Bang Overseas Limited , a prominent player in the Indian textile industry, held its first Extraordinary General Meeting (EGM) on August 25, 2025, marking a significant milestone in its corporate governance journey.

Key Highlights

• New Independent Director Appointed: Shareholders approved the appointment of Mr. Mahesh Ramesh Bhagwat (DIN: 00505761) as an Independent Director with an overwhelming majority.
• Voting Results: The special resolution received near-unanimous support, with 99.9999% votes in favor.
• Shareholder Participation: Out of 13,560,000 total shares, 6,881,087 votes were polled, representing 50.75% of outstanding shares.
• Virtual Meeting: The EGM was conducted through video conferencing, with 17 promoter group members and 59 public shareholders in attendance.

Voting Breakdown

The appointment of Mr. Mahesh Ramesh Bhagwat as an Independent Director was proposed as a special resolution, indicating the company's commitment to maintaining a strong and independent board.

Meeting Proceedings

The EGM, chaired by Mr. Brijgopal Balaram Bang, Managing Director of Bang Overseas Limited, commenced at 11:00 AM and concluded at 11:20 AM. The meeting was conducted in compliance with the guidelines set by the Ministry of Corporate Affairs and the Securities and Exchange Board of India (SEBI).

Ms. Sonam Jain, a Practicing Company Secretary, was appointed as the scrutinizer to oversee the e-voting process, ensuring transparency and fairness in the voting procedure.

Corporate Governance

The appointment of Mr. Bhagwat as an Independent Director aligns with Bang Overseas Limited's focus on enhancing its corporate governance structure. Independent directors play a crucial role in providing unbiased perspectives and protecting the interests of minority shareholders.

Looking Ahead

With this new appointment, Bang Overseas Limited demonstrates its commitment to maintaining a balanced and diverse board composition. The overwhelming support from shareholders for this resolution indicates a strong vote of confidence in the company's governance practices and future direction.

As Bang Overseas Limited continues to navigate the dynamic textile industry landscape, the addition of Mr. Bhagwat to its board is expected to bring fresh insights and contribute to the company's strategic decision-making process.

Bang Overseas Limited , a prominent player in the textile industry, has announced its financial results for the first quarter, showcasing a remarkable turnaround in profitability and steady revenue growth.

Financial Highlights

The company reported a substantial improvement in its financial performance for Q1:

Operational Performance

Bang Overseas Limited demonstrated resilience and growth in its core business of manufacturing and trading textile products. The standalone revenue from operations increased by 14.36% year-over-year, rising from Rs. 4,180.52 lakhs to Rs. 4,780.93 lakhs.

Profitability Turnaround

The company achieved a significant turnaround in profitability:

• Standalone profit stood at Rs. 115.02 lakhs, compared to a loss of Rs. 467.64 lakhs in the same quarter last year.
• On a consolidated basis, the profit reached Rs. 169.20 lakhs for the current quarter.

Subsidiary Contribution

The consolidated results include the performance of subsidiaries Vedanta Creations Limited and Bang HK Limited. These subsidiary companies contributed a net profit of Rs. 54.18 lakhs for the quarter, highlighting the strength of the group's diversified operations.

Earnings Per Share

The company's improved performance is reflected in its earnings per share:

• Standalone Basic EPS improved to Rs. 0.85 from a negative figure in the previous year.
• Consolidated Basic EPS stood at Rs. 1.25, indicating strong overall group performance.

Management Commentary

While specific management comments were not provided, the financial results suggest effective cost management and operational efficiency improvements, contributing to the company's profitability despite challenging market conditions.

Board Approval

The unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on August 13.

Bang Overseas Limited's strong start to the quarter demonstrates its resilience and ability to navigate market challenges effectively. The company's focus on its core textile business, coupled with contributions from its subsidiaries, has resulted in a notable financial turnaround, positioning it well for continued growth in the coming quarters.