulated losses stood at ₹570.79 lakh as of March 31, 2026.

To address the significant erosion of its capital base, the Board of Directors approved a scheme to reduce its paid-up equity share capital by ₹5.42 crore. The reduction will be executed by cancelling equity shares on a proportionate basis, where shareholders will receive 1 equity share for every 7 shares held. The scheme aims to write off accumulated losses and re-align the capital structure with the company's assets, subject to approval by shareholders and the National Company Law Tribunal (NCLT).

Key Financial Impact

The statutory auditors, M/s. D.G.M.S. Co., Chartered Accountants, stated that the company has adequate internal financial controls over financial reporting. The secretarial audit report noted non-compliances, including failure to publish board meeting notices for financial results and fines imposed by BSE Limited for delayed submissions. The company also faced issues with the Structured Digital Database (SDD) compliance and promoter holding not being in dematerialized form.

The scheme does not involve any cash payout and will not adversely affect the company's ability to meet its obligations or impact the percentage of shareholding. Existing share certificates will be deemed cancelled and non-tradable from the record date. The company will seek approval through a special resolution via e-voting and subsequently file an application with the NCLT, Ahmedabad Bench, for sanction under Section 66 of the Companies Act, 2013.

Novyra Pharmachem Limited announced that its Board of Directors has approved a proposal for the reduction of capital. The decision was taken during a meeting held on May 16, 2026, at the company's Registered Office. The proposal is pursuant to Sections 66 and other applicable provisions of the Companies Act, 2013, and is subject to approval from the BSE, shareholders, and other statutory authorities.

During the same meeting, the Board approved the Director's Report for the financial year ended March 31, 2026. The adoption of the Secretarial Audit Report for the same period, pursuant to Section 204(1) of the Companies Act, 2013, was also approved.

39th Annual General Meeting

The Board has convened the 39th Annual General Meeting (AGM) of the shareholders. The meeting is scheduled to be held on June 19, 2026, at 11:00 p.m. IST through Video Conferencing (VC). The purpose of the AGM is to seek shareholder approval on the proposed capital reduction and other business items.

To facilitate the AGM proceedings, the Register of Members and Share Transfer Books of the company will remain closed from June 13, 2026, to June 19, 2026 (both days inclusive).

Key Board Decisions

The Board approved the draft notice for the AGM and appointed Mrs. Rupal Patel, a Practicing Company Secretary, as the Scrutinizer for remote e-voting and voting at the AGM. The meeting commenced at 5:00 p.m. and concluded at 6:00 p.m.