Progrex Ventures Limited held its 45th Annual General Meeting on September 30, 2026, adopting the standalone financial statements for FY26. The meeting also saw the reappointment of existing directors and the induction of new leadership members.

The Chairman informed members that no significant business activities were carried out during the period. Consequently, the Balance Sheet as at March 31, 2026, and the Profit and Loss Account for the year ended on that date were received and adopted without any qualifications or adverse comments from the auditors or directors.

Board composition changes

The AGM resolved several key appointments to strengthen the company's governance structure. Mr. Avneesh Sabherwal and Ms. Shruti Dange were reappointed as Directors, having retired by rotation. Mr. Sanjay Wase was appointed as an Additional Director.

New executive and independent roles were also filled to expand the board's capacity:

• Ms. Monika Gupta was appointed as Executive Director.
• Mr. Shravan Kumar Jaiswal was appointed as Executive Director.
• Ms. Meenakshi Aggarwal was appointed as Independent Director.

Auditor reappointment

M/s Jain Dhureja & Company, the current statutory auditor, was reappointed for the current year until the conclusion of the next Annual General Meeting. The remuneration for their services will be fixed by the Board of Directors.

Governance and attendance

The meeting was chaired by Mr. Avneesh Sabherwal, who was proposed by Mr. Sanjay Wase and seconded by Ms. Shruti Dange. The requisite quorum was present, with 12 members attending in person or through authorized representatives. No proxies were present.

The notice convening the meeting, along with the Directors' Report, Auditors' Report, and Secretarial Audit Report, were read out. The reports did not contain any qualification, comment, or observation on financial transactions that had an adverse effect on the working of the company.

Progrex Ventures Limited reported a net loss of ₹18.3 lakh for the quarter ended June 30, 2026, widening from a ₹15.6 lakh loss in the corresponding period last year. The company recorded zero revenue from operations, citing no business activity during the quarter.

The standalone results were reviewed by independent auditors Jain Dhureja & Co. and approved by the Board of Directors on August 13, 2026. The financial statements reflect Ind-AS compliance with no material adjustments noted in the reconciliation annexures.

Financial Performance

Total income for the quarter stood at ₹1 lakh, derived entirely from other income sources. This contrasts with total expenses of ₹19.3 lakh, leading to the reported net loss.

Expenses were dominated by salaries and wages at ₹13.5 lakh and legal and professional fees at ₹5 lakh. Depreciation costs amounted to ₹40,000. The year-to-date loss for FY27 stands at ₹18.3 lakh, compared to ₹15.6 lakh in the same period of FY26.

What the Numbers Show

The absence of operational revenue combined with persistent fixed costs highlights a complete lack of core business generation. Legal and professional fees constitute approximately 26% of total expenses, suggesting ongoing administrative or compliance overhead despite the cessation of trading activities. With paid-up capital stable at ₹360.44 lakh and reserves at ₹358.71 lakh, the company’s equity base remains intact but is being eroded by quarterly losses.

Balance Sheet and Equity

Paid-up equity capital remained unchanged at ₹360.44 lakh. Reserves excluding revaluation reserve stood at ₹358.71 lakh as of June 30, 2026. The debt-to-equity ratio was reported at 1.5, though no interest service coverage or debt service coverage ratios were disclosed due to the absence of relevant cash flows.