AksharChem (India) Limited , a prominent player in the chemical industry, has announced a planned shutdown of its Green plant for essential repair and maintenance activities. The company made this disclosure in compliance with SEBI regulations.

Shutdown Details

The Green plant, located at Village Indrad, Chhatral-Kadi Road, Mahesana-382715, Gujarat, commenced its shutdown on September 15. According to the company's statement, the maintenance period is expected to last up to three weeks.

Regulatory Compliance

In adherence to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, AksharChem (India) Limited promptly informed the stock exchanges about this development. The official communication was signed by Mehul Naliyadhara, the Company Secretary & Compliance Officer.

Coinciding with Annual General Meeting

The announcement of the plant shutdown coincided with the company's 36th Annual General Meeting (AGM), which was also held on September 15. The AGM took place at the company's registered office, 'Akshar House', Chhatral-Kadi Road, Indrad-382715, Mahesana.

Key AGM Proceedings

During the AGM, several important matters were addressed:

1. Adoption of Audited Financial Statements for the year ended March 31
2. Declaration of Final Dividend
3. Re-appointment of directors Mr. Munjal M. Jaykrishna and Mr. Ashok D. Barot
4. Re-appointment of Mrs. Paru M. Jaykrishna as Chairperson & Managing Director
5. Appointment of Secretarial Auditor
6. Ratification of Cost Auditors' remuneration

The meeting, which began at 12:00 p.m. and concluded at 12:45 p.m., saw the transaction of these businesses through remote e-Voting and Poll at the AGM, as mandated by the Companies Act, 2013 and Listing Regulations.

While the plant shutdown is a significant operational event, the company's proactive disclosure and the concurrent AGM demonstrate AksharChem's commitment to transparency and corporate governance.

AksharChem (India) Limited , a prominent player in the chemical business segment, has released its financial results for the quarter ended June 30, alongside significant board decisions on key appointments.

Financial Performance

The company reported a profit of Rs 71.10 lakhs for the quarter, marking a decrease from Rs 115.16 lakhs in the same period last year. Despite the decline in profit, AksharChem's revenue from operations stood at Rs 9,696.23 lakhs for the quarter, showing resilience in its core business activities.

The financial results, as approved by the Board of Directors on July 25, reveal the following key figures:

Key Management Decisions

In a significant move, the board approved the reappointment of Mrs. Paru M. Jaykrishna as Chairperson & Managing Director for a three-year term from April 2026 to March 2029, subject to shareholder approval. Mrs. Jaykrishna, a law graduate with degrees in Philosophy, Sanskrit, and English Literature, is renowned for her strategic decision-making and policy-making roles. She holds the distinction of being the first and only elected lady president of the Gujarat Chambers of Commerce and Industry in its 76-year history.

Additionally, Mr. Bipin L. Makwana was reappointed as Secretarial Auditor for five consecutive years from FY 2025-26 to FY 2029-30. Mr. Makwana, a practicing Company Secretary based in Ahmedabad, brings expertise in Corporate Laws and SEBI Regulations to the role.

Operational Update

The company continues to operate primarily in the chemical business segment. It's worth noting that AksharChem had previously experienced a fire incident at its plant in May 2024. The company reported that insurance claims related to this incident were processed, with a loss of Rs 402.18 lakhs recognized and an equivalent insurance claim receivable recorded, resulting in a net impact of nil under Exceptional Items.

Auditor's Review

Talati & Talati LLP, the company's statutory auditors, conducted a limited review of the financial results. They drew attention to the fire incident but did not modify their conclusion on the financial results in respect of this matter.

AksharChem's performance this quarter reflects the ongoing challenges and opportunities in the chemical sector. The company's strategic appointments and focus on core operations indicate its commitment to navigating the complex business environment and positioning itself for future growth.