Terraform Magnum Limited , a Mumbai-based company, held its 43rd Annual General Meeting (AGM) on September 17, 2025, marking significant changes in its board composition and approving key financial matters.

New Independent Directors

The shareholders approved the appointment of two new Independent Directors:

1. Mrs. Renuka Gautam (DIN: 10749255)
2. Mr. Vineet Mishra (DIN: 06789301)

Both directors have been appointed for a term of five consecutive years, starting from the conclusion of the 43rd AGM until the 48th AGM.

Director Profiles

Mrs. Renuka Gautam

• Brings extensive experience in finance and business strategy management
• Holds a bachelor's degree in commerce from SIES College of Commerce and Economics
• CA Inter qualified professional
• Expertise includes strategic planning, risk management, compliance, and corporate governance

Mr. Vineet Mishra

• Science Graduate with over 25 years of experience in operations management
• Running an Import Export & Trading firm with Freight Forwarding and clearing operations for the past 16 years
• Certified Independent Director recognized by the Ministry of Corporate Affairs, Government of India

Key Resolutions Passed

The AGM, chaired by Managing Director Mr. Uday Mota, saw the passing of several important resolutions:

1. Adoption of Financial Statements: Approved the financial statements for the year ended March 31, 2025, including the audited Balance Sheet and Statement of Profit and Loss
2. Director Re-appointment: Re-appointed Ms. Bhavisha Dedhia (DIN: 09471104) as a Director, retiring by rotation
3. Appointment of Independent Directors: Passed special resolutions to appoint Mrs. Renuka Gautam and Mr. Vineet Mishra as Independent Directors

Voting Results

All resolutions were passed with requisite majority through e-voting. Key points:

• Scrutinizer: Mr. Nrupang B. Dholakia of Dholakia & Associates LLP, Company Secretaries
• Votes in favor: 100% for each resolution
• Valid votes cast: 147,350 for each resolution

Meeting Details

• Venue: Company's registered office in Mumbai
• Duration: 75 minutes
• E-voting service provider: National Securities Depository Limited (India) (NSDL)
• Remote e-voting period: September 13 to September 16, 2025

Terraform Magnum Limited's proactive approach in strengthening its board with experienced professionals signals its commitment to robust corporate governance and strategic growth.

Terraform Magnum Limited, a Mumbai-based company, has reported a wider net loss for the first quarter ended June 30, amid ongoing financial challenges and property-related uncertainties.

Financial Performance

The company's unaudited financial results, approved by the Board of Directors on August 7, reveal:

• Net loss increased to ₹2.88 lakhs, compared to ₹2.60 lakhs in the same quarter last year
• Total income was minimal at ₹0.02 lakhs, consisting entirely of other income
• No revenue from operations was reported
• Other expenses, the primary cost component, stood at ₹2.85 lakhs
• Earnings per share (EPS) deteriorated to negative ₹1.20

Financial Position and Going Concern

The company's financial health remains a concern:

• Auditors highlighted material uncertainty regarding the company's status as a going concern due to negative net worth
• Management has prepared results on a going concern basis, citing estimated future cash flows and business prospects
• The company's other equity stands at negative ₹1,854.80 lakhs as of March 31

Property Assignment Agreement Issues

Terraform Magnum continues to face challenges related to a property assignment agreement:

• The agreement, dated April 26, 2019, involves the assignment of rights in a property at Kandivali East
• The assignee has defaulted on payments, leading to significant uncertainties in completing the transaction
• The company retains the right to terminate the agreement and reclaim property documents held in escrow
• Revenue recognition under Ind AS 115 is pending fulfillment of specific performance obligations

Management Actions

In response to these challenges, the company has:

• Served a notice to the assignee to comply with contractual obligations and pay all dues immediately
• Prepared financial results on a going concern basis, despite the negative net worth
• Continued to assess the situation regarding the property assignment agreement

The company's ability to continue as a going concern remains uncertain, with its financial future hinging on the resolution of property-related issues and improvement in its overall financial position. Investors and stakeholders will be closely watching Terraform Magnum's efforts to navigate these challenges in the coming quarters.