Tijaria Polypipes Limited has scheduled a meeting of its Board of Directors on Thursday, July 9, 2026, at 03:00 P.M. to consider key governance and financial matters, including the appointment of statutory auditors for the upcoming fiscal year. The meeting aims to ensure compliance with regulatory requirements and finalize preparations for the annual shareholder meeting.

The Board will consider and approve the appointment of Pramod & Associates, Chartered Accountants, as Statutory Auditors for FY 2026-2027, replacing the incumbent Amit Ramakant & Company. Additionally, the directors will deliberate on the appointment of an Internal Auditor and fix their remuneration to strengthen the company's internal control framework.

Another significant agenda item is the approval of the notice for the 20th Annual General Meeting. The Board will review the Annual Report, including the Board Report, Notice of AGM, and all other annexures required for shareholder communication. The meeting also includes the approval of Mr. Vinod Kumar Naredi, a Practicing Company Secretary, as the Scrutinizer for conducting the e-voting process during the 19th Annual General Meeting.

The Board will also consider the appointment of Ms. Vishakha Saini as an Independent Director of the company. This appointment is intended to enhance the governance structure of the board with independent oversight.

The following table summarizes the key agenda items for the board meeting:

Tijaria Polypipes Limited reported a net loss of ₹128.72 lakh for the financial year ended March 31, 2026, as revenue from operations remained nil. The company’s Board of Directors approved the audited financial results for the quarter and year ended March 31, 2026, on May 26, 2026. The filing reveals a continued financial strain with total expenses amounting to ₹151.01 lakh for the year, primarily driven by finance costs and depreciation.

Financial Performance

The company recorded a total income of ₹22.29 lakh for FY26, solely from other income, compared to ₹29.78 lakh in the previous year. For the quarter ended March 31, 2026, the net loss stood at ₹29.92 lakh. The basic and diluted earnings per share (EPS) for the year were reported at -₹0.45. The paid-up equity share capital remained unchanged at ₹2,862.66 lakh.

Auditor’s Disclaimer of Opinion

Amit Ramakant & Co., the statutory auditor, issued a disclaimer of opinion on the standalone financial results. The report highlights significant material uncertainties, including a default on loans amounting to ₹54.56 crore with Bank of India, which has been classified as a Non-Performing Asset (NPA). The auditor noted that the bank has forfeited equity shares worth ₹540.27 lakh belonging to promoters and directors.

The report further states that the management has not made interest provisions on the NPA account since July 1, 2022. Additionally, independent balance confirmations for receivables and advances totaling ₹2,517 lakh were not received, and no interest was accrued on these amounts. The auditor also pointed out that income tax, including deferred tax, has not been determined or provided for the financial year.

Operational and Compliance Issues

The auditor emphasized that there was no production of goods during the quarter. The company’s bank accounts were seized by the bank due to NPA status, forcing directors to make payments and receipts on behalf of the company from their personal accounts, a practice noted as a violation of Section 269SS of the Income Tax Act, 1961.

Physical verification of fixed assets was not conducted by the management. The textile segment, which has been closed for a long time, reported gross assets of ₹83.98 crore and a net block of ₹12.15 crore. The management stated that it intends to resume production once market conditions and finances improve.

Related Party Transactions

The company disclosed outstanding unsecured loans of ₹838.19 lakh from Key Management Personnel as of March 31, 2026. Additionally, the company took an additional loan of ₹5 crore from directors and ₹7 crore from M/s Nakshetra Asset Venture Limited, Nagpur, at 8% per annum to deposit with Bank of India for a potential One Time Settlement (OTS). The next hearing for the NCLT case regarding the company’s insolvency proceedings is scheduled for March 09, 2026.