Polytex India Limited appointed Manisha Agarwal as its Company Secretary and Compliance Officer effective September 24, 2026. The appointment was approved by the Board of Directors based on the recommendation of the Nomination and Remuneration Committee.

Agarwal is an Associate Member of The Institute of Company Secretaries of India with Membership No. A-63983. Her professional experience primarily comprises legal and secretarial functions. She has been designated as Key Managerial Personnel under Section 203 of the Companies Act, 2013, and as Compliance Officer under Regulation 6(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Appointment details

The company disclosed that Agarwal has affirmed she is not debarred from holding the office by any order of the Securities and Exchange Board of India or other authority. She is not related to any of the directors of Polytex India.

The board meeting to approve this appointment commenced at 10:00 am and concluded at 10:30 am on the same day. The filing serves as compliance with Regulation 30 of the Listing Regulations read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015.

Polytex India Limited (BSE: 512481) reported a net loss of ₹14.51 lakh for the financial year ended March 31, 2026, widening from a loss of ₹10.65 lakh in FY25. The company recorded zero revenue from operations as its core lending business has been inactive following the cancellation of its Non-Banking Financial Company (NBFC) registration by the Reserve Bank of India in June 2024.

The widening loss reflects increased operational costs rather than business activity. Total expenses rose to ₹14.51 lakh from ₹10.76 lakh in the previous year. This increase was driven by higher listing and annual fees, which climbed to ₹6.69 lakh from ₹4.16 lakh, alongside a rise in employee benefit expenses to ₹1.80 lakh from ₹1.35 lakh.

Balance Sheet and Liquidity Signals

The company faces significant liquidity constraints. Current liabilities exceeded current assets by ₹47.50 lakh as of March 31, 2026, prompting auditors to highlight a material uncertainty regarding the company’s ability to continue as a going concern. Management stated that the financial statements were prepared on a going concern basis relying on an undertaking from promoters to provide necessary financial support.

Total borrowings increased to ₹29.12 lakh from ₹22.38 lakh in FY25, primarily comprising loans from related parties. Meanwhile, cash and cash equivalents remained flat at ₹4.88 lakh. Trade payables also rose to ₹16.92 lakh from ₹12.48 lakh, indicating mounting operational obligations.

Governance and Regulatory Status

Trading of Polytex India shares on the BSE remains suspended due to non-payment of annual listing fees. The secretarial audit report noted multiple delays in regulatory compliances, including the submission of shareholding patterns and corporate governance reports.

The board is seeking shareholder approval at the upcoming Annual General Meeting on September 30, 2026, for the re-appointment of three independent directors—Heena Gurmukhdas Kukreja, Deepa Kunal Bhambhani, and Kapil Purohit—for a second term of five years. Additionally, Whole-Time Director Arvind Mulji Kariya is seeking re-appointment for a five-year term ending March 31, 2031.

What the Numbers Show

The company’s asset base is heavily concentrated in illiquid investments. Investments in unquoted shares of Rruchi Food Plaza Private Limited account for ₹285.12 lakh, representing approximately 97% of total assets (₹292.28 lakh). With zero operating income and rising compliance costs, the company’s ability to generate cash flow to service its liabilities or pay listing fees appears entirely dependent on promoter support or the realization of these long-term investments.