Rajeswari Infrastructure Limited held its 32nd Annual General Meeting (AGM) on July 13, 2026, through video conferencing to transact statutory business while under the supervision of a Monitoring Committee. The meeting was chaired by Mr. Sanjay Mehra, Chairman of the Monitoring Committee, as the company continues to implement the Resolution Plan approved by the National Company Law Tribunal (NCLT), Chennai Bench. The powers of the Board of Directors and shareholders stand suspended during this period.

Pursuant to the order of the Hon'ble NCLT, the company is currently undergoing the Corporate Insolvency Resolution Process (CIRP). Consequently, the voting rights of existing shareholders, along with all incidental rights, remain suspended and are not exercisable. All decisions relating to the affairs of the company are being taken by the Monitoring Committee, which comprises Mr. Sanjay Mehra as Chairman, Religare Finvest Limited represented by Mr. A. Wilson, and Mr. Guruswamy Ramamurthy, the Successful Resolution Applicant, represented by Mr. Rajesh Kumar.

The Chairman apprised stakeholders that the Resolution Plan submitted by Mr. Guruswamy Ramamurthy was approved by the NCLT on January 13, 2026. The plan entails a significant restructuring of the share capital. The existing equity shareholding of the Promoters and Promoter Group shall stand extinguished. The share capital held by Public Shareholders will be reduced by lowering the face value of each equity share from ₹10 to ₹0.20 and subsequently consolidating them into equity shares of ₹10 each.

Following the restructuring, the post-issue shareholding structure will see the Successful Resolution Applicant holding 95% of the equity share capital, while existing Public Shareholders will collectively hold 5%. The Successful Resolution Applicant is required to subscribe to 10,10,116 fresh equity shares of ₹10 each by way of equity infusion. The company must restore the minimum public shareholding to 25% within two years from the date of the first tranche of issuance of equity shares via a Further Public Offer (FPO).

The business transacted at the AGM was limited to ordinary business. The members took note of the Audited Financial Statements for the financial year ended March 31, 2025, along with the Report of the Monitoring Committee, Independent Auditors' Report, and Secretarial Audit Report. The Chairman confirmed that these documents had already been approved by the Monitoring Committee in accordance with the Companies Act, 2013. No queries were raised by the stakeholders present during the meeting.

Rajeswari Infrastructure Limited reported a net loss of ₹9.11 crore for the financial year ended March 31, 2025, narrowing from a net loss of ₹21.35 crore in the previous year. The company, which recently concluded its Corporate Insolvency Resolution Process (CIRP), has scheduled its 32nd Annual General Meeting (AGM) on July 13, 2026, at 12:30 P.M. IST via video conference to adopt the audited financial statements for FY25.

The company’s financial performance for FY25 shows a reduction in losses despite operational constraints. Other income decreased to ₹5.08 crore from ₹5.76 crore in the previous year, while other expenditure fell to ₹3.00 crore from ₹8.50 crore. Depreciation for the year stood at ₹11.19 crore compared to ₹11.35 crore in FY24. Consequently, the loss before tax improved to ₹9.11 crore from ₹18.48 crore in the prior year. The basic and diluted earnings per share for FY25 were reported at a loss of ₹0.16, compared to a loss of ₹0.39 in the previous year.

The Board of Directors has been suspended since the initiation of CIRP by the National Company Law Tribunal (NCLT), Chennai Bench, on May 10, 2023. The Resolution Plan submitted by Mr. Guruswamy Ramamurthy was approved by the NCLT on January 13, 2026, concluding the CIRP. Following this approval, a Monitoring Committee was constituted to oversee the implementation of the plan and manage the company's affairs until the handover of management. Mr. Sanjay Mehra serves as the Chairman of the Monitoring Committee.

Pursuant to Clause 16.1(f) of the approved Resolution Plan, the voting rights of existing shareholders and all incidental rights remain suspended during the interim period. Consequently, no resolutions are proposed for shareholder approval, and no e-voting or proxy facilities will be available at the AGM. The meeting is being convened solely for the dissemination of information and compliance with statutory requirements. The Monitoring Committee has approved the financial statements, which constitute the approval of the company for all statutory and regulatory purposes.

M/s KMKU & Associates, Chartered Accountants, were appointed as the Statutory Auditors for a five-year term from FY25 to FY29. The auditors have issued a Disclaimer of Opinion in their report due to limitations in the availability of certain records and documents required for the audit. The company stated that necessary steps are being undertaken by the Monitoring Committee to address the auditors' observations. Additionally, the Secretarial Audit Report noted delays in various regulatory filings and compliance activities attributed to operational constraints during the CIRP period.

Financial Performance for FY25

The company has not recommended any dividend for the financial year ended March 31, 2025.