GFL Limited , a prominent company in the Indian market, recently conducted a virtual shareholder meeting as directed by the National Company Law Tribunal (NCLT), Ahmedabad Bench. The meeting, held on November 30, 2020, was facilitated through video conferencing using the CDSL platform, adhering to modern corporate governance practices in the face of ongoing global challenges.

Meeting Highlights

• Chairman: Mr. Satyanarain Samdani, appointed by NCLT, presided over the meeting.
• Quorum: The required quorum of 30 shareholders was successfully achieved.
• Key Attendees:
  • Mr. Shanti Prashad Jain (Independent Director)
  • Mr. Mukesh Patni (Chief Financial Officer)
  • Ms. Bhavi Shah (Company Secretary)
  • Statutory auditors were also present

Primary Agenda

The main focus of the meeting was to seek approval for a Composite Scheme of Arrangement involving three entities:

1. Inox Renewables Limited
2. GFL Limited
3. Inox Wind Energy Limited

This scheme, along with its implications for respective shareholders, was the central point of discussion and decision-making during the virtual gathering.

Voting Process

GFL Limited implemented a comprehensive voting mechanism to ensure fair and inclusive decision-making:

• Remote E-voting: Available from November 27 to November 29, 2020
• Live E-voting: Additional voting option provided during the meeting

This dual approach allowed shareholders to participate in the decision-making process conveniently, regardless of their ability to attend the live virtual meeting.

Transparency Measures

In line with regulatory requirements and corporate transparency, GFL Limited committed to publishing the results of the shareholder vote within 48 hours. These results were to be made available on:

1. The company's official website
2. Relevant stock exchange websites

This move ensures that all stakeholders, including shareholders and potential investors, have timely access to critical corporate decisions.

The virtual shareholder meeting of GFL Limited marks a significant step in the company's corporate journey, potentially reshaping its structure through the proposed Composite Scheme of Arrangement. As the results of this crucial vote emerge, market observers and stakeholders will be keenly watching for potential impacts on GFL Limited's future operations and market position.

GFL Limited has announced its financial results for the first quarter, revealing a mixed performance with improved standalone figures but a continued consolidated loss.

Standalone Performance

On a standalone basis, GFL Limited reported a profit of Rs. 44.00 lakhs for Q1, showing an improvement from Rs. 35.00 lakhs in the previous quarter and Rs. 38.00 lakhs in the same quarter last year. The company's revenue from operations increased to Rs. 92.00 lakhs, up from Rs. 84.00 lakhs in the previous quarter.

The standalone results show:

Consolidated Results

On a consolidated basis, GFL Limited posted a loss of Rs. 816.00 lakhs for Q1. While still in the red, this represents a significant improvement from the loss of Rs. 1,829.00 lakhs in the previous quarter and Rs. 2,652.00 lakhs in the corresponding quarter of the previous year.

The consolidated loss was primarily attributed to a share of loss from associate amounting to Rs. 1,004.00 lakhs. The basic and diluted loss per share on a consolidated basis stood at Rs. 0.74.

Key consolidated figures include:

Segment Information

The company operates in a single segment, focusing on investments and allied activities.

Board Meeting Details

The Board of Directors of GFL Limited met on August 13 to approve the unaudited financial results. The meeting commenced at 3:30 p.m. and concluded at 3:45 p.m.

Auditor's Review

Patankar & Associates, Chartered Accountants, conducted a limited review of the financial results and issued an unmodified review report for both standalone and consolidated results.

GFL Limited's consolidated results include its wholly-owned subsidiary INOX Infrastructure Limited and associate PVR INOX Limited. The company continues to navigate challenges while showing signs of improvement in its financial performance.