Olympic Cards has fully repaid its outstanding bank loan of ₹8.40 crore with HDFC Bank, financing the closure through interest-free loans from its directors. The company is now obtaining a no-due certificate and releasing charges on the associated assets.

The transaction, disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, marks a shift in the company’s debt structure from institutional banking to related-party funding.

Loan Structure

The repayment was funded by unsecured, interest-free loans provided by two board members. The total amount matches the closed bank facility exactly.

Governance and Compliance

The loans were reviewed and approved by the Audit Committee and the Board of Directors. The company stated that the terms comply with the Companies Act, 2013, and that the transactions are at arm’s length and in the ordinary course of business.

What the Numbers Show

The complete substitution of the ₹8.40 crore HDFC Bank liability with interest-free director loans eliminates immediate interest expense obligations for this portion of the debt. However, it concentrates repayment risk within the promoter group, as the new liabilities are unsecured and lack a fixed maturity schedule typical of institutional term loans.

Olympic Cards Limited has submitted the consolidated scrutinizer's report and voting results for its 34th Annual General Meeting (AGM), held on September 7, 2026. The company also provided an explanation to the Bombay Stock Exchange (BSE) regarding a minor technical delay in uploading the meeting proceedings.

The AGM was conducted via video conference starting at 10:00 am and concluding at 10:25 am. Mr. N. Mohamed Faizal, Chairman and Managing Director, was elected as Chairman of the Meeting. The requisite quorum was present, and the meeting was declared in order by Dr. S. Kuppan, Company Secretary.

Scrutinizer's Report Details

R. Deenadayalu, a practicing Company Secretary with membership number F3850, served as the independent scrutinizer. He was appointed by the Board of Directors under Section 108 of the Companies Act, 2013 and Rule 20 of the Companies (Management and Administration) Rules, 2014.

The report covers both remote e-voting and e-voting conducted during the virtual meeting. The management confirmed adherence to all statutory requirements for the convening and conduct of the AGM. The company disclosed the results to the BSE on September 7, 2026, in compliance with clause 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The data was also uploaded to the Central Depository Services Limited (CDSL) platform and the company's website.

Key Filing Information

Explanation for Delayed Upload

In a separate communication dated September 9, 2026, Olympic Cards addressed a delay of 2 minutes and 19 seconds in uploading the AGM proceedings to the BSE. The company attributed the delay to a network failure and technical problems in its computer system at the office.

As the EDP staff had left the office at 6:00 pm, the technical issues could not be resolved immediately. The staff was recalled to rectify the computer system and resume network communication, after which the proceedings were uploaded at 10:27:19 pm. The company requested the exchange to condone the unintentional delay.

Financial Performance and Outlook

During the AGM, Chairman Mr. N. Mohamed Faizal presented the financial highlights for FY26. The company reported a gross income of ₹1,276.42 lakh, up from ₹963.27 lakh in the previous year. However, the company incurred a loss before tax of ₹247.40 lakh, a significant improvement from the loss before tax of ₹449.41 lakh in FY25.

The net loss for the year stood at ₹25.94 lakh, compared to a net loss of ₹439.06 lakh in the preceding year. Depreciation for the year amounted to ₹95.93 lakh, down from ₹132.03 lakh in the previous period.

For the first quarter ending June 30, 2026, the top-line revenue was ₹251.84 lakh, compared to ₹216.89 lakh in the corresponding quarter of the previous year. The net loss for Q1FY27 was ₹106.66 lakh, slightly higher than the net loss of ₹102.21 lakh in Q1FY26.

The Board of Directors did not recommend any dividend for FY26 due to the absence of profit. The Chairman noted that the industry faces stiff competition and a downward trend in paper-based wedding card usage due to technological changes. However, he expressed confidence that the company is taking steps to overcome these negative factors.

Key Resolutions Passed

Members transacted several businesses through e-voting, which commenced on September 4, 2026, and ended on September 6, 2026. Key resolutions included:

• Adoption of Financial Statements: Members adopted the Balance Sheet as on March 31, 2026, and the Profit & Loss statement for the year ended.
• Re-appointment of Director: Mrs. S. Jarina, who retired by rotation, was re-appointed as a Non-Executive Woman Director.
• Appointment of Independent Director: Mr. Nagayasamy Rajkumar (DIN: 00617000) was appointed as an Independent Director for a five-year term commencing September 7, 2026.
• Continuation of Directorship: Approval was granted for the continuation of Mr. Alagarsamy Uthandan’s directorship beyond the age of 75 years, until June 9, 2031.
• Related Party Transactions: Members approved related party transactions involving entities where the Managing Director and other directors have interests, up to a maximum aggregate value of ₹6.61 crore for FY27 and ₹7.12 crore for FY28. Additionally, interest-free unsecured loans from directors were approved up to ₹9 crore for FY27 and ₹5 crore for FY28, with a cumulative cap of ₹20 crore.

The Statutory Auditors issued a Qualified/Modified Opinion for FY26, and the Secretarial Audit Report contained qualifications. The Chairman also informed members that certain typographical errors in the annual report had been rectified.