Thinkink Picturez has set September 22, 2026 as the record date for shareholders eligible to vote at its 18th Annual General Meeting (AGM). The meeting is scheduled for September 29, 2026.

The company will seek shareholder approval for a $700 million Foreign Currency Convertible Bonds (FCCB) issuance and an increase in borrowing limits to ₹10,000 crore. Shareholders on record as of the specified date will be eligible to participate in e-voting.

AGM and Voting Details

The board meeting held on September 1, 2026, authorized an FCCB committee to finalize terms for the private placement. The bonds are optionally convertible into equity shares. The company also seeks approval for loans, guarantees, or investments up to ₹1,000 crore under Section 186 of the Companies Act, 2013.

Key Board Approvals

The board concluded with strategic decisions aimed at strengthening the capital structure and corporate governance framework.

• FCCB Issuance: Approved raising up to $700 million via optional convertible bonds through private placement. Terms such as coupon rates and maturity dates will be decided mutually with investors.
• Borrowing Limits: Increased borrowing limits to ₹10,000 crore pursuant to Section 180(1)(c) of the Companies Act, 2013, pending shareholder approval.
• Loans and Investments: Approved proposals to extend loans, guarantees, or securities up to ₹1,000 crore, requiring a special resolution at the AGM.
• AGM Convening: Scheduled the 18th AGM for September 29, 2026, at 11:00 am via video conferencing. The draft notice and director’s report for FY26 were approved.

Governance Appointments

The board appointed Mrs. Shubhangi Rajkumar Agarwal as the Secretarial Auditor for the financial years 2026-27 to 2030-31, subject to member approval. She was also designated as the Scrutinizer for the upcoming AGM. Mrs. Agarwal holds Membership No. A63219 and Certificate No. 23802.

Director Changes

Shareholders will vote on the following director appointments during the AGM:

• Mr. Bhushan Kapoor: Appointment as an Independent Director for a term of five consecutive years. He was initially appointed as an Additional Director on May 2, 2026.
• Mrs. Ekta Priyang Kukadiya: Appointment as an Independent Director for a term of five consecutive years. She was appointed as an Additional Director on March 13, 2026.
• Mr. Vijay Ghanshyambhai Pujara: Re-appointment as Managing Director, retiring by rotation.

Regulatory Disclosures

The disclosures were made in compliance with Regulation 30 and Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Vijay Ghanshyambhai Pujara, Managing Director, signed the intimation on September 3, 2026. The company has no defaults on coupon payments for existing FCCBs.

Thinkink Picturez Limited reported a standalone net loss of ₹21.16 lakh for the quarter ended June 30, 2026, marking a sharp reversal from the ₹53.36 lakh profit recorded in the same period last year. The financial results, approved by the Board on August 11, 2026, were accompanied by a disclaimer of opinion from statutory auditors, raising significant concerns about the reliability of the reported figures due to pervasive gaps in audit evidence.

The Board considered and approved the unaudited standalone financial results pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by the Audit Committee on August 11, 2026, before board approval. However, M/s. Chandabhoy & Jassoobhoy, Chartered Accountants, the statutory auditors, stated they were unable to express an opinion on the financial statements due to material and pervasive adjustments required across multiple elements.

Financial Performance

The company recorded zero revenue from operations in Q1FY26, down from nil in Q1FY25 but significantly lower than the ₹247.75 lakh revenue reported in FY25. Total income stood at ₹10.00 lakh, driven entirely by other income, compared to ₹105.50 lakh in the prior year quarter. Expenses totaled ₹22.80 lakh, including employee benefit expenses of ₹6.82 lakh and depreciation of ₹1.39 lakh.

The net loss was primarily driven by exceptional items amounting to ₹(21.16) lakh, whereas the prior year saw exceptional items contributing ₹77.05 lakh to profits. Earnings per share came in at ₹(0.00) basic and diluted, compared to ₹0.01 in Q1FY25.

Auditor’s Disclaimer: Key Concerns

The statutory auditors cited eight specific areas where sufficient and appropriate audit evidence was unavailable, leading to the disclaimer:

• GST Reconciliation: No reconciliation with the GST Online Portal was provided, affecting the accuracy of input credits and government liabilities.
• MSME Compliance: Trade payables were not bifurcated between Micro, Small, and Medium Enterprises, violating the MSMED Act, 2006.
• Supplier Advances: Advances paid to suppliers remained unconfirmed, raising doubts about liability completeness.
• Fixed Assets: The company failed to maintain a Fixed Assets Register, preventing verification of property, plant, and equipment existence.
• Bank Balances: Management did not provide bank statements or reconciliation statements, leaving cash balances unverifiable.
• Inventory Verification: No evidence of ownership or lease arrangements for storage premises was provided, and physical verification of inventory was not permitted.
• TDS Receivables: Lack of TDS certificates and reconciliations prevented verification of tax deducted at source balances.
• Unsecured Loans: Loan agreements were unavailable, and interest-free status of unsecured loans could not be verified due to missing confirmations.

What the Numbers Show

The complete absence of revenue from operations combined with a total reliance on other income highlights a lack of core business activity during the quarter. More critically, the auditor’s disclaimer suggests that the balance sheet may not reflect the true financial position of the company. The inability to verify basic elements such as bank balances, inventory, and fixed assets indicates severe internal control weaknesses. Investors should note that the reported loss of ₹21.16 lakh is based on unaudited figures that the auditors explicitly state they cannot vouch for due to missing documentation and unconfirmed liabilities.