Williamson Magor & Co. Limited will convene its 75th Annual General Meeting on Monday, September 28, 2026. The meeting will be held via video conferencing or other audio-visual means.

Shareholders are asked to approve the appointment of two additional directors. Mr Arup Pal and Mr Subhajit Majumdar were initially appointed as Additional Directors on July 22, 2026. Their formal appointment as Directors liable to retire by rotation requires shareholder approval under Section 161 of the Companies Act, 2013.

Meeting Schedule

The remote e-voting period runs from Thursday, September 24, 2026, at 9:00 am to Sunday, September 27, 2026, at 5:00 pm. Members holding shares as on the cut-off date of Monday, September 21, 2026, are eligible to vote.

Director Profiles

Mr Arup Pal holds a Bachelor's Degree in Commerce and a diploma in Certified Industrial Accountant Course. He brings over eight years of experience in accounts and purchase departments from organizations such as Assam Company India Ltd. and Travelaids India.

Mr Subhajit Majumdar holds a Bachelor of Science degree. He possesses more than twenty years of experience in finance and commercial roles, including tenure at Mcleod Russel India Ltd. Both directors are entitled only to sitting fees for attending board or committee meetings.

Voting Procedures

The company has engaged National Securities Depository Limited (NSDL) to facilitate remote e-voting. Institutional shareholders must submit scanned copies of relevant Board Resolutions or Power of Attorney documents to the scrutinizer via email. Individual shareholders holding securities in demat mode can log in through their depository participant accounts or the NSDL e-Services portal.

Members attending the meeting through VC/OAVM will be counted for quorum purposes. Those who have already cast their votes via remote e-voting may attend the meeting but cannot vote again during the session.

Williamson Magor & Co. Limited reported a standalone net loss of ₹125.42 crore for the quarter ended June 30, 2026 (Q1FY26), widening significantly from a loss of ₹25.26 crore in the preceding quarter. The deterioration was primarily driven by a deferred tax expense of ₹132.09 crore, which offset an operating profit before tax of ₹6.67 crore.

The Board of Directors approved the unaudited standalone and consolidated financial results for the quarter at its meeting held on August 12, 2026. The results were reviewed by statutory auditors V. Singhi & Associates, who issued a qualified limited review report raising critical concerns about the financial statements' reliability.

Financial Performance

The company’s operational revenue remained negligible at ₹2 thousand, consistent with the prior quarter and year-ago period. However, other income surged to ₹11.65 crore from ₹1.97 crore in Q4FY26, contributing to a total income of ₹11.66 crore. Total expenses rose to ₹4.99 crore from ₹3.73 crore in the previous quarter, largely due to higher finance costs and employee benefits.

Despite the net loss, the company reported a total comprehensive income of ₹34.65 crore for the quarter. This figure was boosted by a gain of ₹186.78 crore from changes in the fair value of equity instruments measured at fair value through other comprehensive income (FVOCI), partially offset by related tax impacts.

What the Numbers Show

A critical divergence exists between the company's pre-tax operating performance and its final bottom line. While Williamson Magor generated a positive operating profit of ₹6.67 crore in Q1FY26, this was entirely negated by a deferred tax expense of ₹132.09 crore. This massive tax charge, which contrasts with a deferred tax benefit of ₹7.30 crore in the same quarter last year, underscores the accounting impact of recognizing deferred tax assets in a period where future profitability is uncertain. The auditors explicitly flagged that the recognition of ₹1,106.33 crore in deferred tax assets may be overstated given the going concern doubts.

Auditor Qualifications and Regulatory Issues

The qualified audit opinion cited several material uncertainties:

• Going Concern: The auditors stated that the company's net worth is fully eroded. Its ability to continue operations depends on continued finance availability and future profitability, which remains uncertain due to ongoing liquidity issues.
• Non-Recognition of Interest: The company did not recognize interest expenses of ₹11.04 crore on inter-corporate borrowings for the quarter, citing negotiations with lenders for waivers. The auditors noted this understates finance costs and liabilities.
• Debt Defaults: The company has defaulted on principal and interest payments to secured and unsecured lenders, including HDFC Bank and IL&FS Financial Services Limited. An arbitration award fixing joint liability with other parties is currently under appeal in the Delhi High Court.
• Unreconciled Balances: Certain trade receivables, payables, and loan balances lack confirmation and reconciliation, making it impossible for auditors to comment on potential adjustments.

The Reserve Bank of India cancelled the company's NBFC registration in July 2022. Although Williamson Magor filed a writ petition in the Calcutta High Court for license restoration in January 2024, the matter remains sub judice. The company continues to prepare its financials considering prudential norms applicable to NBFCs.

Balance Sheet Signals

The company holds unsecured loans advanced to various parties amounting to ₹322.09 crore, with accrued interest of ₹24.21 crore outstanding as of June 30, 2026. A full provision of ₹322.09 crore has been recognized against these advances. Additionally, proceeds of ₹90.25 crore from the sale of Neemrana land are earmarked to settle outstanding dues on non-convertible debentures issued to IL&FS, following a one-time settlement agreement.