Raama Paper Mills Limited shareholders voted in favour of all four resolutions passed at the Annual General Meeting held on September 30, 2026. The meeting was conducted via Video Conferencing and Other Audio Visual Means.

The scrutinizer's report, dated October 1, 2026, confirmed that a total of 518,676 votes were polled through electronic voting. This represented 5.37% of the company's total paid-up equity capital. No invalid votes were recorded across any of the agenda items.

Voting outcomes for key agenda items

The e-voting process, which ran from September 27 to September 30, 2026, saw 42 members cast their votes electronically. The results for each resolution were identical, with 100% of valid votes supporting the proposals.

Procedural compliance and scrutiny

Sameer Kishore Bhatnagar, Practicing Company Secretary, served as the scrutinizer for the remote e-voting process. He was appointed by the Board of Directors in a meeting held on September 6, 2025. The votes were unblocked at Delhi on September 30, 2026, in the presence of two witnesses who are not employees of the company.

The company sent the AGM notice electronically on September 8, 2025, to shareholders with registered email IDs. The shareholding was matched against the Register of Members as of the cut-off date, September 23, 2026.

Raama Paper Mills Limited reported a net loss of ₹140.97 lakh for the quarter ended June 30, 2026 (Q1FY27), with zero revenue from operations as its manufacturing plant remains non-operational.

The company’s statutory auditors, Jagdish Chand & Co., issued a qualified opinion on the standalone financial results. The audit report highlighted that the company has not provided interest of ₹136.10 lakh for the quarter on two secured inter-corporate deposits. Had this interest been accounted for, the net loss would have increased by the same amount. Cumulatively, unpaid interest since June 2024 stands at ₹1,126.82 lakh.

Financial Performance Overview

The company recorded total income of ₹1.14 lakh, derived entirely from other income, as operational revenue remained nil. Total expenses stood at ₹142.12 lakh, driven primarily by depreciation and amortization expenses of ₹87.16 lakh and employee benefits of ₹25.01 lakh. The earnings per share (basic and diluted) was negative at ₹1.46.

Audit Qualifications and Compliance Issues

The auditors raised several material concerns beyond the unprovided interest:

• Inventory Verification: No physical verification of inventory was carried out during the quarter, rendering the amount unascertainable.
• MSME Compliance: The company failed to bifurcate trade payables into Micro, Small and Medium Enterprises (MSMEs) and others, violating Section 22 of the MSME Development Act, 2006. Consequently, auditors could not comment on any overdue interest payable to MSMEs.
• Asset Valuation: Due to the non-operational status of the Kiratpur plant, sufficient evidence regarding the realizable value of property, plant, equipment, and inventories was unavailable.

Going Concern Uncertainty

As of June 30, 2026, Raama Paper Mills had accumulated losses of ₹7,390.23 lakh and a negative net worth of ₹5,256.45 lakh. Current liabilities exceeded total assets by ₹3,632.96 lakh. These factors indicate a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern.

The company is currently under the Corporate Insolvency Resolution Process (CIRP) pursuant to an NCLT order dated June 7, 2024. While a fresh resolution plan has been approved by the Committee of Creditors (COC), it remains pending approval from the NCLT. The financial results have been prepared on a going concern basis contingent upon the approval of this new plan.

What the Numbers Show

A divergence exists between the reported net loss and the economic reality disclosed in the audit notes. The reported loss of ₹140.97 lakh excludes ₹136.10 lakh in accrued but unprovided interest. This omission means the adjusted loss is nearly double the reported figure, significantly understating the financial burden of debt obligations during the insolvency period.