Williamson Financial Services Ltd passed all four resolutions at its 53rd Annual General Meeting (AGM) held on September 25, 2026. The meeting was conducted through Video Conferencing (VC) and Other Audio Visual Means (OAVM). All resolutions received the requisite majority from shareholders.

The AGM addressed the adoption of standalone financial statements for FY26, the re-appointment of a director, and approvals for loans and investments under Sections 185 and 186 of the Companies Act, 2013. Remote e-voting was open from September 21 to September 24, 2026. The meeting commenced at 1:00 pm and concluded at 1:50 pm.

Voting Results Summary

The promoter and promoter group held a significant stake and voted unanimously in favor of all resolutions. Public non-institutional holders showed slight dissent on the special resolutions regarding loans and investments.

Meeting Proceedings and Attendees

Mrs. Jacqueline Audrey Monnier chaired the meeting. Independent Directors Mr. Gaurang Shashikant Ajmera and Mr. Mohan Dhanuka attended via VC/OAVM. Other key personnel present included Chief Financial Officer Mr. Shyam Ratan Mundhra, Statutory Auditor Mr. D. Pal Choudhury of M/s V. Singhi & Associates, and Secretarial Auditor Mrs. Vidhya Baid.

The Company Secretary, Ms. Anushree Biswas Dutt, informed members that the Registers and Documents required under the Companies Act 2013 were available for inspection. She also read out the qualifications in the Statutory Auditors' Report and the Secretarial Audit Report for the financial year ended March 31, 2026. The Board's explanations regarding these qualifications were noted by the members.

Shareholder Participation

A total of 36 members attended the meeting through Video Conferencing. This included 7 members from the Promoter and Promoter Group and 29 public shareholders. No members voted via e-voting at the AGM itself; all votes were cast through remote e-voting.

The total number of shareholders on the record date (September 18, 2026) was 7,602. The scrutinizer for the voting process was Mr. A K Labh, Practising Company Secretary.

What the Numbers Show

The voting pattern reveals a clear divergence between ordinary and special business. While the adoption of financial statements and director re-appointment saw near-unanimous support with only 2 votes against, the special resolutions regarding loan and investment limits faced slightly higher opposition. Specifically, 498 votes were cast against both Section 185 and Section 186 approvals, compared to just 2 votes against the ordinary resolutions. This suggests that while public shareholders broadly support corporate governance actions, there is marginal caution regarding expanded financial leverage or related-party transaction capabilities.

Williamson Financial Services reported a net loss of ₹44.20 crore for FY26, a slight improvement from the ₹44.47 crore loss recorded in the previous year. The company’s total income stood at ₹149.78 crore, driven primarily by other income rather than core operations.

Financial Performance

The company's revenue from operations declined to ₹54,000 from ₹93,000 in FY25. This drop was attributed to lower recovery of interest income compared to the prior year. Despite the minimal operational revenue, other income surged significantly to ₹149.72 crore, up from ₹92.46 lakh in FY25. This spike was largely due to provision write-backs, including ₹148.68 crore from non-performing assets.

Total expenses rose sharply to ₹193.96 crore from ₹53.83 crore in the previous year. Finance costs decreased to ₹91,000 from ₹6.08 lakh, while employee benefits expenses increased slightly to ₹18.44 lakh. Other expenses accounted for the bulk of the increase, reaching ₹192.02 crore.

Regulatory Developments

A significant development post-closure of the financial year is the cancellation of the company's Non-Banking Financial Company (NBFC) license. The Reserve Bank of India (RBI) issued an order on June 22, 2026, cancelling the certificate of registration under Section 45-IA of the RBI Act, 1934. The company received the notice on June 24, 2026, and is contemplating filing an appeal with the RBI in Guwahati for restoration of the license.

Auditor Qualifications

The statutory auditors, V. Singhi & Associates, issued a qualified opinion on the financial statements. Key qualifications include:

• Non-recognition of Interest Expense: The company did not recognize interest expense of ₹349.79 crore on inter-corporate borrowings, citing ongoing disputes and negotiations with lenders.
• Non-Recognition of Provision on Loans: The auditors noted that provisions against doubtful loans were not made in accordance with RBI prudential norms, potentially understating the loss.
• Going Concern Uncertainty: Material uncertainties exist regarding the company's ability to continue as a going concern due to defaults in repayment of borrowings.

What the Numbers Show

The divergence between the negligible revenue from operations (₹54,000) and the substantial other income (₹149.72 crore) highlights that the company's current financial position is heavily reliant on accounting adjustments, specifically provision write-backs, rather than core lending activities. With the NBFC license cancelled and significant audit qualifications regarding interest recognition and loan provisioning, the reported narrowing of the net loss may not reflect underlying operational health.

Corporate Governance

The Board of Directors comprises four members as of March 31, 2026. Mrs. Jacqueline Audrey Monnier was appointed as a Non-Executive Director in May 2025, while Mr. Aditya Khaitan resigned in June 2026. The company has not declared any dividend for FY26 due to accumulated losses.