Simplex Papers appoints Pawar, approves land sale at Gondia plant

1 min read Updated on 16 Jun 2026, 04:06 PM

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Riya DScanX News Team

AI Summary

Simplex Papers Ltd announced the appointment of Shri Shrikrushna N. Pawar as an Additional Independent Director and the re-designation of Smt Fatima Fernandes to Non-Executive Director, effective June 16, 2026. The Board also approved the sale of land associated with its closed Paper Plant in Gondia, Maharashtra, which is subject to shareholder approval and expected to be completed within a year of such approval.

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Simplex Papers Ltd has appointed Shri Shrikrushna N. Pawar as an Additional Director in the Independent category, effective June 16, 2026. The Board of Directors also approved the re-designation of Smt Fatima Fernandes from Non-Executive Independent Director to Non-Executive Director, effective the same day. Additionally, the Board sanctioned the sale of land pertaining to the company's closed Paper Plant in Gondia, Maharashtra, subject to shareholder approval at the ensuing Annual General Meeting.

The appointment of Shri Shrikrushna N. Pawar (DIN: 11763684) is subject to the approval of shareholders. He is a Commerce Graduate with a Master's degree in Commerce and a degree in Law (LLB) from Amravati University. His professional profile indicates extensive experience in marketing, accounts, and administration. The company confirmed he is not related to any Directors and is not debarred from holding the office of Director by any SEBI Order.

Smt Fatima Fernandes (DIN: 00506058) has been re-designated as a Non-Executive Director. The Board withdrew its earlier approval dated May 19, 2026, regarding her appointment as a Non-Executive Independent Director for a term of five years. She is a Science Graduate in Zoology with experience in marketing and is not related to any Director or Key Managerial Personnel.

The Board approved the sale, transfer, or disposal of land at Survey No. 339, Village Konari 18, Taluka & District Gondia-441601. No agreement has been entered into yet, and the sale is expected to be completed within one year from the date of shareholder approval. The company has not received any consideration for the sale as of the date of the meeting.

Key Details of Board Decisions

Particulars	Details
New Appointment	Shri Shrikrushna N. Pawar (Independent Director)
Re-designation	Smt Fatima Fernandes (Non-Executive Director)
Asset Sale	Land at closed Paper Plant, Gondia
Shareholder Approval	Required for all resolutions
Meeting Time	June 16, 2026, 3.00 p.m. to 3.30 p.m.

How does the re-designation of Smt. Fatima Fernandes from Independent to Non-Executive Director impact the company's board independence and governance compliance?

What are the intended use of proceeds from the proposed sale of the Gondia plant land, and will this significantly improve the company's liquidity position?

What strategic rationale is driving the disposal of assets related to the closed Gondia Paper Plant, and does this signal a broader shift in business focus?

Financial Performance: Annual Results

The company reported a deterioration in financial performance for the full year. Total income for FY26 stood at ₹75.94 lakhs, a decline from ₹78.56 lakhs in the previous year. Revenue from operations decreased to ₹12.65 lakhs from ₹15.90 lakhs, while other income rose marginally to ₹63.29 lakhs from ₹62.66 lakhs. Total expenses increased to ₹93.14 lakhs from ₹81.73 lakhs, driven by higher finance costs and other expenses. Consequently, the net loss for FY26 widened to ₹17.20 lakhs compared to ₹3.17 lakhs in FY25.

Metric	FY26 (₹ in Lakhs)	FY25 (₹ in Lakhs)
Revenue from Operations	12.65	15.90
Other Income	63.29	62.66
Total Income	75.94	78.56
Total Expenses	93.14	81.73
Net Loss	(17.20)	(3.17)
Basic & Diluted EPS (₹)	(57.31)	(10.57)

Quarterly Performance: Q4 FY26

For the quarter ended 31st March, 2026, the company reported nil revenue from operations, compared to ₹3.89 lakhs in Q4 FY25. Total income for the quarter stood at ₹15.59 lakhs, against ₹19.52 lakhs in the corresponding quarter of the previous year. Total expenses rose to ₹26.88 lakhs from ₹21.28 lakhs, resulting in a quarterly net loss of ₹11.29 lakhs, widening from ₹1.76 lakhs in Q4 FY25.

Metric	Q4 FY26	Q3 FY26	Q4 FY25
Revenue from Operations (₹ Lakhs)	-	6.35	3.89
Total Income (₹ Lakhs)	15.59	21.97	19.52
Total Expenses (₹ Lakhs)	26.88	23.78	21.28
Net Loss (₹ Lakhs)	(11.29)	(1.81)	(1.76)
EPS (₹)	(37.62)	(6.04)	(5.87)

Balance Sheet and Cash Position

As at 31st March, 2026, total assets stood at ₹684.58 lakhs, compared to ₹709.26 lakhs in the prior year. Non-current assets declined sharply to ₹0.94 lakhs from ₹397.42 lakhs, primarily due to the reclassification of assets amounting to ₹395.64 lakhs as Assets Held for Sale. Total current assets rose to ₹683.64 lakhs from ₹311.84 lakhs. Total equity remained negative at ₹(365.02) lakhs, reflecting accumulated losses. Non-current borrowings increased to ₹300.15 lakhs from ₹275.21 lakhs. Cash and cash equivalents at year-end stood at ₹8.06 lakhs, down from ₹10.20 lakhs at the start of the year.

Annual General Meeting

The Board announced that the 28th Annual General Meeting of the company will be held on Tuesday, 4th August, 2026, through the permissible mode. The company operates in a single reportable segment, Textile.

What is the timeline and expected valuation for the disposal of the ₹395.64 lakhs in assets classified as 'Held for Sale,' and how will the proceeds be utilized to address the negative equity position?

Given the widening net losses and zero revenue from operations in Q4 FY26, what strategic restructuring or turnaround plans is Simplex Mills considering to restore operational viability in the textile segment?

How long can the company sustain operations with only ₹8.06 lakhs in cash and cash equivalents, and what financing options are being explored to address its growing liquidity constraints?