Chrome Silicon (formerly known as VBC Ferro Alloys Ltd) has announced several key decisions following its Board of Directors meeting held on September 6, 2025. The company, listed on the Bombay Stock Exchange under the scrip code 513005, has made significant changes to its corporate strategy and governance.

Annual General Meeting Details

The Board has scheduled the company's 43rd Annual General Meeting (AGM) for September 30, 2025, at 3:00 PM. In line with modern corporate practices, the AGM will be conducted via video conferencing (VC) or other audio-visual means (OAVM). To facilitate the AGM proceedings, the Register of Members will be closed from September 23 to September 30, 2025. Shareholders should note that the cut-off date for e-voting has been set as September 23, 2025.

Merger Plans Cancelled

In a significant turn of events, Chrome Silicon has decided not to proceed with the previously proposed merger involving Orissa Power Consortium Limited and VBC Renewable Energy Pvt. Ltd. This decision comes after the Bombay Stock Exchange (BSE) returned the draft scheme for the merger. The cancellation of this strategic move may have implications for the company's future growth and consolidation plans.

Corporate Governance Measures

Enhancing its corporate governance framework, the Board has authorized three Key Managerial Personnel (KMPs) to determine the materiality of events for stock exchange disclosures, as per Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The appointed KMPs are:

1. Mr. P.V. Rao - Whole-Time Director
2. Mr. R. Dharmender - Chief Financial Officer (CFO)
3. Ms. Shivangi Tibrewala - Company Secretary and Compliance Officer

Additional Board Approvals

The Board meeting, which lasted from 4:30 PM to 6:00 PM, also saw the approval of several other important matters:

• The Notice for the 43rd AGM and the Board's Report along with its annexures were approved.
• The Secretarial Audit Report for the financial year ended March 31, 2025, issued by M/s B S S & Associates, Practicing Company Secretaries, was noted.
• M/s B S S & Associates were appointed as the scrutinizer for both remote e-voting and e-voting during the AGM.

Chrome Silicon, with its registered office in Hyderabad and factory in Sangareddy District, Telangana, continues to adapt to changing business environments and regulatory requirements. Shareholders and investors are advised to take note of these developments, particularly the upcoming AGM and the revised corporate strategy following the cancellation of the proposed merger.

Chrome Silicon Limited, a manufacturer of ferro alloys, has reported a net loss of Rs 214.50 lakh for the quarter ended June 30, according to the company's unaudited financial results. This loss represents a significant improvement compared to the Rs 657.00 lakh loss reported in the same quarter of the previous year.

Financial Performance

The company's sales income saw a substantial decline, dropping to Rs 23.75 lakh from Rs 3,508.77 lakh in the corresponding quarter of the previous year. Total expenses for the quarter stood at Rs 240.94 lakh, with depreciation and amortization expenses accounting for Rs 169.65 lakh of this amount.

Operational Update

In a significant development, Chrome Silicon Limited has temporarily suspended operations at its Ferro Alloys manufacturing facilities effective May 30. The company cited significant market fluctuations as the reason for this decision. Management stated that they will continue to closely monitor market conditions and take appropriate steps to resume operations when deemed suitable.

Auditor's Observations

The company's auditors, Pavuluri & Co., issued a qualified opinion in their limited review report, highlighting several concerns:

1. Non-compliance with Ind AS 19 (Employee Benefits): The company has not made provisions for future gratuity and leave encashment payments.
2. Uncertainty over Rs 13.34 crore in interest-free loans and advances.
3. Lack of physical verification of inventories and inadequate inventory records.
4. Unconfirmed trade payables amounting to Rs 10.63 crore.
5. Non-compliance with the scheduled physical verification of Property, Plant and Equipment as required by Ind AS 16.

Financial Position

As of June 30, Chrome Silicon Limited reported total assets of Rs 24,935.79 lakh and total liabilities of Rs 22,647.68 lakh, resulting in a net worth of Rs 2,288.11 lakh.

The company's Board of Directors approved these unaudited financial results at their meeting held on August 14. Chrome Silicon Limited continues to face challenges in the current market environment, and the temporary suspension of operations underscores the difficulties in the ferro alloys sector. Investors and stakeholders will be closely watching the company's efforts to navigate these market fluctuations and its plans for resuming operations.