Visagar Polytex Limited has scheduled its 43rd Annual General Meeting (AGM) for September 30, 2026. The meeting will commence at 11:00 am at the Vyanjan Banquet Hall in Andheri West, Mumbai.

The company has engaged National Securities Depository Limited (NSDL) to facilitate remote e-voting. This process allows shareholders to cast their votes electronically without attending the physical meeting. The facility aligns with regulatory guidelines issued by the Ministry of Corporate Affairs and SEBI.

Voting Timeline and Eligibility

The remote e-voting window opens on September 27, 2026, at 9:00 am and closes on September 29, 2026, at 5:00 pm. Shareholders holding shares as of the cut-off date, September 23, 2026, are eligible to vote. Both physical and dematerialised shareholders can participate through the NSDL platform.

Members who have not registered their email addresses are advised to update their details with the company or their Depository Participants. Those acquiring shares after the dispatch of the notice but before the cut-off date must refer to the AGM notice notes for voting instructions.

Register Closure

In compliance with Section 91 of the Companies Act, 2013, and Regulation 42 of the Listing Regulations, the Register of Members and Share Transfer Books will remain closed from September 24, 2026, to September 30, 2026. This closure is necessary to determine the list of members entitled to attend and vote at the AGM.

Accessing Documents

The AGM Notice and the Annual Report for FY25-26 are available on the company’s website and the BSE Limited portal. Physical copies were not dispatched; instead, electronic communication was used for all members with registered email addresses. Investors can also access these documents via the NSDL e-voting website.

Visagar Polytex has scheduled its 43rd Annual General Meeting for September 30, 2026, to seek shareholder approval for a composite scheme of arrangement. The proposal aims to address accumulated losses through a significant capital reduction and consolidation, alongside a fresh equity raise.

The company reported a net loss of ₹153.71 lakh for FY26, down from ₹166.40 lakh in the previous year. Revenue from operations stood at ₹11.51 lakh, a recovery from nil in FY25. Total expenses remained high at ₹174.14 lakh, driven largely by finance costs of ₹27.08 lakh and depreciation of ₹49.91 lakh.

What the Numbers Show

Despite the reduction in absolute loss, the company’s financial position remains strained by its debt burden. Non-current borrowings total ₹629.14 lakh, while total equity stands at a negative ₹40.72 lakh after accounting for share forfeiture reserves. The deferred tax assets increased to ₹32.43 lakh, reflecting ongoing carry-forward losses that may provide future tax benefits if operations normalize.

Composite Scheme Details

The proposed scheme involves reducing the face value of each equity share from ₹1 to ₹0.01, effectively wiping out ₹30.19 crore against accumulated losses. This will be followed by a 100:1 consolidation of shares. Concurrently, the company plans to issue up to 3 crore equity shares and 3 crore warrants on a preferential basis at ₹1 each.

Proceeds from the issue, potentially reaching ₹6 crore upon full warrant exercise, will be utilized for repaying borrowings and funding working capital requirements for its Pali textile business. Promoters, including Sagar Tilokchand Kothari and Trisha Studios Limited, are proposed to subscribe to 72 lakh equity shares and an equal number of warrants.

Governance and Compliance

Shareholders will also vote on the re-appointment of Executive Director Vikramjit Singh Gill and the appointment of Ms. Riddhi Kishor Trivedi as statutory auditor for five years. The secretarial audit report highlighted several regulatory non-compliances, including fines imposed by stock exchanges for delayed board meeting intimations and failure to maintain board composition requirements regarding woman directors.