The Ravalgaon Sugar Farm passed all five resolutions at its 91st Annual General Meeting on September 16, 2026. The voting results show overwhelming promoter support, with 100% of promoter votes cast in favour of every agenda item.

The meeting was conducted via Video Conferencing and Other Audio Visual Means, in compliance with SEBI regulations and the Companies Act, 2013. Mr. Harshavardhan Doshi, Chairman and Managing Director, chaired the proceedings. The corporate office in Mumbai served as the deemed venue for the event.

Board Appointments

Shareholders approved several ordinary and special resolutions regarding director appointments:

• Re-appointment of Mr. Nihal Doshi as Executive Director for a three-year term.
• Re-appointment of Mr. Rajiv Jain as an Independent Director.
• Re-appointment of Mr. Subodh Mawalankar as an Independent Director.

Mr. Nihal Doshi retires by rotation but offered himself for re-appointment. Both independent directors were subject to special resolutions.

Voting Results

The scrutinizer's report reveals a distinct divergence between promoter and public shareholder sentiment. While the promoter group held 181,235 shares and voted unanimously in favour, public non-institutional shareholders demonstrated more resistance.

Public institutions holding 200 shares did not participate in the voting process. Among public non-institutions, 2,625 votes were cast against the resolutions, representing 14.36% of the polled votes from this category. Despite this opposition, all resolutions passed with the requisite majority.

Meeting Proceedings

The Company Secretary confirmed that the requisite quorum was present. Remote e-voting was facilitated by CDSL, with a voting period running from September 12 to September 15, 2026. Members who did not vote remotely were given an additional 15 minutes to cast their votes during the live session.

Two authorized representations from body corporates were received, covering 1,66,930 equity shares, which represents 49.10% of the paid-up capital. A total of 19 members attended the meeting through VC.

Financial Highlights

Mr. Nihal Doshi briefed members on business highlights for FY26. The statutory auditors and secretarial auditors issued reports without material qualifications or adverse remarks that would impact the company's functioning. Consequently, these reports were not read out in full during the meeting.

The Ravalgaon Sugar Farm Limited reported a net loss of ₹486.54 lakh for the financial year ended March 31, 2026 (FY26), widening from a loss of ₹202.70 lakh in FY25. The company has scheduled its 91st Annual General Meeting for September 16, 2026, to transact business including director re-appointments.

Financial Performance

The company recorded zero revenue from operations as it continues to operate without manufacturing activity following the sale of its confectionery intellectual property to Reliance Consumer Products Limited in March 2024. Total income for FY26 stood at ₹61.13 lakh, driven entirely by other income, down significantly from ₹241.32 lakh in the previous year.

Total expenses amounted to ₹308.74 lakh, compared to ₹400.88 lakh in FY25. The increase in net loss was primarily attributed to a tax expense of ₹220.04 lakh related to earlier years and the derecognition of deferred tax assets amounting to ₹458.96 lakh.

Strategic Position and Outlook

The company remains in a transitional phase, actively evaluating alternative uses for its manufacturing and ancillary assets in the Ravalgaon region. Management stated that any new strategic direction will require considered investment and capability building. Until a clear path is identified, revenues and operating activity are expected to remain at nominal levels.

Balance Sheet and Liquidity

As of March 31, 2026, the company’s net worth stood at ₹1,017.87 lakh, down from ₹1,509.09 lakh in the previous year. Total assets decreased to ₹1,453.36 lakh from ₹1,882.59 lakh. Current liabilities rose to ₹435.49 lakh, including secured borrowings of ₹252.00 lakh via inter-corporate deposits from related parties. Cash and cash equivalents declined to ₹19.63 lakh from ₹27.17 lakh.

Corporate Governance and AGM

The company has sent the Notice of 91st Annual General Meeting along with the Annual Report for FY26 to members via electronic mode on August 25, 2026. The meeting is scheduled to be held on Wednesday, September 16, 2026, at 2:00 pm through Video Conferencing or Other Audio Visual Means.

Key agenda items include:

• Re-appointment of Mr. Nihal Doshi as Executive Director for three years, with proposed remuneration increasing to ₹30 lakh per annum from ₹18 lakh.
• Re-appointment of Independent Directors Mr. Rajiv Jain and Mr. Subodh Mawalankar for five-year terms.

Members holding shares as of the cut-off date, September 9, 2026, are eligible to vote. Remote e-voting will be available from September 12, 2026, at 9:00 am to September 15, 2026, at 5:00 pm via CDSL’s e-voting platform. The Board has appointed CS Sandhya Malhotra as the scrutinizer for the e-voting process.