Promact Plastics Limited shareholders approved all six resolutions at its 42nd Annual General Meeting held on September 14, 2026. The meeting concluded with a total voting turnout of 52.52% of outstanding shares.

The company conducted the meeting via video conferencing in compliance with Ministry of Corporate Affairs circulars. Remote e-voting was open from September 11 to September 13, 2026, followed by e-voting during the AGM for those who had not voted remotely.

Key Resolutions Passed

Shareholders approved the adoption of audited financial statements for FY26 and the reappointment of Mr. Ankit J. Patel as Managing Director for a three-year term. The Board also secured approval for the appointment of two new Independent Directors and a Secretarial Auditor.

The following resolutions were transacted:

• Adoption of Audited Financial Statements for FY26
• Reappointment of Mr. Ankit J. Patel as Managing Director
• Appointment of M/s. Kashyap R. Mehta & Partners as Secretarial Auditors for five years
• Appointment of Mr. Prakashchandra D. Patel and Mr. Babubhai H. Patel as Independent Directors

Voting Results

Promoter group participation was complete, with 100% of promoter-held shares cast in favor of all resolutions. Public non-institutional shareholders showed a 20.32% turnout.

Board Appointments

Mr. Ankit J. Patel was reappointed as Managing Director effective from July 17, 2026, to July 16, 2029. He is liable to retire by rotation but offered himself for reappointment. The reappointment was subject to shareholder approval, which was accorded via Special Resolution at the AGM.

Mr. Patel holds a Bachelor of Computer Science & Engineering degree from the USA. He has extensive experience in import & export trading, technology, general administration, and management. He holds 481,939 equity shares (7.40%) in the company. He is a relative of Ms. Nikita J. Patel, Director of the Company. He does not hold directorship in any other Listed Company as on date.

The company appointed two new Independent Directors for a five-year term starting July 29, 2026:

Director Profiles

Mr. Prakashchandra D. Patel holds a B.Com degree and brings 39 years of experience, including 33 years in banking and six years in accounting at calico mills. Mr. Babubhai H. Patel also holds a B.Com degree and has 56 years of total experience in banking and finance, including roles in nationalized and cooperative banks.

Neither director holds shares in the company, and neither is related to any existing director or key managerial personnel. Both affirmed they are not debarred from holding office by SEBI or other authorities.

Audit and Compliance

M/s. Kashyap R. Mehta & Partners was appointed as Secretarial Auditor for the financial years 2026-27 to 2030-31. The firm holds FRN P2025GJ106000 and Peer Reviewed Certificate No. 6827/2025. The appointment was made in terms of amended Regulation 24A of the SEBI LODR Regulations, 2015, Section 204 of the Act, and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

The firm is based in Ahmedabad and offers integrated legal and advisory services in corporate laws, capital markets, and corporate governance. Managing Partner Yash K. Mehta has over 15 years of post-qualification experience.

Mr. Kashyap R. Mehta served as the Scrutineer for the e-voting process. The total number of shareholders on the cutoff date of September 7, 2026, was 3,557. Of these, 31 shareholders attended the meeting through VC/OAVM, comprising eight from the promoter group and 23 public shareholders.

Promact Plastics reported a net loss of ₹72.42 lakh for the financial year ended March 31, 2026 (FY26), reversing a net profit of ₹12.56 lakh in the previous fiscal year. The decline was driven by an 82% contraction in revenue from operations, which fell to ₹16.14 lakh from ₹91.44 lakh in FY25. The company disclosed that it has discontinued its core activities, resulting in minimal operational income. Previously known as Promact Impex Limited, the company changed its name effective October 13, 2025.

Total expenses for the year amounted to ₹89.90 lakh, compared to ₹77.03 lakh in FY25. Finance costs remained a significant burden at ₹43.99 lakh, up slightly from ₹42.20 lakh in the prior year. Other expenses rose to ₹30.34 lakh from ₹19.80 lakh, while employee benefit expenses increased marginally to ₹9.04 lakh. Depreciation charges were stable at ₹6.53 lakh.

Balance Sheet and Liquidity

As of March 31, 2026, Promact Plastics held total assets of ₹688.19 lakh, down from ₹705.48 lakh in FY25. Current assets dominated the balance sheet at ₹511.74 lakh, primarily comprising trade receivables of ₹455.71 lakh. These receivables are described as undisputed and considered good, with recovery linked to high-sea sales matters currently before the High Court.

Total liabilities stood at ₹943.37 lakh, significantly higher than total assets, contributing to a negative net worth of ₹255.18 lakh. Current borrowings decreased sharply to ₹54.55 lakh from ₹410.99 lakh in FY25, indicating substantial debt repayment during the period. However, other current liabilities surged to ₹883.51 lakh from ₹470.29 lakh, largely due to advances against assets rising to ₹879.90 lakh.

What the Numbers Show

The financial data reveals a stark divergence between asset composition and operational viability. While the company holds ₹455.71 lakh in trade receivables—representing 66% of total assets—it generated only ₹16.14 lakh in revenue. This concentration suggests that the company’s primary near-term value driver is the realization of these specific receivables rather than ongoing operations. Furthermore, despite reducing bank borrowings by over ₹350 lakh, the surge in "advances against assets" indicates a shift in liability structure rather than a fundamental improvement in solvency.

Corporate Governance and AGM

The company will hold its 42nd Annual General Meeting on September 14, 2026, via video conferencing. Key agenda items include the reappointment of Ankit J. Patel as Managing Director for three years and the appointment of Prakashchandra D. Patel and Babubhai H. Patel as Independent Directors. The Board also recommended the appointment of M/s. Kashyap R. Mehta & Partners as Secretarial Auditors for five years. No dividend was recommended for FY26 due to accumulated losses.