Harish Textile Engineers Limited , a company listed on the Indian stock exchanges, has received a legal notice from one of its suppliers, Electrosil 14 Systems. The notice alleges that the company has defaulted on Non-Convertible Debentures (NCDs) worth Rs. 9,25,000 and dishonored cheques.

Details of the Legal Notice

The legal notice from Electrosil 14 Systems includes the following key points:

Company's Response

Harish Textile Engineers has acknowledged the receipt of the legal notice and provided the following statement:

1. The matter is currently under legal review.
2. The company maintains that at this stage, there is no material impact on its financial or operational activities.

Implications and Next Steps

While the company asserts that there is no material impact at present, the situation warrants attention from investors and stakeholders. Legal notices of this nature can potentially lead to further legal proceedings if not resolved satisfactorily.

It's important to note that the company's statement about the lack of material impact is based on their current assessment. As the situation develops, there may be updates or changes to this stance.

Investors and interested parties should keep an eye out for any further announcements or disclosures from Harish Textile Engineers Limited regarding this matter. The resolution of this issue, whether through payment, legal proceedings, or other means, could have implications for the company's financial standing and reputation.

As always, it's advisable for investors to consider such developments in the context of their overall investment strategy and risk tolerance.

Harish Textile Engineers has announced several important corporate decisions following its Board of Directors meeting held on September 4. The company has scheduled its 15th Annual General Meeting (AGM) for September 30, to be conducted virtually through video conferencing.

Key Highlights

• Annual General Meeting: The 15th AGM is set for September 30, at 11:00 AM IST via video conferencing.
• Director Re-appointment: Mr. Sandeep Kirtikumar Gandhi, Managing Director, will seek re-appointment at the AGM after retiring by rotation.
• Secretarial Auditor Appointment: M/s. D N Vora & Associates appointed as Secretarial Auditors for five consecutive years.
• E-voting Period: Shareholders can cast their votes electronically from September 25 (9:00 AM) to September 29 (5:00 PM).
• Book Closure: Share transfer books will remain closed from September 24 to September 30.

Corporate Governance Measures

The Board has approved several resolutions that will be presented for shareholder approval at the upcoming AGM:

1. Ratification of Cost Auditor remuneration.
2. Approval of material related party transactions.
3. Proposal for approval of the company's borrowing powers.

Secretarial Auditor Appointment Details

The appointment of M/s. D N Vora & Associates as Secretarial Auditors is a significant move towards ensuring compliance with regulatory requirements. Key details include:

• Auditor: CS Dipali Vora, Proprietor of M/s. D N Vora & Associates
• Term: Five years
• Qualifications: Associate Member of The Institute of Company Secretaries of India (ICSI)
• Experience: Proficient in company law, SEBI regulations, and various business laws

AGM Participation and Voting

Shareholders should note the following important dates:

• Cut-off Date: September 23 (for e-voting eligibility and AGM participation)
• E-voting Period: September 25 (9:00 AM) to September 29 (5:00 PM)
• AGM Date: September 30 at 11:00 AM IST

The company has appointed National Securities Depository Limited (NSDL) to facilitate the virtual AGM proceedings, ensuring compliance with regulatory guidelines.

Harish Textile Engineers continues to adapt to the evolving corporate landscape, embracing digital solutions for shareholder engagement while maintaining robust governance practices.