JMG Corporation Ltd

AGM Details

• AGM held on 30 September 2026 at 11:30 a.m. via VC/OAVM.
• Meeting concluded at 11:43 a.m.; remote e-voting 27–29 September 2026.
• Scrutinizer appointed; e-voting available during the AGM.

Ordinary Business

• Adopt audited financial statements for FY ended March 31, 2026, with reports.
• Reappoint Maya Bairagi, retiring by rotation, for a new term.
• Appoint SUNSVG & ASSOCAITES as Statutory Auditors for five years.

Special Business

• Ratify change of company name and revised PCA certificate under SEBI LODR.

Voting Results

• Ordinary resolution 1: Deemed passed on AGM date, subject to requisite votes.
• Ordinary resolution 2: Deemed passed on AGM date, subject to requisite votes.
• Ordinary resolution 3: Deemed passed on AGM date, subject to requisite votes.
• Special resolution: Deemed passed on AGM date, subject to requisite votes.

JMG Corporation Ltd – Closure of Trading Window

Open offer completion

• Acquirer Mr. Neerav Bairagi completed the open offer on 18 March 2026.

Promoter reclassification

• Atul Kumar Mishra to be reclassified from Promoter to Public; current holding 0%.

Post-offer promoter structure

• Acquirer becomes promoter; former promoter moved to public after offer.

Regulatory compliance

• Company remains compliant with Minimum Public Shareholding; no outstanding dues.

Key dates

• Intimation to exchanges dated 12 Sep 2026.

AGM notice details

• 37th AGM scheduled for 30 September 2026 at 11:30 IST via VC/OAVM.
• e-voting starts 27 September and ends 29 September 2026.
• Annual Report 2025-26 accessible at the company's link.
• Notice and AR sent via electronic means to registered email addresses; unregistered emails access link.
• Voting cut-off date is 25 September 2026.
• Shareholders are advised to update KYC/email with their DP/RTA.

Financial performance

• Revenue from operations: ₹67.50 Lakhs in FY2025-26.
• Total income: ₹72.65 Lakhs, down from ₹114.11 Lakhs.
• Total expenditure: ₹179.58 Lakhs, up from ₹105.66 Lakhs.
• Profit before tax: ₹106.93 Lakhs (negative).
• Profit after tax: ₹106.93 Lakhs (loss).
• EPS Basic/Diluted: ₹-0.46.
• Dividend declared: None for 2025-26.
• Cash and cash equivalents: ₹24.81 Lakhs at year-end.
• Working capital: ₹-38.12 Lakhs at 31 Mar 2026.
• Net cash flow from operating activities: ₹-42.15 Lakhs.

Operational segments

• Segment revenue: Rendering of services ₹67.50 Lakhs; Trading of goods nil.
• Identifiable operating expenses: ₹179.58 Lakhs.
• Operating loss: ₹₹112.08 Lakhs.
• Other income: ₹5.15 Lakhs.
• Profit before income taxes: ₹-106.93 Lakhs.

Capital and ownership

• Authorized share capital: ₹20 crore.
• Paid-up share capital: ₹5.79 crore across 2,31,57,895 shares.
• Promoter holding (as of 31 Mar 2026): JMG Escrow Account 36.62%.
• Promoter stake after open offer: 52.64%.
• Name change: JMG Corporation Limited to Panthaora Limited.
• EGM 25 July 2026 approved name change; MCA clearance received.
• Registered office shifted from Delhi to Rajasthan.
• Mortgage/charge up to ₹100 Crores; borrowing limits up to ₹100 Crores.
• MoUs: ARC Challenges (Waste-to-Energy) and GERMI.
• Open offer: 60,21,053 shares (26% of voting equity).

Open offer and control changes

• Open offer under SEBI SAST; SPA signed 04 Dec 2025.
• Post-open offer promoter stake increased to 52.64%.
• Neerav Bairagi became promoter and controller after offer.
• Regulatory updates and PCA certificate included in explanatory statements.

Governance & board changes

• Board comprised six directors as of 31 Mar 2026.
• MD Atul Mishra resigned on 27 Apr 2026; Neerav Bairagi appointed MD.
• Directors: Anita Mishra, Subodh Kumar resigned 27 Apr 2026.
• Independent directors added: Rahul Jadaun, Yashasvi Pareek, Maya Bairagi; regularized July 25, 2026.
• Audit Committee reconstituted on 27 Apr 2026; chair: Yashasvi Pareek.
• Nomination & Remuneration Committee reconstituted; members include Neeraj Jain, Maya Bairagi, Rahul Jadaun.
• Stakeholders Relationship Committee reconstituted; members: Pareek, Bairagi, Jadaun.

Auditors & internal controls

• Statutory auditors: BSD & Co; SunSVG & Associates proposed for 2026-31.
• Secretarial auditors: P.K. Mishra; G & J Associates appointed 2026-27.
• Internal audit: Nagar Krishna & Associates resigned; Shyam Amitesh & Co appointed 2024-2030.
• Internal financial controls: Adequate; reviewed by Audit Committee; no material concerns.
• No fraud reported by statutory auditors.

Liquidity and risk outlook

• Industry outlook positive for infrastructure, EPC, power and renewables.
• Risks: competition, project delays, raw-material price volatility, working-capital pressure, regulatory changes.
• Management aims for turnkey projects, partnerships, and diversification into renewables and energy storage.

Cash flow and liquidity snapshot

• Cash flow: Net cash from operations negative at ₹-42.15 Lakhs.
• Cash at year-end: ₹24.81 Lakhs; opening balance ₹48.49 Lakhs.
• Net cash from investing activities: ₹4.91 Lakhs.
• Net cash from financing activities: ₹13.57 Lakhs.
• Net decrease in cash: ₹23.67 Lakhs.

Name change details

• Previous name: JMG Corporation Limited; new name Panthaora Limited; effective 19 August 2026.
• Regulatory approval: Registrar of Companies, Delhi approved the change; fresh Certificate of Incorporation issued.
• CIN remains L55101DL1989PLC362504.
• Old name to be displayed for two years; rights and liabilities unaffected by the change.
• Company has initiated processes to implement name change with regulators.