JBF Industries Ltd

AGM details

• AGM held Sept 30, 2026 at 11:30 IST via VC/OAVM under CIRP.
• No proxy facility due to VC/OAVM arrangements.
• 36 members attended via VC/OAVM.

Resolutions

• Res.1: Ordinary — adopt Audited Financial Statements for FY ended 31 March 2026 and related reports.
• Res.2: Ordinary — declare dividend on Preference Shares carried forward to next year.

Voting results

• Res.1 passed; 87 in favour, 6 against (99.97% vs 0.03%).
• Res.2 passed; 86 in favour, 7 against (99.97% vs 0.03%).

Dividend status

• Dividend on Preference Shares carried forward to next year.

AGM Details

• 44th AGM on 30 September 2026 at 11:30 IST via VC/OAVM.

Document Access

• Annual Report and AGM Notice available online; email dispatch to non-registered addresses.

Governance Status

• Company is under Corporate Insolvency Resolution Process (CIRP).

CIRP governance

• CIRP admitted Jan 25, 2024; Interim RP Dhaval C. Khamar; Mukesh Verma appointed RP on Apr 15, 2024.
• Board powers suspended; Resolution Professional governs management.
• Manufacturing operations discontinued; assets transferred to CFM ARC and MEPL under SARFAESI.

Financial snapshot

• FY2025-26 revenue from operations nil; other income 0.15 crore.
• Profit before tax: (5.40) crore; profit after tax: (5.41) crore.
• Total comprehensive income: (5.41) crore; EPS: (0.66).
• Equity capital 81.87 cr; negative net worth (2,858.16) cr.

Assets, operations & going concern

• Total debt 2,359.84 cr; net debt 2,472.12 cr after cash.
• Cash & equivalents 1.48 cr; other bank balances 0.19 cr.
• No manufacturing operations; assets repossessed; sale to MEPL completed.

Dividends & shareholder value

• Dividend on equity shares not proposed; CRPS dividend carried forward.
• CRPS liability outstanding Rs 113.96 cr.
• No consolidated results since 2018 due to CIRP.

Audit, governance & compliance

• Auditor's report: qualified on Ind-AS; going concern emphasized.
• CEO/CFO absent; internal auditor not appointed; governance suspended.
• SS-1 non-compliance; website not updated; listing fee unpaid.
• No board meetings in year; resolutions passed via RP.

Contingencies & litigation

• TMBL SARFAESI demand; DRAT/NCLT proceedings ongoing.
• Excise duty dispute Rs 1.76 cr; bank guarantees Rs 0.16 cr.
• JPL/MEPL related litigation; going concern risk noted.
• No consolidated statements; asset disposals completed.

Related party disclosures

• No material related party transactions in 2025-26.
• Trade receivable from JBF Bahrain W.L.L: Rs 4.45 cr.
• KMP remuneration: nil in 2025-26; prior periods disclosed.

Shareholding & capital structure

• Dematerialised holding 99.36%; physical 0.64% as of 31 Mar 2026.
• Promoters 22.91%; FPIs 22.55%; Indian Public 48.61%.

CSR & regulatory filings

• CSR not applicable; CSR committee exists.
• Regulatory filings delayed; SS-1 non-compliance; MCA portal issues during CIRP.

Financial results

• Unaudited standalone results for quarter ended 30 June 2026 approved by RP; going concern status material.

Audit & opinion

• Qualified opinion due to non-provision of interest at documented rate on term loans and credit facilities.

Going concern & CIRP

• Note emphasizes material impact on going concern and ongoing CIRP with creditor actions and legal disputes.

Consolidation status

• Consolidated financials not prepared; group restructuring and equity transfer issues disclosed.

Business & segments

• Company focuses on polyester-based products; no separate segments reported.

Risks & outlook

• Going concern and CIRP outcomes are uncertain.

Financial highlights

• Standalone Q1 FY2027 unaudited results approved by RP; board meeting on 13 Aug 2026.
• Total income ₹15 lakh; total expenses ₹42 lakh; profit before tax ₹-44 lakh.
• EPS (Basic & Diluted, not annualised): ₹-0.09 for Q1 FY2027.
• Auditors emphasize going concern; no consolidated results due to CIRP.
• No CEO/CFO/CS; internal audit not appointed.
• CIRP status: NCLT admitted Jan 25, 2024; CoC rerun; 40 bidders; RFRP documents shared.
• TMBL demand ₹32.94 crore; matter subjudice; no provision.
• Manufacturing operations discontinued; debts assigned to CFM and MEPL under SARFAESI.
• Axis Bank statements missing; auditors unable to verify balance.
• Management notes polyester-based products; no reportable segments.

Risks & restructuring status

• Going concern risk; restructuring and asset disposals under CIRP.
• No consolidated financials published; reliance on standalone results.
• Litigation with lenders; NCLT/DRT actions; case subjudice.
• Key executives absent; internal audit not appointed.
• Consolidation uncertainty; no consolidated statements until CIRP resolves.

Meeting Details

• Meeting scheduled for 13 August 2026; time and venue not disclosed.

Key Agenda Items

• Consideration and approval of the unaudited quarterly financial results for quarter ended June 30, 2026.

Other Notes

• Company is under Corporate Insolvency Resolution Process (CIRP).

CIRP status and latest developments

• NCLT Ahmedabad approved extension of CIRP period for JBF Industries.
• Form G republished; fresh expressions of interest invited.
• RP Mukesh Verma continues as Resolution Professional.
• Written NCLT order submitted for record.
• CIRP remains ongoing with new EoIs process.

Dematerialisation status

• Dematerialisation requests processed; dematerialised securities listed on the stock exchanges.
• Physical certificates for dematerialisation mutilated and cancelled after verification; depository registered owner updated.
• No rematerialisation requests were received during the period.