Shareholders of Sikozy Realtors Limited approved a special resolution authorizing the Board to borrow up to ₹5 crore during the 34th Annual General Meeting held on September 30, 2026. The meeting also saw the adoption of the audited financial statements for the fiscal year ended March 31, 2026, and the re-appointment of Director Jigar Desai.

The statutory auditor's report for FY26 included a comment on Material Uncertainty Related to Going Concern. The Chairman noted that the management's response to this observation was detailed in the Directors' Report. Additionally, the Secretarial Audit Report contained observations which were explained in the same document.

Voting outcomes

All three resolutions passed with overwhelming support, reflecting a high degree of shareholder alignment on the proposed measures.

Governance and attendance details

The meeting was chaired by Parag Shah, Non-Executive Independent Director. A total of 38 members attended in person, with no proxies or authorized representatives of bodies corporate present. Voting was conducted via remote e-voting through the Bigshare platform, supplemented by physical ballots at the venue, though no ballot papers were received during the physical poll.

Jigar Desai, who retired by rotation, was re-appointed pursuant to Section 152 of the Companies Act, 2013. The borrowing limit resolution was passed under Section 180(1)(c), allowing the Board to secure funds against company assets if deemed necessary.

Sikozy Realtors Limited issued a revised intimation for its 34th Annual General Meeting (AGM) on September 10, 2026, correcting an inadvertent error in Note 12(a) regarding Equity Share Capital in its previously filed annual report.

The company confirmed that the National Company Law Tribunal (NCLT), Mumbai Bench, sanctioned its Scheme of Reduction of Equity Share Capital on June 18, 2026. The scheme, registered with the Registrar of Companies on July 2, 2026, reduces paid-up capital from ₹445.83 lakh to ₹44.58 lakh by cancelling 4,01,24,700 shares to adjust against accumulated losses.

Meeting and Voting Details

The 34th AGM is scheduled for September 30, 2026, at 4:00 pm at the company’s registered office in Karjat, Raigad. Shareholders can participate via remote e-voting or physical ballot.

The e-voting window opens on September 26 at 9:00 am and closes on September 29 at 5:00 pm. The cut-off date for determining voting eligibility is September 18, 2026. The Register of Members will remain closed from September 22 to September 29, 2026.

Financial Performance and Capital Restructuring

For FY26, Sikozy reported a net loss of ₹36.43 lakh, widening from ₹17.15 lakh in FY25. Revenue from operations stood at ₹14.00 lakh, primarily from the sale of one unit at Trishul Apartments to Non-Executive Director Jigar Desai. Accumulated losses rose to ₹657.33 lakh as of March 31, 2026.

The sanctioned capital reduction aims to rationalize the capital structure and clean up the balance sheet. The scheme does not alter the percentage shareholding of existing shareholders. Fractional entitlements arising from the reduction will be aggregated and sold by an appropriate person, with proceeds distributed proportionately.

Board and Governance Updates

Mr. Jigar Desai retires by rotation at the upcoming AGM and offers himself for reappointment. Ms. Sonali Dighe ceased to be a Non-Executive Independent Director on June 16, 2026. Mr. Prashant Zade ceased as Executive Director and CEO on November 29, 2025, upon expiry of his term.

The statutory auditor, BKG & Associates, highlighted a material uncertainty related to going concern due to substantial erosion of net worth. However, management maintains that the going concern basis remains appropriate, citing current assets exceeding total outside liabilities and plans for fresh capital infusion post-restructuring.