Shivom Investment & Consultancy Ltd adopted the audited standalone and consolidated financial statements for the year ended March 31, 2026, at its 36th Annual General Meeting held on July 7, 2026. The meeting, conducted physically at the company's registered office in Mumbai, also addressed the completion of the Corporate Insolvency Resolution Process (CIRP) and the implementation of the approved Resolution Plan as ordered by the NCLT, Mumbai Bench, on August 18, 2025. The Chairman informed members about the new management's efforts for the revival of operations and the preparation of pending financial statements.

Proceedings and Resolutions

The meeting was chaired by Mr. Ravi Dhirajlal Vagadiya, Managing Director, and attended by key board members including Mr. Kuldeep Bharatbhai Khachar, Mr. Prashant Ghanshyambhai Ukani, and Ms. Kajal Ankitbhai Pambhar. The company secretary informed members that the Auditors’ Report and Secretarial Audit Report contained certain observations and qualifications, which were explained in the Annual Report.

The items of ordinary business presented to the shareholders included the adoption of the audited financial statements for the financial year ended March 31, 2026, along with the Reports of the Directors and Auditors. Additionally, shareholders approved the re-appointment of Mr. Kuldeep Bharatbhai Khachar, Director, and the appointment of M/s. Patel Soni Shah & Co, Chartered Accountants, as Statutory Auditors for a term of 5 consecutive financial years. M/s. Ronak Jhuthawat & Co., Company Secretaries, were appointed as Secretarial Auditors for a period of 5 years.

Special resolutions passed included the appointment and regularization of Ms. Avani Vishnubhai Patel and Ms. Kajal Ankitbhai Pambhar as Independent Directors. The meeting also approved the adoption of a new set of Memorandum of Association and Articles of Association in conformity with the Companies Act, 2013. Furthermore, shareholders approved the fixation of tenure and remuneration for Mr. Ravi Dhirajlal Vagadiya as Managing Director, borrowing limits under Section 180(1)(c), and approvals for loans, guarantees, and security under Section 185, as well as limit enhancements under Section 186 of the Companies Act, 2013.

Voting Details

Shareholders were provided the facility to vote through remote e-voting and ballot paper. The remote e-voting facility, facilitated by Central Depository Services Limited (CDSL), was open from July 4, 2026, at 9:00 A.M. to July 6, 2026, at 5:00 P.M. Members who did not participate in e-voting could cast their votes via ballot paper during the meeting.

M/s. Ronak Jhuthawat & Co., Practicing Company Secretary, was appointed as the scrutinizer to oversee the voting process. The scrutinizer confirmed that the ballot box was checked and found empty and untampered before voting commenced. The resolutions were passed with the requisite majority based on the scrutinizer's report. The company submitted the voting results and the scrutinizer's report to BSE Limited on July 9, 2026, pursuant to Regulation 44(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Attendees

The following board members were present at the meeting:

Shivom Investment & Consultancy Limited reported a net loss of ₹48.62 lakh for the financial year ended March 31, 2024, narrowing from a loss of ₹4,900.70 lakh in the preceding year. Revenue from operations declined significantly to ₹16.55 lakh from ₹350.18 lakh in FY23. The company’s auditors, M/s. S Parth & Co., issued a qualified opinion on the standalone financial statements, citing material weaknesses in internal financial controls and uncertainty regarding the company's ability to meet its liabilities.

Qualified Opinion and Compliance Issues

The audit report highlights several material irregularities, including the absence of gratuity provisions in violation of Accounting Standard 15. The company has undergone significant restructuring following a Resolution Plan approved by the National Company Law Tribunal (NCLT) in August 2025, but the implementation of certain actions remains pending. Consequently, the accounting impact of this restructuring on share capital and earnings per share has not been fully determined. Additionally, the financial statements were prepared under Accounting Standards rather than the applicable Indian Accounting Standards (Ind AS), a departure from the prescribed framework.

Financial Performance

The company’s total expenses for FY24 stood at ₹65.17 lakh, a sharp reduction from ₹5,252.39 lakh in the previous year, primarily driven by a decrease in other expenses which included a bad debt write-off of ₹5,090.16 lakh in FY23. Finance costs for the year amounted to ₹61.40 lakh. The basic and diluted earnings per share for FY24 was reported as a loss of ₹0.07, compared to a loss of ₹7.01 in the prior year.

Balance Sheet and Cash Flows

As of March 31, 2024, the company’s total assets stood at ₹3,833.06 lakh, slightly up from ₹3,822.03 lakh in the previous year. Long-term borrowings increased to ₹3,002.50 lakh from ₹2,938.04 lakh. Cash and cash equivalents plummeted to ₹0.13 lakh from ₹514.59 lakh at the end of FY23. The cash flow statement indicates a net decrease in cash and cash equivalents of ₹514.46 lakh during the year, largely due to net cash used in operating activities amounting to ₹821.41 lakh.

Auditor’s Observations on Liabilities and Controls

The auditor noted that the company has not been regular in depositing undisputed statutory dues, with outstanding Tax Deducted at Source (TDS) of ₹15.53 lakh and income tax of ₹2.43 lakh. Furthermore, the company granted multiple loans totaling ₹43.72 crore during the year without specifying repayment terms. The auditor expressed significant doubt regarding the company’s ability to continue as a going concern, stating that material uncertainty exists about meeting liabilities falling due within one year from the balance sheet date. The report also identified the absence of an internal audit system commensurate with the company's size and nature of business.