Riddhi Siddhi Gluco Biols Limited (RSGBL) has announced robust financial results for the first quarter, alongside several significant board decisions. The company's board of directors approved these results and other key matters in a meeting held on August 13.

Financial Performance

RSGBL reported a substantial increase in revenue from operations, reaching ₹14,543.42 lakhs for the quarter, compared to ₹288.91 lakhs in the same quarter of the previous year. The company's profit after tax stood at ₹1,831.61 lakhs, marking a significant improvement from ₹3,411.94 lakhs in Q1 of the previous fiscal year.

Segment-wise Performance

The company's performance was notably strong in its Trading Business segment, which contributed ₹14,122.57 lakhs to the revenue. The Wind Energy Generation segment added ₹420.85 lakhs to the top line.

Board Reappointments

In a series of strategic moves, the board has approved several key reappointments:

1. Mr. Ganpatraj Chowdhary has been reappointed as Managing Director for a period of three years, from October 1 to September 30, subject to shareholder approval.

2. Mr. Siddharth Chowdhary has been reappointed as Whole-Time Director for the same period as Mr. Ganpatraj Chowdhary.

3. Mr. Mahendra Kumar Bhandari has been reappointed as an Independent Director for a second term of five consecutive years, from August 29 to August 28.

Other Key Decisions

• The board has approved the continuation of Mr. Mahendra Kumar Bhandari as an Independent Director even after he attains the age of 75 years on November 29, subject to shareholder approval.

• Mr. Kinjal Shah has been appointed as the Secretarial Auditor for a period of five financial years.

• M/s. Deopura & Kabra, Chartered Accountants, have been appointed as Internal Auditors for the next financial year.

Annual General Meeting and Dividend

The company has scheduled its 34th Annual General Meeting for September 25. The board has fixed September 18 as the cut-off date for determining voting eligibility and as the record date for the final dividend for the financial year ended March 31.

Material Related Party Transactions

RSGBL's board has approved material related party transactions with its subsidiary, Shree Rama Newsprint Limited. These transactions involve loans, guarantees, or securities up to ₹50 crores, subject to shareholder approval at the upcoming AGM.

The company's strong financial performance and strategic board decisions indicate a positive outlook for Riddhi Siddhi Gluco Biols Limited in the coming quarters.

Riddhi Siddhi Gluco Biols Limited (RSGL) has successfully concluded its postal ballot e-voting process, with shareholders giving a resounding approval to two significant ordinary resolutions concerning transactions with Bluecraft Agro Private Limited (BAPL).

Voting Results

The e-voting saw strong support from participating shareholders. Both resolutions received an overwhelming 98.61% votes in favor, with only 1.39% against. Out of the total 71,29,786 shares, 2,96,732 votes were polled, representing a 4.16% participation rate.

Key Resolutions Approved

1. Investment in Bluecraft Agro Securities

Shareholders approved material related party transactions for making investments in securities to be issued by Bluecraft Agro Private Limited.

2. Modification of Existing Transactions

The second resolution sanctioned material modifications to existing related party transactions with Bluecraft Agro.

Voting Participation

The company reported a total of 4,361 shareholders as of the cut-off date. Notably, the promoter group, holding 53,14,752 shares, abstained from voting on both resolutions due to their interested party status in these related party transactions.

Scrutinizer's Report

Mr. Kinjal Shah, a Practicing Company Secretary from Ahmedabad, served as the scrutinizer for the postal ballot process. The scrutinizer's report confirmed the validity of the voting process and results.

Management's Response

Sharad Jain, Company Secretary of Riddhi Siddhi Gluco Biols Limited, officially communicated the voting results to the BSE Ltd., in compliance with SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

The strong shareholder support for these resolutions indicates confidence in the company's strategic decisions regarding its relationship with Bluecraft Agro Private Limited. As RSGL moves forward with these approved transactions, stakeholders will be keen to observe how these decisions impact the company's future operations and financial performance.

Note: This article is based on the official postal ballot results and LODR data provided by Riddhi Siddhi Gluco Biols Limited.