Williamson Magor & Co. Limited , a prominent company in the Indian market, held its 74th Annual General Meeting (AGM) on September 24, marking significant changes in its board composition and corporate governance structure. The meeting, conducted through video conferencing, saw shareholders approving several key appointments and resolutions.

Board Appointments and Re-appointments

The AGM witnessed the re-appointment of Mrs. Lopamudra Chatterjee as a Director, who was retiring by rotation. Chatterjee, aged 42, brings over two decades of experience in Human Resource & Purchase departments, having worked with reputed organizations such as Mcleod Russel India Ltd. and Amarawati Tea Co Ltd.

Two new Non-Executive & Non-Independent Directors were appointed:

1. Mr. Amit Dey, 46, with over 20 years of experience in Accounts and Purchase departments.
2. Mrs. Sonali Datta Sarkar, 54, bringing more than 30 years of experience in the Accounts department.

Additionally, Mr. Tabrez Ahmed, 52, was appointed as an Independent Director for a five-year term. Ahmed possesses over 25 years of experience in Finance, Accounts, Audit, and Administration.

Secretarial Audit Appointment

In a move to strengthen its corporate governance, the company appointed M/s MKB & Associates as Secretarial Auditors for a term of five consecutive years starting April 1. MKB & Associates is recognized as a leading firm of Company Secretaries based in Kolkata, with a presence across India.

Meeting Proceedings

The AGM, which lasted from 3:00 PM to 3:56 PM IST, was chaired by Mr. Tabrez Ahmed. The company utilized the services of National Securities Depository Limited (NSDL) for e-voting facilities, ensuring a transparent voting process for all resolutions.

Key resolutions passed during the meeting included:

1. Approval of Audited Standalone and Consolidated Financial Statements for the financial year ended March 31.
2. Appointment and re-appointment of directors.
3. Appointment of Secretarial Auditors.

Corporate Governance Measures

Williamson Magor & Co. demonstrated its commitment to transparency by making all statutory registers and documents available for inspection during the meeting. Mrs. Vidhya Baid, a Practising Company Secretary, was appointed as the Scrutinizer to oversee the e-voting process.

The AGM proceedings reflect the company's efforts to enhance its board diversity and strengthen its corporate governance framework. The new appointments bring a wealth of experience across various domains, potentially positioning Williamson Magor & Co. for improved strategic direction and management in the coming years.

Shareholders and investors will be keenly watching how these new appointments and governance measures impact the company's performance and market position in the future.

Williamson Magor & Co. Limited , a Kolkata-based company, has reported a profit for the quarter ended June 30, despite facing significant financial challenges and regulatory issues. The company's unaudited financial results reveal a turnaround from losses in the previous year, although concerns about its ability to continue as a going concern persist.

Financial Performance

For the quarter ended June 30, Williamson Magor reported:

The company's financial performance shows a marked improvement, primarily due to a substantial reduction in expenses, particularly in provisions for doubtful assets.

Ongoing Challenges

Despite the profit reported this quarter, Williamson Magor continues to face several challenges:

1. Negative Net Worth: The company's net worth remains fully eroded as of June 30.

2. NBFC Registration: Williamson Magor is still unable to get its NBFC (Non-Banking Financial Company) registration restored following cancellation by the Reserve Bank of India in July 2022. The company has filed a writ petition with the Calcutta High Court for restoration of the license.

3. Debt Defaults: The company has defaulted on repayments to several lenders, including HDFC Bank Limited and InCred Financial Services Limited. Legal proceedings and arbitrations are ongoing with various creditors.

4. Interest Recognition: Due to ongoing disputes with secured lenders, the company has not recognized interest expenses on certain borrowings, which may understate its actual financial obligations.

5. Deferred Tax Assets: The company has recognized Deferred Tax Assets of Rs. 1,389,795.00 thousand, which auditors have questioned given the uncertainty about future profitability.

Management Outlook

Despite these challenges, the management remains confident in the company's ability to continue as a going concern. They cite ongoing discussions with lenders, support from promoters, and various measures being taken to improve cash flows and working capital position.

Board Decisions

The Board of Directors has made several key decisions:

1. Approved the unaudited financial results for the quarter
2. Recommended the appointment of M/s MKB & Associates as secretarial auditor for five consecutive years starting April 1
3. Appointed two new directors: Mrs. Sonali Datta Sarkar as Additional Director (Non-Executive & Non-Independent) and Mr. Tabrez Ahmed as Additional Director (Non-Executive Independent), effective August 13

While Williamson Magor has shown improvement in its quarterly results, the company's financial health remains precarious. The ongoing legal and regulatory challenges, coupled with its eroded net worth and debt issues, continue to cast doubt on its long-term viability. Stakeholders will be closely watching how the company navigates these challenges in the coming quarters.