Union Quality Plastics Limited informed the Bombay Stock Exchange that it delayed disclosing the resignation of its Company Secretary cum Compliance Officer due to administrative reasons and upcoming Annual General Meeting preparations.

The company cited "less staff" and AGM-related work as factors contributing to the late filing. This clarification was provided in response to an email from BSE dated September 12, 2026.

Resignation Details

Ms. Kavitha Devi, holding membership number A22746, tendered her resignation on July 24, 2026. She requested relief from her duties effective August 23, 2026, or an earlier date.

Ms. Devi cited personal reasons for her departure. In her letter, she thanked the Board of Directors for their support during her tenure and requested the company to submit necessary forms to the Registrar of Companies and other authorities.

Key Details

Regulatory Context

The initial disclosure by Union Quality Plastics had stated the cessation date as August 31, 2026. The new submission corrects this to August 23, 2026, aligning with Ms. Devi’s original request.

Director Kiran Bai JaweriPotival signed the clarification letter on September 16, 2026. The company confirmed there are no other material reasons for the resignation beyond those stated in the original filing.

Union Quality Plastics Limited has scheduled its 42nd Annual General Meeting (AGM) for Wednesday, September 30, 2026, to appoint Javeri Kapisha Udaya Kumar Singh as Managing Director. The meeting comes as the company faces significant financial stress, with lenders initiating possession proceedings.

The Board approved Singh’s appointment during a meeting on September 8, 2026. He assumes the role on September 16, 2026, succeeding outgoing Managing Director Jeethendra Singh Goud, who is resigning due to health reasons.

Leadership Transition Details

Jeethendra Singh Goud stepped down as Director and Managing Director effective September 15, 2026. His resignation was accepted by the Board citing health issues and personal matters preventing sufficient devotion to company affairs.

Javeri Kapisha Udaya Kumar Singh was initially appointed as an Additional Director on September 8, 2026. He holds a Master’s in Business Analytics from the University of Texas, Dallas, and a Bachelor’s in Mechanical Engineering from Mahindra Ecole Centrale. Singh brings over three years of experience in data analytics and predictive modeling across manufacturing and technology sectors.

AGM Schedule and Corporate Actions

The AGM will be held via Video Conference or Other Audio-Visual Means at 4:00 pm IST. The Register of Members and Share Transfer Books will remain closed from September 23, 2026, to September 30, 2026.

Remote e-voting will be open from Saturday, September 26, 2026, at 9:00 am to Tuesday, September 29, 2026, at 5:00 pm. Bigshare Services Private Limited will serve as the service provider for the e-voting platform and e-AGM.

Non-Executive Director Karthik Singh Javvari K retires by rotation but does not offer himself for re-appointment. The Board has also reconstituted its committees effective September 8, 2026.

Financial Performance FY26

The company reported a net loss of ₹3.20 lakh for the financial year ended March 31, 2026, compared to a net profit of ₹375.49 lakh in FY25. Revenue from operations remained nil for both periods.

The auditor issued a qualified opinion on the financial statements. Key concerns included unconfirmed sundry debtors of ₹274.83 lakh outstanding for over three years and closing stock of ₹158.06 lakh that has not moved in more than two years.

The company’s net worth remains negative at ₹(166.85 lakh), with total borrowings standing at ₹536.81 lakh. Working capital deficit widened to ₹315.32 lakh from ₹305.03 lakh in the previous year.

Lender Actions and Legal Notices

New disclosures reveal that major lenders have initiated enforcement actions against the company. Bank of Baroda has issued a possession notice under Rule 8(1) of the Security Interest (Enforcement) Rules, 2002, invoking powers under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

Similarly, IKF Finance Limited has issued a possession notice for immovable property under the same regulatory framework. These actions underscore the severity of the company’s debt distress, aligning with its negative net worth and widening working capital deficit.